of the Trustees' Fall Meeting
the Fall Meeting of the University Trustees, a Memorial Resolution
for the Hon. Walter H. Annenberg was passed, followed by a
standing ovation for the Hon. Leonore Annenberg who said, "I
shall carry out Walter's legacy." The Trustees also passed
a Memorial Resolution for I.W. 'Tubby' Burnham II, expressing "appreciation
Resolution of Appreciation (in absentia) was passed for Yotaro
Kobayashi, WG '58, "who opened the doors for the University
in Japan." A Resolution of Appreciation was also passed,
with a standing ovation, to thank Margaret Peggy' Mainwaring,
Ed '47, HON '85, who has been a Trustee for 30 years and was
the first woman elected as an Alumni Trustee.
Mitchell, CW '67, was appointed a Charter Trustee; Madlyn K.
Abramson, Ed '57, GEd '60, William L. Mack, W '61, and Henry
R. Silverman, L '64, were reappointed as Term Trustees. James
J. Kim, W '59, G '61, GR '63, was appointed a Term Trustee.
Judith Rodin spoke about the new facilities that have recently
been completed: Huntsman Hall, Schattner Hall and Pottruck
Fitness Center noting that these "milestones in growth
and development of Penn" are "transformative." She
also congratulated SEAS on its 150th and Dental Medicine on
its 125th celebrations. Dr. Rodin's resolution on the appointment
of Clifford Stanley as EVP was wholeheartedly approved. Dr.
Rodin mentioned that Vice President Dick Cheney spoke at Huntsman's
dedication and former New York City mayor Rudy Giuliani spoke
to a packed house at Irvine last week.
Robert Barchi discussed the Life Sciences Building and how
construction has been delayed nearly a year to take into account
the BioPond considerations. He said that the proposed building
would have a "modest impact" on the garden using
3.5% of the present botanical garden, which has been named
the Kaskey Memorial garden. As the provost spoke, some members
of the community attempted to interject their concerns. Dr.
Barchi mentioned that several faculty members have won particularly
prestigious prizes recently.
Carnaroli presented the Financial Report for FY 2002 and said
that Penn achieved positive financial performance despite the
volatility in the economy and financial markets. Penn experienced
a 5.3% increase in total revenue to over $3.335 billion. The
University's endowment achieved a return of .1%, exceeding
its benchmark by 6.8% putting it in the top quartile of endowments
over $1 billion during FY 2002. Moody's Investors Service revised
its outlook of Penn from "negative" to "stable" due
to the stabilization of UPHS, and confirmed the A-1 rating
on its outstanding long-term debt.
Gail Morrison, vice dean of education in the School of Medicine,
reported on Penn Medicine and their intention to complete the
school's strategic plan by the end of t he year.
Trustees are currently in the process of renewing the University's
sales and use tax exemption with the Commonwealth, and approved
the addition of Article 15 to the Statutes to comply with current
requirements for exemption.
Policy Committee chair explained the SARS name change to South
Kelly reported that Audit and Compliance approved the draft
budgets from both Penn and UPHS.
and Finance Committee's chair John Clark presented six resolutions
to authorize funding for construction, renovation and redevelopment
which all passed.
Tarnopol, chair of Development, recognized Walter Annenberg's "extraordinary
Rendell reported for the External Affairs Committee about the
proposed new home for WXPN; the implementation of Penn Branding
and the immigration issues arising from the National Security
initiatives such as visa delays.
and Campus Planning's William Mack talked about the "tremendous
expansion" that Penn has been experiencing in the past
associate dean Nancy Streim gave the Neighborhood Initiatives
report, which encompassed the new Sadie School' and the
retail plan to improve the economic health of the area.
Catherwood gave the Student Life report that focused on the
need for institutional compliance with immigration; as well
as the cultural and ethnic centers at Penn.
Marks said that the Investment Board was pleased that Penn
did not lose money in FY 2002, a "difficult year."
Shapiro's Alumni Report noted the many alumni back for Homecoming
Weekend and that the recipients of the Alumni Awards of Merit
include four former trustees.
Almanac, Vol. 49, No. 11, November 5, 2002