The vehicle through which facilities are provided for senior and community colleges and graduate institutions of The City University of NY, the Fund is a tax-exempt public-benefit corporation originating July, 5 1966 by action of the New York State Legislature, Article 125-B of the Education Law, the City University Construction Fund Act. Two of the seven Trustees are ex-officio: the City University Board of Trustees Chair and the New York State Director of the Budget or his/her designee. Additionally the Mayor appoints one Trustee (with State Senate advice and consent); the Governor appoints two Trustees (one a member of the City University Board of Trustees, and the other with State and Senate advice and consent); one Trustee is appointed by the Temporary President of the State Senate; and one Trustee by the Speaker of the Senate Assembly. Governor appoints Chair and Vice Chair from the seven Trustees.
Pursuant to Section 5 of the Public Officers Law, appointees remain in office as holdovers upon expiration of terms until new appointments are made. With the exceptions of ex-officio Trustees, each Trustee serves for a term expiring concurrently with that of his/her appointing officer.