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REQUEST FOR PROPOSALS

CSI-2610

Student Resident Hall Management Services Issue Date: August 20, 2026 Proposal Submission Due: October 7, 2026

Designated Contact:

Marino Pawlowski 2800 Victory Boulevard, Building 3A Room 102 Staten Island, NY 10314 Marino.Pawlowski@csi.cuny.edu mailto:Marino.Pawlowski@csi.cuny.edu

Table of Contents

Part 1: Key Events and Dates; Designated Contacts; Proposal Due Location; Contract Term

Part 2: Proposer Qualifications and Requirements; and Diversity Participation Goals

Part 3: Project Objectives and Scope; Detailed Specifications and Deliverables and Certain Contract Specific Provisions

Part 4: Technical and Management Proposal Requirements (Proposal Volume II)

Part 5: Proposal Price Breakdown Pages (Proposal Volume III)

Part 6: Proposal Scoring Criteria and Weights

Part 7: Terms and Conditions of Contract

Part 8: Service Level Agreement (if applicable)

Part 9: Supplier Diversity Provisions

Part 10: RFP Requirements

FORMS THAT MUST BE SUBMITTED WITH THE PROPOSAL

� Form 1: Proper Information and Authorized Signature; Acceptance of Contract Terms; Proper Certifications;

Confidential Information; Signed RFP Addenda; and References

� Form 2: Offeror’s Affirmation of Understanding of And Agreement pursuant to State Finance Law § 139-j(3) and § 139-j(6)(b)

� Form 3: Offeror’s Disclosure of Prior Non-Responsibility Determinations and Certification of Compliance with State Finance Law § 139-j and § 139-k

� Form 4: Diversity Practices Questionnaire

� Form 5: Supplier Diversity (M/WBE/SDVOB) Utilization Plan and/or Supplier Diversity (MWBE/SDVOB) Request for Waiver Form (only for procurements with MWBE participation goals). Also see Supplier Diversity Provisions in Part 9.

� Form 6: RFP Checklist

� NYS Finance Law § 139-M Gender-Based Violence and the Workplace Certification

FORMS THAT CUNY MAY REQUIRE FROM THE PRESUMPTIVE AWARDEE

If required by CUNY, the Presumptive Awardee selected as a result of this solicitation (the “Presumptive Awardee”) shall complete, sign, and submit the following forms and certifications as described in Section 2.3.5 through 2.3.12 of Part 10 of this RFP

� Form 7: Executive Law Article 15-A – Minority and Women-Owned Business Enterprises and Equal Employment Opportunity Policy Statement

� Form 8: Evidence in form and substance satisfactory to the University that the Contractor maintains workers’ compensation coverage and disability insurance coverage as required by the New York State Workers’ Compensation Law, or is exempt from this requirement

� Form 9: New York State Vendor Responsibility Questionnaire (NYS VendRep)

� Form 10: New York City Vendor and Principal Questionnaire (NYC PASSPort)

FORMS THAT THE CONTRACTOR MUST SUBMIT UPON REQUEST BY CUNY

� Form 11: CUNY Substitute W-9 Form

� Form 12: Workforce Utilization Report

� Form 13: Supplier Diversity (MWBE/SDVOB) Quarterly Contractor Compliance &Payment Report

� Form 14: State Consultant Services – Contractor’s Planned Employment (Consultant Disclosure Form A)

� Form 15: State Consultant Services Contractor’s Annual Employment Report (Consultant Disclosure Form B)

� Form 16: Tax Law §5-a, Form ST-220-CA – Contractor Certification (Contractor to send to the University)

� Form 17: Tax Law §5-a, Form ST-220-TD – Contractor Certification (Contractor to send to the State)

� Form 18: Certified Weekly Payroll Report (for building services and public works contracts)

� Form 19: Contractor’s Safety Protocols (prepared by the Contractor)

� If requested by the University, an Accessibility Conformance Report (“ACR”) or a completed Voluntary Product Accessibility Template (“VPAT”) (If requested by University, MUST be submitted by Proposer, reviewed, verified, and accepted by CUNY prior to award of Contract, and Proposer MUST provide test temporary credentials for the appropriate University staff person to perform a test of the Services to ensure the Services meet the requisite accessibility standards)

Part 1: Key Events and Dates; Designated Contacts; Proposal Due Location; Contract Term

Key Events and Dates Action Date CUNY issues RFP for Student Resident Hall Management Services

August 20, 2026

Procurement Lobbying Law Restrictions Begin August 20, 2026 Mandatory Pre-Proposal Conference September 16, 2026, 1 PM Submission of Written Questions Due Date

Submission of Written Questions Due Date 2

September 15, 2026

September 23, 2026 Proposal Submission Due Date and Time Proposal Due Location:

[see below]

October 7, 2026 at 2:00 pm Eastern Standard Time

Proposers are advised to read all sections of this RFP document carefully, with emphasis on all terms and conditions. By tendering a response to this solicitation, each proposer agrees that it accepts all terms and conditions in the package without exception. If a vendor requires clarification on, or seeks to propose an exception to, any of the terms and conditions contained in the solicitation package, all such requests must be made in writing prior to the Questions Deadlines listed above. Proposed exceptions will be evaluated on a case-by-case basis, and determinations will be published in a subsequent addendum. Proposers are not to rely upon an exception agreed to for a prior contract award to govern the terms of this solicitation – all proposed exceptions must be introduced and incorporated via addendum issued specifically for this solicitation. A proposer who submits exceptions to the solicitation after the Q&A Period may result in the proposer’s submittal being deemed non-responsive by the University.

