§ 6401. State aid for certain independent institutions of higher\nlearning. 1. Notwithstanding the provisions of any general, special or\nlocal law to the contrary, the commissioner is hereby authorized to\napportion for each annual period commencing July first nineteen hundred\nseventy-six and to pay to any independent institution of higher\neducation within the state which meets the requirements of subdivision\ntwo of this section, upon application by such institution, such amounts\nof state aid as are authorized to be paid by subdivision three of this\nsection.\n 2. (a) Notwithstanding the provisions of any other law, in order to\nqualify for state aid apportionments pursuant to this section, any\ninstitution of higher education must meet either the requirements set\nforth in subparagraphs (i) through (vi) of this paragraph or, in the\nalternative, the requirements set forth in paragraph (b) of this\nsubdivision:\n (i) The institution must be a non-profit college or university\nincorporated by the regents or by the legislature, or a school of\nmedicine, dentistry or osteopathy authorized by the regents to confer\nthe degree of doctor of medicine, doctor of medical science, doctor of\ndental surgery or doctor of osteopathy.\n (ii) The institution must maintain one or more earned degree programs,\nculminating in an associate or higher degree.\n (iii) The institution must meet such standards of educational quality\napplicable to comparable public institutions of higher education, as may\nbe from time to time established by the regents.\n (iv) The institution must be eligible for state aid under the\nprovisions of the constitution of the United States and the constitution\nof the state of New York.\n (v) The institution must submit a financial statement which shall\ninclude total assets and liabilities, in such form as may be approved by\nthe commissioner.\n (vi) The institution must have total endowment assets of less than\nseven hundred fifty million dollars ($750,000,000), based on the most\nrecent academic year data collected in the Integrated Postsecondary\nEducation Data System, as required under Title IV of the Higher\nEducation Act of 1965, as amended, and reported by the Department of\nEducation's National Center for Education Statistics.\n (b) An institution of higher education located in this state, at least\none-half of the students of which are economically disadvantaged, and\nthe course credits and degrees of which are offered by a consortium of\nsponsoring colleges, each of which sponsoring colleges satisfies the\nfollowing requirements, shall qualify for state aid apportionments\npursuant to this section:\n (i) The sponsoring college must be non-profit college or university\nincorporated by the regents or by the legislature.\n (ii) The sponsoring college must maintain one or more earned degree\nprograms, culminating in an associate or higher degree.\n (iii) The sponsoring college must meet such standards of educational\nquality applicable to comparable public institutions of higher\neducation, as may be from time to time established by the regents.\n (iv) The sponsoring college must be eligible for state aid under the\nprovisions of the constitution of the United States and the constitution\nof the state of New York.\n (v) The sponsoring college must submit a financial statement which\nshall include total assets and liabilities, in such form as may be\napproved by the commissioner.\n (vi) The sponsoring college must have total endowment assets of less\nthan seven hundred fifty million dollars ($750,000,000), based on the\nmost recent academic year data collected in the Integrated Postsecondary\nEducation Data System, as required under Title IV of the Higher\nEducation Act of 1965, as amended, and reported by the Department of\nEducation's National Center for Education Statistics.\n 3. Degree awards. The amount of such annual apportionment to each\ninstitution meeting the requirements of subdivisio
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