Highlights of the Trustees' Fall Meeting

At 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 and affection."

A 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.

Andrea 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.

President 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.

Provost 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.

Craig 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.

Dr. 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.

The 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.

Academic Policy Committee chair explained the SARS name change to South Asia Studies.

Paul Kelly reported that Audit and Compliance approved the draft budgets from both Penn and UPHS.

Budget and Finance Committee's chair John Clark presented six resolutions to authorize funding for construction, renovation and redevelopment which all passed.

Michael Tarnopol, chair of Development, recognized Walter Annenberg's "extraordinary legacy."

Marjorie 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.

Facilities and Campus Planning's William Mack talked about the "tremendous expansion" that Penn has been experiencing in the past few years.

GSE 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.

Susan 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.

Howard Marks said that the Investment Board was pleased that Penn did not lose money in FY 2002, a "difficult year."

Leonard 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