CUNY reserves the right to amend any or all of the above dates and CUNY will issue such amendment in writing.

I. Designated Contact(s):

In compliance with the Procurement Lobbying Law, the individual(s) identified below are the Designated Contact(s) for this Request for Proposals solicitation and may be contacted by email for all inquiries regarding this solicitation:

The City University of New York – College of Staten Island 2800 Victory Boulevard Staten Island, NY 10314 Attention: Marino Pawlowski, Finance Procurement Director E-mail: Marino.Pawlowski@csi.cuny.edu

New York State Procurement Lobbying Law permits rejection of a Proposal if a Proposer has made any unauthorized contact during the Restricted Period (as defined in the Procurement Lobbying Law).

Multiple violations of procurement lobbying restrictions regarding permissible contacts may lead to a Proposer’s being debarred from participating in future New York State procurements.

mailto:Marino.Pawlowski@csi.cuny.edu

II. Proposal Due Location:

The City University of New York – College of Staten Island 2800 Victory Boulevard, Building 3A – Room 102 Staten Island, NY 10314 Attn: CSI-2610 – Student Resident Hall Management Services

To ensure proper sorting, please note that the package must list the RFP # and description clearly on the outside of the package. The College accepts no responsibility for proposal packages that do not clearly identify its contents.

On a case by case basis, CUNY may deem it acceptable for Proposals to be submitted via e-mail. In that instance, Proposals submitted via e-mail require scans of original (wet) signatures and notarizations to be considered a valid Proposal. Proposer must submit its Proposal (including any excel spreadsheets) clearly labeled with Proposer’s name and the RFP’s Project name via e-mail with three

(3) separate pdf attachments clearly named for Volume I (Forms), Volume II (Technical Proposal), and Volume III (Price Proposal).

III. Anticipated Number of Contracts & Method of Award

CUNY anticipates awarding one (1) contract based on an evaluation of best value, as further described in Part 6 of this RFP.

IV. Contract Term:

The Contract Term will be for a term of five (5) years. The anticipated start date of the Contract is anticipated to commence on March 1, 2027, subject to review and approval by the CUNY Board of Trustees, NY Attorney General and the New York State Comptroller, as applicable.

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Part 2: Proposer Qualifications and Requirements; and Diversity Participation Goals

Paragraph I: Minimum Proposer Qualifications:

CUNY is seeking an appropriately qualified firm to provide the Services described in Part 3, below to manage a student residential facility development (the “Development”). To be considered for Contract award, each Proposer must meet the following minimum qualifications:

a. Proposer must have a demonstrated operating history of at least ten (10) years with at least seven (7) years of experience providing services comparable in size, scope, and complexity to those required by this

RFP;

b. Proposer must demonstrate experience in providing student residential facility management services for at least three (3) student residential facility projects in the last seven (7) years, which services include, provision or coordinating management of all of the housing facilities residential-life programs and administration of the housing operations for the student residential facility project to include: staffing, marketing and licensing of the facilities, enforcement of housing license agreements, administration of ongoing maintenance and capital improvements for the housing facilities, obtaining and supervising third party contractors and operation of the residential-life programs that attract students to live at the student residential facility, enhance the quality of life of the residents, enhance the retention of students and contribute significantly to their educational experience; and,

c. At least one of the student residential facility projects listed in b. above must have been for a public/government entity.

The Proposer who is selected for Contract award will be required to sign a management agreement in the form substantially identical to that attached hereto in Part 7 for the student residential facility. CUNY advises Proposer that the Dormitory Authority of the State of New York (“DASNY”) currently owns and has ground leased to CSI Student Housing, LLC, a New York limited liability company (“Owner”), together with the improvements to be constructed thereon, the real property on which the Project is located. As reflected in the form management agreement attached hereto in Part 7, Owner, together with CUNY, are parties to the management agreement.

Paragraph II: Non-Mandatory Proposer Qualifications:

Not Applicable

Paragraph III: Diversity Participation Goals

CUNY has established a 30% participation goal (based on the current availability of qualified MWBEs) in the aggregate for New York State certified Minority-Owned Business Enterprise ("MBE") and Women-Owned Business Enterprises ("WBE", and, together with MBE, "MWBEs") and a 0% participation goal (based on the current availability of qualified SDVOBs) for New York State certified Service-Disabled Veteran-Owned Businesses ("SDVOB"), to be part of the proposed team to provide the services as subcontractor(s) or suppliers (the "Subcontractor(s)"). The Contractor shall be required to use good faith efforts to meet these participation goals.

