At the December 8 Trustees Meeting, President Judith Rodin reported that Early Decision letters were about to be sent out and Penn won the Ivy League championship. The Provost was heading to Singapore to discuss life sciences. The preK to 8 school is expected to break ground early in the new year.
Provost Robert Barchi noted that for the second year in a row, a Penn student won a Marshall Scholarship; this year Ari Alexander, an American history major, won. The Provost mentioned the Library's capstone gift--the Goldstein Study Center--from two generations of Goldsteins.
William L. Mack, chairman of the Trustees' Facilities and Campus Planning Committee and a member of the Wharton Board of Overseers, was appointed to the UPHS Trustee Board and to the UPHS Trustee Board Executive Committee for a three-year term.
EVP John Fry reported that during the first four months of FY 2001, Penn (excluding the health services component) increased its Net Assets by $54.3 million to a total of over $4.4 billion. Of this increase, $43 million is the result of non-operating contributions to the endowment and capital projects. The fair value of the University's endowment was $2.7 billion October 31, 2000, up approximately $128 million from a year ago. For FY 2001, operating revenue has increased about 13.8% over the same period last year. Sponsored program revenue, including indirect cost recoveries, increased almost 15% to a total of $162 million. The University also has had a 20% increase in contributions from FY 2000 to FY 2001. Expenditures increased 9%, a result of the increased sponsored program activities and the recent opening of Perelman Quad. The Health Services component of the Health System had an increase in Net Assets of about $16 million and a $7 million gain from operations for the year. The Health Services had an excess of revenue over expenses of $18.2 million before adjustment of its investments to fair value.
The Facilities & Planning Committee reported that the Campus Master Plan will be presented to the full Board of Trustees for adoption in February. The Carriage House, to be occupied by the LGBT Center, will have its brick exterior restored, circa 1877, and its interior renovated by 2002. The Pottruck Health and Fitness Center will be constructed between the Mod 6 garage and Gimbel Gym, with a covered walkway from Walnut to Sansom, along the west side of Gimbel. The $22 million project will provide spaces for a variety of activities including weight rooms, aerobic rooms, aquatic rooms, as well as locker rooms and other flexible spaces. They reported that the food trucks, now adjacent to Gimbel would be relocated to Sansom Street. At 40th and Walnut, the Hamilton Square construction is proceeding: the 750 car garage has been open for permit use for the past two months; the food market is scheduled to open within 45-60 days. Penn is trying to find an alternate operator for the Sundance theater site who would retain the same concept for the cinema.
The Budget & Finance Committee approved seven resolutions including: The Life Sciences Quad, Phase I, which was approved allowing SAS to proceed with the design and construction of a state-of-the-art academic and research facility for biology and psychology, as well as space for a new University-wide Institute for Genomics. The new building (Phase I) will be located south of the Mudd Labs between University Avenue and the Botanical Garden (Bio Pond) and will provide 103,000 gross square feet of wet labs, animal, plant and fish facilities, greenhouses, and office space. This phase is estimated to cost $57 million and will be funded through gifts, SAS funds and an internal capital project loan.
A resolution was approved authorizing agreements with the University City Science Center and the Philadelphia School District which will result in a new state-of-the-art facility for the George Washington Carver High School for Engineering and Science. It is to be built between 38th and 39th, south of Market Street, at a cost of $35 million, to be paid with District funds. The Science Center will sell that parcel of land to the School District of Philadelphia at fair market value of $4.25 million, for the development of the magnet school which is now in North Philadelphia. Penn agreed to secure the site for the Carver School as part of the partnership formed with the District, which will also pay some $22 million to build the new Penn-assisted preK-8 school. The University has agreed to approve a 15-year lease for WXPN in a facility known as the Crescent Building that will be built at 38th and Market. WXPN has outgrown its present studio space on Spruce Street. Penn will also provide financial assistance to the Science Center in the construction of a 640 space garage between 37th and 38th, north of Market. The University will assist the District in curriculum and professional development, and innovative programs in technology instruction by contributing $1.5 million to the District's operating budget.
Also approved, the design and construction of the New Bolton Center Sports Medicine Building to support the growth of the program, enhance the teaching mission by direct instruction and facilitate equine exercise physiology. This project is estimated to cost $3.1 million and will be funded entirely by gifts.
The University Museum received approval on its plans to design and construct mechanical, electrical and plumbing upgrades to support gallery space, collection storage, conservation labs, administrative space, archives and auditoriums. This will allow for the original Museum building to be air conditioned.
The Tandem Building, at 33rd Street, will be renovated to accommodate the need for chemical waste storage and radioactive material storage, laboratory, computational, administrative and office spaces for OEHRS.
Almanac, Vol. 47, No. 16, December 19, 2000