Trustees June Meeting Highlights
At the June meeting of the Trustees, President Judith Rodin announced that a new member of Penn's family was unearthed--the dinosaur named Paralititan stromeri by the Penn-led team who discovered it in the Bahariya Oasis, southwest of Cairo, Egypt. (See www.upenn.edu/almanac for more information, photos and a video).
EVP John Fry gave the financial report for the period July 1, 2000 to April 30, 2001 and indicated that the University's total net assets were $4.6 billion, an increase of 4.6% since last June. Total expenses increased 7.2% over FY 2000 to a total of $1.175 billion.
Dr. Robert Martin reported that the Health System is developing a three-year strategic plan. They are projecting net assets to increase by $29.1 million as they sustain and build on the recent financial turnaround. Net patient revenue has increased by 2.4%.
Dean of Admissions Lee Stetson said there were 19,153 undergraduate applicants this year, with an admit rate of 21% and a yield of 58.5%, with 43% of the class filled from early admits. Ten percent of the incoming class is international and all fifty states are represented. There are 41 Mayors Scholars, of whom nearly 50% are women.
V.P. for Budget Michael Masch presented the FY 2002 budget, highlighting some of the strategic initiatives for the coming year including: CIS's Levine Hall, Wharton's Huntsman Hall, bioengineering, genomics and life sciences, expanded Law School faculty, Dental's Schattner Center and GSE's renovations, health insurance for Ph.D students, minority recruitment, student life enhancements, quality of life/neighborhood initiatives. The total University operating budget for FY 2002 is $3.206 billion; with the Academic Budget (excluding the Health Services) totaling $1.544 billion or 48%. There is a constrained increase in undergraduate charges: 5.8% increase in tuition and general fees; 2% in residence fees; 2% in dining fees for a 4.9% increase in total charges. He said that tuition comprises 34% of the revenue. The sponsored programs ICR Rate decreases to 56% from 58.5%. Compensation accounts for 54% of the expenditures. Utilities which were budgeted at $33 million will more likely be more than $40 million due to increased costs.
James S. Riepe was reelected chair of the board ; Gilbert F. Casellas and Egbert L. J. Perry were reappointed term trustees. Former provost Thomas Ehrlich was elected a term trustee.
Memorial resolutions were passed in honor of Gustave G. Amsterdam, who died February 12 and Wesley A. Stanger, Jr. who died May 23 at the age of 92. Mr. Stanger, W '29, founded Penn's Alumni Club of Metropolitan NJ and was a trustee since 1970.
Resolutions of Appreciation for Henry M. Chance, II, a long-time trustee and alumnus; Stephen D. Schutt, V.P. and chief of staff; and former V.P. of Public Safety Thomas M. Seamon, were also passed.
Almanac, Vol. 48, No. 1, July 17, 2001