Proposers may identify potential MWBE Subcontractor(s) by, among other means, referencing the directory of New York State certified MWBEs found at the following internet address:

https://ny.newnycontracts.com/ https://ny.newnycontracts.com/

Proposers may identify potential SDVOB Subcontractor(s) by, among other means, referencing the list of New York State certified SDVOBs found at the following internet address: https://ogs.ny.gov/veterans.

As part of the proposer's response, a Supplier Diversity — MWBE/SDVOB Utilization Plan or a Request for Waiver form that is accompanied by supporting documentation must be submitted in order for the proposal to be considered responsive. The selected Contractor will be required to complete a Quarterly Contractor Compliance & Payment Report accompanied by proof of payment to MWBE/SDVOB Subcontractor(s), in such format as shall be required by CUNY on a quarterly basis during the term of the contract. Sample CUNY Supplier Diversity forms and reports may be found at https://www1.cuny.edu/sites/selltocuny/.

https://ogs.ny.gov/veterans https://www1.cuny.edu/sites/selltocuny/

Part 3: Project Objectives and Scope; Detailed Specifications and Deliverables;

and Certain Contract-Specific Provisions

Part 3: Project Objectives and Scope; Detailed Specifications and Deliverables;

and Contract-Specific Provisions

3. Project Objectives and Scope:

Executive Summary

The City University of New York (“CUNY”), on behalf of the College of Staten Island (referred to herein as “College,” or “CSI”) seeks a qualified firm to operate and manage the College’s student residential housing facility (the “Work”) development, Dolphin Cove (“Development”). While more detailed information on the Development is provided in this RFP, in general, the Development is located on the CSI campus, located at 2800 Victory Boulevard, Staten Island, NY 10314, and is designed to house approximately 454 students, in two, three and four bedroom shared fully furnished suites, with amenity space. The specific Services and Deliverables that CUNY is seeking are set forth in Part 3.2 and in the form of contract included at Part 7.

The Contractor shall provide an annual, fully loaded price for the Services and Deliverables defined herein in Part 5 of the RFP. Exhibit A: Development Operating Profile provides the following information to establish a model for this pricing:

• College Enrollment Figures

• Historical Occupancy Rates

• Historical Room and Board Rates

• T12 Financials

• Financial Audits from the Past Three (3) Years

• Assessment of Deferred Maintenance

• Financial Set-Aside/Reserves for Maintenance Activities

• Bond Requirements

• Resident Requirements

• Collection Rate of Room and Board

• Student Conduct Regulations, including the following:

o Resident Hall Disciplinary Procedures o City University of New York Policy on Drugs and Alcohol o Rules for Maintenance of Public Order o Students’ Bill of Rights o Policies and Procedures Concerning Sexual Assault, Stalking and Domestic and

Intimate Partner Violence Against Students o Stop Campus Hazing Act Statement

3.1 Residential Facility: The Contractor shall provide the Services and Deliverables described in this RFP. The Development is located on an approximately 2.49-acre parcel of land. The facility opened for occupancy in August 2013, and is comprised of two buildings that house 454 students in 133 fully furnished apartments. The four- and five-story buildings feature single- and double-occupancy units, eight Resident Assistant units, and two professional staff residents. All private and semi-private units for students feature kitchens with a four-burner range top, oven, refrigerator, and garbage disposal, as well as dedicated bathrooms. Residents enjoy a state-of-the-art fitness center, study lounges, and social spaces, laundry facilities, and resident mailbox area. The facility provides secure on-campus housing for CSI and CUNY students and is the only CUNY sponsored housing facility at CSI.

Contractor shall provide and use its own equipment for its staff providing the Services and Deliverables (except that CUNY shall not charge for the on-site management office space).

3.2 Detailed Specifications and Deliverables:

Contractor shall provide the following Services and Deliverables:

(i) Preparation of annual operating budgets for the Development reflecting line items for license fees, the number of employees to be employed by Manager, the compensation and fringe benefits for such employees, advertising and other promotional expenses, maintenance expenses, utility costs and costs for supplies and insurance expenses, and ongoing costs related to bond financing payments;

(ii) Employ adequate staff to manage the Development and authorize and supervise over the employment, discharge and performance of duties of all personnel employed by Manager in the management of the Project, including hire, pay, supervise and discharge all on-site personnel (all of whom shall be employees of manager);

(iii) Develop and implement the marketing activities for the Development, including a student life plan and a housing marketing plan that promote the Development for potential residents;

(iv) Oversee and report on billing and collection of license fees and other receipts;

(v) Supervise the on-site staff in the assignment of the dwelling units;

(vi) Enforce the terms of the housing license agreement;

(vii) Hold occupants accountable to CUNY's Code of Student Conduct and all other policies, procedures, regulations and guidelines of CUNY applicable to the Development;

