Trustees Executive Committee Meeting Coverage
At the September 11 Stated Meeting of the
Executive Committee of the Trustees, Chairman James Riepe noted
the convocation event for the Class of 2007 was on September 2 and
in spite of the weather there was a great turnout (Almanac September
9, 2003). He also mentioned the announcement, which the Trustees
made concerning the Consultative Committee for the Selection of a
President (Almanac September 9); it will ultimately provide
the Executive Committee with a list of candidates.
Rodin said that Penn was commemorating the second anniversary of
9/11 with a series of low-key events. The
blood drive at the Palestra attracted some 85 donors, exceeding the
organizers expectations. She praised the National Constitution Center,
which opened this summer; Penn is an academic partner. There was
a Justice Talking debate there in July during the Center's opening
festivities. The Constitution Center's Director Joe Toricelli is
a Penn alumnus. Dr. Rodin said that the Class of 2007 hails from
all 50 states and 63 countries. She also said that the Strategic
Plan approved by the Trustees will be published before the end of
Dr. Rodin commended the Division of Public
Safety for the improvements they have made, including high-tech
equipment, which led to Penn winning the 2003 Jeanne Clery Campus
Safety Award for the innovative technological programs and campus
and community patrols (Almanac July 15, 2003).
Provost Robert Barchi spoke about the School
of Design which has an acting dean, Dr. John Dixon Hunt, (Almanac
September 9, 2003) while Dr. Gary Hack is on a scholarly leave of absence this
semester working on the plans for the World
Trade Center. Meanwhile,
Meyerson Hall is getting much needed renovations for the first time
since it was built in 1967. The architect for the project is Wesley
Wei, a recently appointed practice associate professor in the School
of Design. The School is launching the Center for Urban Redevelopment
Excellence (CUREx), a partnership between Penn and the John S. and
James L. Knight Foundation. They are recruiting the first cohort
of fellows; there have already been 147 applicants for the ten slots.
School of Education will be hosting a conference October 30-31,
on universities that create or manage
K-12 public or charter schools. GSE is also collaborating with Chinese
and Thai universities for a soon to be launched Ed.D. program that
will bring participants from those institutions to Penn for some
of their coursework.
The Financial Report--the
unaudited results for the fiscal year ending June 30, 2003--were presented
by EVP Clifford Stanley. The total net assets for the consolidated
University increased $173.9 million to $5.330 billion; net assets
from operations increased $23.1 million, compared to an increase
of $30.9 million for the prior fiscal year while net assets from
non-operating activities increased by $150.7 million, compared
to a gain of $94.7 million, due to improved investment performance.
Total operating revenue increased by $253.8 million to $3.585 billion
and total expenses increased $261.5 million to $3.562 billion. For
the academic component, total net assets increased $162.6 million
principally due to non-operating contributions and investment activity.
For the health services component, total net assets increased $11.2
million. The amount due the University declined from $24.9 million
to $7.8 million consistent with the agreement.
Dean Arthur Rubenstein
reported that in the School of
Medicine's Class of 2007 there are
147 students, 55% of whom are women and 45% are men.
President for Finance and Treasurer Craig Carnaroli reported on
behalf of the Investment
Board that the AIF gained 4.7% in the past fiscal year.
and Finance Committee chair John Clark presented three resolutions,
which had been discussed at their committee meeting earlier that
day and were
approved at the stated meeting.
The first was to
authorize the design and construction of the SAS McNeil Center
for Early American Studies building in the
amount of $3.5 million. The next one authorizes the design and construction
of the School of Design's Meyerson Hall renovations in the amount
of $1 million. The final one authorizes execution of hedging transactions
to manage steam costs.
Antonio Magliocco, James Nevels and Robert M. Potamkin were
appointed to the Board of Overseers of the Law
School. Marjorie G.
Vincent J. Griski were appointed to the Board of Trustees of the
Almanac, Vol. 50, No. 4, September 16, 2003