N.Y. Comp. Codes R. & Regs. tit. 8 § 604.1
L. 1969, chs. 174, 340
It is the responsibility of the sponsor to formulate a plan for the establishment of a community college in accordance with article 126 of the New York State Education Law.
The sponsor, in approving the college budget shall provide one half, or so much as may be necessary, of the amount of the capital costs, and at least one third or, in the case of a college implementing an approved plan of full opportunity, four fifteenths, or so much as may be necessary, of the annual operating costs. Approval of the college budgets shall be in accordance with provisions of the standards and regulations of the State University trustees. The expenditure of budgeted funds shall be in accordance with the alternative auditing plans described in article 126 of the New York State Education Law. In addition, upon approval of the college's budget, the sponsor's governing body shall direct that payment of all sponsor appropriations for the community college be made within the college's fiscal year to the college's board of trustees for expenditure by the board and without pre-audit by the sponsor.
The local board of trustees may acquire and shall control all real and personal property; however, title to all real property shall vest in and be held by the local sponsor in trust for the exclusive use and purposes of the college, as determined by the local board of trustees. Title to all personal property shall vest in the local board of trustees and shall be held and used by the board for college purposes, as determined by the local board of trustees.
N.Y. Comp. Codes R. & Regs. Tit. 8 § 604.1