(viii) Maintain the residential halls in good repair, including cleaning, painting, decorating, plumbing, carpentry, grounds care, landscape maintenance, snow removal, turnover cleaning and painting and such other maintenance and repair work all in compliance with industry standards, all applicable laws, rules and regulations, and the requirements of bond financing documents applicable to the residence halls;

(ix) Develop a plan to respond to emergencies at the Development and respond emergencies in accordance therewith;

(x) Develop an annual capital budget for the Development;

(xi) Establish and maintain a comprehensive system for records, books and accounts including records related to the income and expenses of the residential halls, records related to all licensees living at the Development, records of all licensing activity at the Development and records of all maintenance and repairs performed on behalf of the Development;

(xii) Contract with utility companies and other service providers (or CUNY as appropriate) for water, electricity, natural gas, sanitary sewage, cable television, internet, telephone service (local service only), trash disposal and recycling and vermin extermination (utility and service provider expenses to be paid from the Development operating budget);

(xiii) Establish and maintain an operating account in the name of the Development segregated from all other accounts of the manager;

(xiv) Ensure that all employees of manager who handle or are responsible for the safekeeping of any Development monies are to be covered by employee dishonesty insurance;

(xv) Maintain a management office for the Development at the facility (without charge for the office space); and,

(xvi) Provide management services for the Development in accordance with CUNY guidelines and industry standards, including services related to: student staff coordination, key management, personnel, customer service, marketing and licensing.

3.2.1 Project Team

3.2.1.1 Contractor will employ adequate staff as further described in the attached “Form of Management Agreement” to manage the residential halls and will have full authority and complete supervision over the employment, discharge and performance of duties of all personnel employed by Contractor in the management of the residential halls.

3.2.1.2 Contractor shall provide documentation with respect to the general managers, assistant general managers, office administrators, maintenance supervisors, maintenance technicians, grounds housekeepers, and resident assistants (“Key Team Members”) showing that these individuals meet the qualifications required to perform the Services. All designated individuals and their replacements, if any, of the Key Team Members are subject to CUNY’s reservation of the right to require the replacement of any Key Team Member because of operating difficulties reasonably determined to be the result of inferior management.

3.2.1.3 Contractor shall make best efforts to maintain continuity of the Key Team Members. Contractor shall notify CUNY in writing prior to replacing any Key Team Member. Each replacement Key Team Member is subject to review and approval by CUNY, in its sole discretion.

3.2.1.4 Contractor shall designate a General Manager as the General Manager for the student residential facility project. The General Manager shall:

a. maintain control over the work duties, schedule, and performance of the Contractor Key Team Members and serve as principal liaison between CUNY and Contractor for purposes of administration of the Contract;

b. be employed by the Contractor; and

c. have full decision-making authority on behalf of Contractor and the authority to obligate Contractor.

3.2.1.5 For a mid-term change of General Manager, or during the absence of the General Manager, for any reason, Contractor shall promptly, and in no event beyond two (2) business days, provide a detailed continuity plan for CUNY’s review and shall obtain prior written approval for same.

3.2.1.6 Contractor shall ensure that CUNY shall have access at all times to an individual with full authority to make decisions on behalf of Contractor.

Nothing in this section shall be deemed to preclude CUNY from discussing any matters relating to Contract with any other members of Contractor’s organization.

3.3 Contract-Specific Provisions Contractor Responsibilities – General

3.3.1 Subcontracting.

Contractor shall not subcontract any part or the entire Contract without the prior written consent of CUNY, which may be withheld, conditioned or rescinded at CUNY’s sole and absolute discretion. CUNY may request information concerning the qualifications and experience of the proposed subcontractor, and Contractor shall provide such information within two (2) business days of CUNY’s request. CUNY reserves the right to require that any previously approved subcontractor be removed from the Project, and Contractor shall remove any such subcontractor following notice from CUNY by the deadline specified by CUNY in such notice.

3.3.2 Communications

Contractor shall obtain CUNY’s prior written approval before Contractor, or any of its officers, employees, agents or subcontractor(s), makes any statement to the press or issues any communication or publication concerning, or related to, the Project.

3.3.3 Document Delivery

3.3.3.1 Contractor shall provide all draft versions of the Deliverables (as described below) or as required by the Contract Terms and Conditions to CUNY by the date specified by the College for its review, unless written approval for an extension has been provided, including time to make modifications and to provide final approval.

3.3.3.2 Contractor shall transmit each Deliverable to CUNY with a dated and signed transmittal letter.

3.3.4 Return of CUNY Information at Termination

Except with respect to documents and data that Contractor must keep in accordance with applicable industry requirements, within ten (10) calendar days of termination of Services for any reason, Contractor shall, with respect to all CUNY documents and data, in whatever media, whether originally provided or created during performance of the Services:

a. return them to CUNY; and

b. destroy data and provide independent certification of destruction of all copies.

