Trustees Meeting Coverage
At the May 17 Stated Meeting of the Executive Committee of the Trustees, a resolution was passed changing the name of the Board of Advisors to the Board of Overseers for both the Annenberg Center and the ICA. This change serves to "standardize the nomenclature for all Penn's freestanding centers whose missions are closely aligned with the academic mission of the University."
President Judith Rodin announced the appointment of Dr. Robert Martin as the CEO of UPHS (Almanac May 15) citing the Health System's financial turnaround. President Rodin presented a resolution on the appointment of Maureen Rush as Vice President for Public Safety, and another on the reappointment of Dr. Alan Kelly as dean of the School of Veterinary Medicine for a term of five years; both were passed (Almanac May 15). Dr. Rodin described the redesigned Commencement stage with the new perspective (CLICK HERE for more).
Provost Robert Barchi said there are efforts underway to improve the research infrastructure, and to oversee compliance, especially with research involving human subjects. He also noted the significant level and number of scholarships that students have won this year including the two Gates Scholarship winners (CLICK HERE for more).
EVP John Fry presented the financial report for the period July 1, 2000 to March 31, 2001, noting that the University increased its net assets by $131 million to $4.5 billion. Most of this increase is the result of non-operating contributions to the endowment. There was an increase in net assets from operating activities of $23.8 million. Operating revenue has increased by about 8.3% over the comparable period in FY2000. Operating expenditures increased 6.6%. The Health Services component of the Health System had an overall increase in net assets of $50.5 million. "Health Services management continues efforts to preserve overall liquidity by limiting capital expenditures and improving receivable collections."
In Mr. Howard Marks' Investment Board report he said that Penn had the second best endowment results out of 32 peer institutions for the fourth quarter of 2000.
Budget and Finance presented two resolutions which were approved--one concerning the revised scope and budget for the design and construction of Levine Hall and the other concerning Pennsylvania Hospital.
Resolutions were also passed to revise the definition of clinical appointments to the associated faculty and academic support staff in the School of Medicine and to establish practice professorships in SEAS.
Almanac, Vol. 47, No. 35, May 29, 2001