If Contractor must keep certain CUNY documents and data in accordance with industry requirements, the Contractor shall provide CUNY with evidence and other relevant documentation of such industry standards within ten (10) calendar days of termination of Services to allow CUNY to assess any potential impact on the operations of CUNY and/or the College.

3.3.5 Invoices

3.3.5.1 Contractor shall submit invoices in the manner set forth in the form of contract included at Part 7.

3.3.5.2 Contractor shall provide sufficient and appropriate documentation with invoices. CUNY reserves the right to request additional information at any time.

3.3.5.3 Contractor acknowledges and agrees that CUNY will pay Contractor only upon acceptance of properly prepared invoices with sufficient supporting documentation.

3.3.5.4 CUNY will not pay Contractor for work performed beyond the scope of this Project or for any change order not duly authorized.

3.3.5.5 Report preparation, including editing, printing and delivery to the University and Colleges shall be the sole responsibility of the Contractor and shall not be reimbursable as a direct cost. If unusual circumstances are encountered that make it necessary for the Contractor to do additional work, Contractor shall report such conditions to College and the Related Entities. No additional work may be performed unless authorized by CUNY in writing in advance.

3.3.6 Miscellaneous

3.3.6.1 Note: College will identify a Contract Manager to act as the liaison with the Contractor. College will provide Contractor with College holiday schedules.

3.3.6.2 Contractor acknowledges and agrees that College will not provide clerical support.

3.3.6.3 Contractor acknowledges and agrees that Contractor will not be provided computer time or the use of computer hardware and software.

3.3.6.4 Before performing any work under the Contract, Contractor shall procure and maintain with companies satisfactory to CUNY, the types of insurance in the amounts outlined in Part 7. Contractor shall maintain said insurance during the term of the Contract up and to the date of the final acceptance of the work, or termination of the Contract, whichever occurs later. CUNY, in its sole discretion, may direct, Contractor shall provide evidence of insurance for CUNY’s review. Contractor shall provide all documentation requested by CUNY within two (2) business days of CUNY’s request.

3.3.6.5 If this is a public work contract covered by Article 8 of the Labor Law or a building service contract covered by Article 9 thereof, neither Contractor’s employees nor the employees of its subcontractors may be required or permitted to work more than the number of hours or days stated in said statutes, except as otherwise provided in the Labor Law and as set forth in prevailing wage and supplement schedules issued by the State Labor Department. Furthermore, Contractor and its subcontractors must pay at least the prevailing wage rate and pay or provide the prevailing supplements, including the premium rates for overtime pay, as determined by the State Labor Department in accordance with the Labor Law. Additionally, effective April 28, 2008, if this is a public work contract covered by Article 8 of the Labor Law, the Contractor understands and agrees that the filing of payrolls in a manner consistent with Subdivision 3- a of Section 220 of the Labor Law shall be a condition precedent to payment by the State of any State approved sums due and owing for work done upon the project.

Scope of Work : Exhibit A

Development Operating Profile

Proposers are advised to review this exhibit and its appendices carefully. The documents provided and the figures therein are the most up-to-date data available.

A. College Enrollment Figures, as of FY 25:

13,127 Annual Credit Students 2,761 Non-Credit Students

B. Historical Development Occupancy:

June 2025: 359 June 2024: 365 June 2023: 325

C. Historic Room and Board Rates:

Room and Board Rates for FY 24, FY 25 and FY 26 are included as Appendix 1 to this attachment.

D. Collection Rate of Room & Board

88% as of June 2025

E. Financial Statements

Financial Statements for the Development for FY 23 – FY 25 are included as Appendix 2 to this attachment.

F. Assessment of Deferred Maintenance

The Development currently has pending roof repairs.

G. Financial Set Aside/Reserve for Maintenance Activity

The Development has approximately $900K in an escrow replacement account, and a separate $1.5M as a set aside minimum requirement for maintenance activity.

H. Bond Resolution Documents/Requirements

The Bond Resolution Documents are provided in Appendix 3 to this attachment.

I. Building/Project Financing & Loan Documents

The following documents are provided for Proposer’s Reference in Appendix 4 to this document, including documents referenced Management Agreement:

i. Building Loan Agreement

ii. Building Loan Mortgage Note and Modification Note dated March 22, 2013

iii. Project Loan Leasehold Mortgage, Assignment of Leases and Rents, and

Security Agreement

iv. Project Loan Mortgage Note

v. Regulatory Agreement among CSI Student Housing, LLC, The College of

Staten Island Auxiliary Services Corporation, Inc. and New York City Housing Development Corporation

vi. The ‘Continuing Disclosure Agreement’ referred to in Section ## of the Management Agreement can be found in Appendix 3, Pages 133 – 140.

Proposers are advised that the term Development as defined in this RFP, and ‘Project’ as defined in these documents, are deemed to have the same meaning.

J. Student Conduct Requirements

The Student Conduct Regulation governing residents of the Development are provided in Appendix 5 to this attachment.

Appendix 1: Historic Room & Board Rates

COLLEGE OF STATEN ISLAND STUDENT HOUSING

2023/2024 LICENSE FEE RECOMMENDATIONS

Accommodation Type Beds 2022-2023 Approved Rates

(Total)

2023-2024 Proposed Rates

(Total)

Dollar Change

Percent Change

2 Bedroom/1 Bath Private

$18,750 $19,310 $560 2.99%

2 Bedroom/1 Bath Private (renewals) $18,210 $18,750 $0 0%

3 BR/2 Bath Private

$15,360 $15,820 $460 2.99%

3 BR/2 Bath Private (renewals) $14,920 $15,360 $0 0%

3 BR/2 Bath Shared Bedroom

$13,460 $13,860 $400 2.97%

3 BR/2 Bath Shared Bedroom (renewals) $13,070 $13,460 $0 0%

4 Bedroom/2 Bath Private

$15,360 $15,820 $460 2.99%

4 Bedroom/2 Bath Private (renewals) $14,920 $15,360 $0 0%

Application Fee n/a n/a n/a n/a

Security Deposit $400 $400 $0 0%

JUSTIFICATION

In an effort to retain as many returning residents as possible, we propose offering renewing residents to renew at the 2022-2023 rate until April 7, 2023. The goal is to entice the renewing residents to renew early. After which we propose a 3% increase from the 2022-23 fiscal year rates on the rental rate for all units. We also propose that the rental rate increase be applied to all new residents. We also recommend a 3% increase in keeping with the proforma budget model.

NOTES

Rates are for the academic year/10 month term.

APPROVALS

The rental rate recommendations outlined above are approved:

City University of New York, CSI Student Housing, LLC Date

New York City Housing Development Corporation Date

COLLEGE OF STATEN ISLAND STUDENT HOUSING

2025/2026 LICENSE FEE RECOMMENDATIONS

Accommodation Type Beds 2024-2025

Approved Rates

(Total)

2025-2026

Proposed Rates

(Total)

Dollar

Change

Percent

Change

2 Bedroom/1 Bath Private

$19,990 $20,790 $800 4%

2 Bedroom/1 Bath Private (renewals) $19,310 $19,990 $680 3.52%

3 BR/2 Bath Private

$16,460 $17,120 $660 4.01%

3 BR/2 Bath Private (renewals) $15,820 $16,460 $640 4.05%

3 BR/2 Bath Shared Bedroom

$14,420 $15,000 $580 4.02%

3 BR/2 Bath Shared Bedroom (renewals) $13,860 $14,420 $560 4.04%

4 Bedroom/2 Bath Private

$16,460 $17,120 $660 4.01%

4 Bedroom/2 Bath Private (renewals) $15,820 $16,460 $640 4.05%

Security Deposit $400 $400 $0 0%

22.

JUSTIFICATION

In an effort to retain as many returning residents as possible, we propose offering renewing residents to renew at the 2024-2025 rate until May 23, 2025. The goal is to entice the renewing residents to renew early. After which we propose a 4% increase from the 2024-25 fiscal year rates on the rental rate for all units. We also propose that the rental rate increase be applied to all new residents. We also recommend a 4% increase in keeping with the proforma budget model.

NOTES

Rates are for the academic year/10 month term.

APPROVALS

The rental rate recommendations outlined above are approved:

City University of New York, CSI Student Housing, LLC Date

American Campus Communities Date

Docusign Envelope ID: E47B6ECF-7CCC-4BC1-887C-2E9F817E694F

2/18/2025

2/21/2025

Appendix 2: Financial Statements from FY 23 – FY 25

CSI STUDENT HOUSING, LLC

Financial Statements

June 30, 2025 and 2024

(With Independent Auditors’ Report Thereon)

Page

Independent Auditors’ Report 1 - 2

Financial Statements:

Balance Sheets 3 - 4

Statements of Operations 5

Statements of Cash Flows 6

Notes to Financial Statements 7 - 12

INDEPENDENT AUDITORS’ REPORT

The Member

CSI Student Housing, LLC:

Opinion

We have audited the accompanying financial statements of CSI Student Housing, LLC (the

Company), which comprise the balance sheets as of June 30, 2025 and 2024, and the related statements of operations and cash flows for the years then ended, and the related notes to financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CSI Student Housing, LLC as of June 30, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United

States of America. Our responsibilities under those standards are further described in the Auditors’

Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

sschmid_EFPR17E

WILLIAMSVILLE GROUP

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards, we:

• Exercise professional judgment and maintain professional skepticism throughout the audits.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.

Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audits in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audits.

Williamsville, New York

October 1, 2025

Assets 2025 2024

Current assets:

Cash:

Operations 534,725$ 1,180,432

Restricted deposits - current 2,788,889 2,758,062

Total cash 3,323,614 3,938,494

Receivables:

Tenants, less allowance for credit losses of

$1,901,031 in 2025 and $2,233,140 in 2024 522,715 622,328

Other 92,879 7,936

Total receivables 615,594 630,264

Prepaid expenses 7,145 51,346

Total current assets 3,946,353 4,620,104

Restricted deposits - noncurrent 4,822,710 4,813,495

Investments, at fair value (note 3) - 85

Property and equipment, at cost:

Buildings and improvements 59,398,584 59,323,519

Equipment and furniture 5,173 5,173

59,403,757 59,328,692

Less accumulated depreciation (18,925,343) (17,328,081)

Net property and equipment 40,478,414 42,000,611

Total assets 49,247,477$ 51,434,295

(Continued)

CSI STUDENT HOUSING, LLC

Balance Sheets

June 30, 2025 and 2024

See accompanying notes to financial statements.

Liabilities and Member's Deficit 2025 2024

Current liabilities:

Accounts payable 1,527,645$ 1,760,871

Accrued expenses:

Other 240,438 242,563

Interest 1,113,889 1,138,062

Payroll 119,338 68,043

Total accrued expenses 1,473,665 1,448,668

Prepaid rent 80,617 67,775

Other liabilities 13,224 8,389

Current portion of long-term debt 1,675,000 1,620,000

Total current liabilities 4,770,151 4,905,703

Tenants' security deposits 127,222 131,460

Long-term debt, excluding current portion 54,140,000 55,815,000

Total liabilities 59,037,373 60,852,163

Member's deficit (9,789,896) (9,417,868)

Total liabilities and member's deficit 49,247,477$ 51,434,295

See accompanying notes to financial statements.

Balance Sheets, Continued

2025 2024

Revenue:

Rental income 6,391,798$ 6,233,623

Other tenant charges 108,772 87,982

Total revenue 6,500,570 6,321,605

Expenses:

Payroll 1,163,839 1,071,251

Maintenance 448,206 424,250

Utilities 319,391 313,516

Marketing 53,581 57,642

General and administrative 140,027 116,066

Management fees 353,289 342,999

Insurance 110,708 76,644

Bad debt 575,715 821,688

Other operating expenses 17,525 22,658

Interest 2,358,325 2,417,625

Depreciation 1,597,262 1,590,532

Total expenses 7,137,868 7,254,871

Loss from operations (637,298) (933,266)

Nonoperating revenue - interest and dividends income 265,270 285,056

Net loss (372,028) (648,210)

Member's deficit at beginning of year (9,417,868) (8,769,658)

Member's deficit at end of year (9,789,896)$ (9,417,868)

See accompanying notes to financial statements.

Years ended June 30, 2025 and 2024

Statements of Operations

Cash flows from operating activities:

Net loss (372,028)$ (648,210)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation 1,597,262 1,590,532

Increase (decrease) in allowance for credit losses (332,109) 821,688

Changes in:

Receivables 346,779 179,676

Prepaid expenses 44,201 (30,276)

Accounts payable (233,226) 5,990

Accrued expenses 24,997 (96,862)

Prepaid rent 12,842 33,468

Other liabilities 4,835 (7,931)

Net cash provided by operating activities 1,093,553 1,848,075

Cash flows from investing activities:

Purchases of property and equipment (75,065) -

Proceeds from sale of investments 85 -

Purchases of investments - (4)

Net cash used in investing activities (74,980) (4)

Cash flows from financing activities - repayment of long-term debt (1,620,000) (1,565,000)

Net change in cash and equivalents (601,427) 283,071

Cash and equivalents at beginning of year 8,620,529 8,337,458

Cash and equivalents at end of year 8,019,102$ 8,620,529

Supplemental schedule of cash flow information:

Cash paid during the year for interest 2,258,901$ 2,310,171

Classification of cash and equivalents:

Operations 534,725 1,180,432

Debt service account 3,980,987 3,980,986

Control account 2,188 2,101

Revenue account 2,540,644 2,320,913

Escrow account 116,162 405,317

Reserve account 844,396 730,780

8,019,102$ 8,620,529

See accompanying notes to financial statements.

CSI STUDENT HOUSING, LLC

Statements of Cash Flows

Years ended June 30, 2025 and 2024

Notes to Financial Statements

June 30, 2025 and 2024

(1) Summary of Significant Accounting Policies

(a) Nature of Activities

CSI Student Housing, LLC, a New York limited liability company (the Company) was organized to develop and construct student housing on the campus of the College of

Staten Island (the College) of the City University of New York (CUNY or the

University). The College of Staten Island Auxiliary Services Corporation, Inc. (the

Corporation) is the sole member of the Company. The Corporation and Company are collectively referred to as the Auxiliary.

(b) Basis of Accounting

The financial statements of the Company have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United

States of America.

(c) Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

(d) Cash

For purposes of reporting cash flows, cash includes money market accounts and any highly liquid debt instruments purchased with a maturity of three months or less.

(e) Receivables and Bad Debts

The Company's tenant receivables are primarily derived from rental income. At each statement of financial position date, the Company recognizes an expected allowance for credit losses. This estimate is calculated on a pooled basis where similar characteristics exit and individually when there are no shared characteristics.

The allowance method is derived from a review of the Company's historical losses based on an aging of receivables. Historical losses have been consistent. This estimate is adjusted for management’s assessment of current conditions, forecasts of future events, and other factors deemed relevant risk factors. As a result, management has determined that the allowance for credit losses is adequate.

The Company writes off receivables when there is information that indicates that there is no possibility of collection. If any recoveries are made from any accounts receivables previously written off, they will be recognized in revenue. The total amount of write-offs was $907,824 for the year ended June 30, 2025. There were no write-offs during the year ended June 30, 2024.

Notes to Financial Statements, Continued

(1) Summary of Significant Accounting Policies, Continued

(e) Receivables and Bad Debts, Continued

The allowance for credit losses and the related activity for the years ended June 30, 2025 and 2024, is as follows:

2025 2024

Balance at beginning of year $ 2,233,140 1,411,452

Bad debts 575,715 821,688

Write-offs (907,824) -

Balance at end of year $ 1,901,031 2,233,140

(f) Investments

Investments are reported at their fair values based on quoted market prices at the date of donation. Realized and unrealized gains and losses are included in the statements of operations.

(g) Fair Value Measurements and Disclosures

A framework has been established for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2 - Inputs to the valuation methodology include:

• Quoted prices for similar assets or liabilities in active markets;

• Quoted prices for identical or similar assets or liabilities in inactive markets;

• Inputs other than quoted prices that are observable for the assets or liability; and

• Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies used during the years ended June 30, 2025 and 2024.

(g) Fair Value Measurements and Disclosures, Continued

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with its accounting policy regarding the recognition of transfers between levels of the fair value hierarchy.

(h) Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives using the straight line method. Improvements are capitalized, while expenditures for maintenance and repairs are charged to expense as incurred. Upon disposal of depreciable property and equipment, the appropriate property and equipment accounts are reduced by the related costs and accumulated depreciation. The resulting gains and losses are reflected in the statements of operations.

(i) Long-Lived Assets

The Company reviews its rental property for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

For assets held and used, if the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts, an impairment loss has occurred. The amount of the impairment loss is equal to the asset’s carrying value over its estimated fair value. At June 30, 2025 and 2024, no impairment loss has been recognized by the

Company.

(j) Rental Income

Rental income is recognized as rentals become due. Rental payments received in advance are deferred until earned. All leases between the Company and the tenants of the property are short-term operating leases.

(k) Subsequent Events

The Company has evaluated subsequent events through the date of the report which is the date the financial statements were available to be issued.

(l) Income Taxes

The Company has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owner on its respective income tax return. The Company’s federal tax status as a pass-through entity is based on its legal status as a limited liability company. Accordingly, the Company is not required to take any tax positions in order to qualify as a pass-through entity. Accordingly, these financial statements do not reflect a provision for income taxes and the Company has no other tax positions which must be considered for disclosure.

(2) Cash and Restricted Deposits

(a) Custodial Credit Risk - Deposits

Custodial credit risk of deposits is the risk that the Company’s deposits may not be returned in the event of a bank failure. At June 30, 2025, $7,470,980 of the Company’s bank balance of $7,970,980 was exposed to custodial credit risk as it was uninsured and uncollateralized. At June 30, 2024, $8,003,524 of the Company’s bank balance of

$8,503,524 was exposed to custodial credit risk as it was uninsured and uncollateralized.

The Company does not have a deposit policy.

(b) Custodial Credit Risk - Investments

Custodial credit risk as it relates to investments is the risk that in the event of failure of the counterparty of a transaction, the Company will not be able to recover the value of its investment portfolio that is in the possession of that failed counterparty. At June 30, 2024, the Company’s entire investment portfolio balance of $85, was exposed to custodial credit risk, as it was uninsured and uncollateralized.

(c) Restricted Deposits

Restricted deposits at June 30, 2025 and 2024 were comprised of the following:

2025 2024

Debt service account $ 3,980,987 3,980,986

Control account 2,188 2,101

Revenue account 2,540,644 2,320,913

Escrow account 116,162 405,317

Reserve account 844,396 730,780

Tenants’ security deposits 127,222 131,460

$ 7,611,599 7,571,557

Current 2,788,889 2,758,062

Noncurrent 4,822,710 4,813,495

$ 7,611,599 7,571,557

(3) Investments and Investment Income

The Company’s investments in the investment pool are comprised of assets which are pooled and invested by and under the control of the Committee on Fiscal Affairs of the Board of

Directors of CUNY. Pooled investments include equity and fixed income securities.

Investments in the CUNY investment pool as of June 30, 2024 amounted to $85.

The following table sets forth by level, within the fair value hierarchy, the Company’s assets at fair value as of June 30, 2024:

Level 1 Level 2 Level 3 Total

CUNY investment pool $ - 85 - 85

(4) Property and Equipment

At June 30, 2025 and 2024, property and equipment consisted…