Trustees' Meeting
Coverage
As
the Trustees Executive Committee convened for their Stated
Meeting last Thursday afternoon, Chairman James Riepe quipped
that Penn's "greatest achievement" recently was naming
Bono the Commencement speaker. President Judith Rodin
called Bono "a major figure in human rights."
Dr.
Rodin congratulated those responsible for the recent upgrade
of Penn's long-term rating by Moody's to Aa3 from A1. Moody's
cited Penn's "strong strategic planning focus, integrating
academics, finances, and health system," as well as "excellent
market position for large and diverse programs" and "financial
resources provide moderate financial cushion for debt and
operations," and finally, "four-year trend of positive
margins reflects recovery of health system finances, though
ongoing challenges remain."
Dr.
Rodin also noted that two members of the English faculty
won prizes at the 2003 National Book Critics Circle 30th
annual awards ceremony. Paul Hendrickson won the Heartland
Prize for non-fiction with Sons of Mississippi: A Story
of Race and Its Legacy. Dr. Susan Stewart was recognized
in the poetry category for her collection entitled Columbarium.
Dr.
Rodin described the 40th Street community forum, which
has been led by Penn Praxis of the School of Design in
a "spirit of collaboration with the community" as a great
success. She also said she was enthusiastic about the response
to the new Penn Urban Research Institute.
Provost
Robert Barchi said that the appointment
of Dr. Richard Leventhal as the director of the Penn Museum is a result
of a long international search. Dr. Barchi also noted gratitude
to Dr. Jeremy Sabloff who moved the Museum forward, in
infrastructure and in programs.
Dr.
Barchi also said he was grateful to Dr.
Sam Preston for
his work as dean of SAS; a search committee is in the process
of being set up since he will be stepping down in December.
Mr.
Craig Carnaroli gave the financial report for the seven
months ending January 31, 2004. He reported that for the
consolidated University, total net assets increased, total
operating revenue increased, and total expenses increased.
The total endowment increased to $4.924 billion.
Dr.
Arthur Rubenstein gave the Penn Medicine report: he mentioned
that it was Match Day, the day medical students find out
where they will go for their training. Of the 155 medical
students, 24 will stay here for their training. He mentioned
that the Mahoney Institute of Neurological Sciences had
a day-long symposium to commemorate its 50th anniversary.
The
resolution on tuition,
fees and other student charges for academic year 2004-2005 was approved (see table below). For
undergraduates, the total will be $39,634; for graduate
and professional students, tuition will be "determined
administratively to reflect the budget requirements of
the various schools." The general fee for grad students
will be $1,834 and for professional students it will be
$1,448.
Penn
freshmen receiving financial aid from Penn has increased
from 39% in 1998-99 to 43.3% in 2003-04. The packages are
mostly grants, with small loan and job components. This
year, the average financial aid is more than $25,000.
The
Trustees also passed three other resolutions to authorize
the Vivarium and laboratory floor in the School of Veterinary
Medicine's new building ($20 million); an infrastructure
upgrade at the Museum ($5.3 million); and renovation to
the second floor of Veterinary Medicine's Ryan Hospital
($1.2 million).
Academic Year
2004-2005 Undergraduate
Tuition, Fees and Room & Board
Increases
|
2003-2004
|
2004-2005
|
Increase
|
% Change
|
Total Charges
|
$37,960
|
$39,634
|
$1,674
|
4.4%
|
Tuition
|
$26,282
|
$27,544
|
$1,262
|
4.8%
|
Fees
|
$ 3,036
|
$ 3,172
|
$ 136
|
4.5%
|
Room*
|
$ 5,130
|
$ 5,336
|
$ 206
|
4.0%
|
Board*
|
$ 3,512
|
$ 3,582
|
$ 70
|
2.0%
|
* Based on average standard room and the freshman meal
plan.
Academic Year 2003-2004 Peer Institution
Undergraduate
Total Charges Comparison
|
2003-04 Total
|
% Change vs. 2002-03
|
NYU
|
$39,406
|
6.3%
|
Washington U.
|
38,909
|
5.5%
|
Columbia
|
38,590
|
5.0%
|
Chicago
|
38,403
|
4.6%
|
M.I.T.
|
38,310
|
6.2%
|
Cornell
|
38,283
|
4.1%
|
Georgetown
|
38,242
|
4.6%
|
Penn
|
37,960
|
4.8%
|
Brown
|
37,942
|
4.4%
|
Harvard
|
37,928
|
5.5%
|
Stanford
|
37,905
|
4.9%
|
Johns Hopkins
|
37,888
|
4.6%
|
Dartmouth
|
37,770
|
5.0%
|
Duke
|
37,555
|
5.0%
|
Northwestern
|
37,491
|
5.6%
|
Yale
|
37,000
|
4.6%
|
Princeton
|
36,709
|
4.5%
|
Academic Year 2004-2005 Peer Institution
Undergraduate
Total Charges Comparison
|
2003-04Total
|
2004-05 Total
|
% Change vs. 2003-04
|
NYU
|
$39,406
|
$41,258*
|
4.7%
|
Washington U.
|
38,909
|
40,838
|
5.0%
|
Columbia
|
38,590
|
40,404*
|
4.7%
|
Chicago
|
38,403
|
40,353
|
5.1%
|
Georgetown
|
38,242
|
40,317
|
5.4%
|
Cornell
|
38,283
|
40,099
|
4.7%
|
M.I.T.
|
38,310
|
39,900
|
4.2%
|
Brown
|
37,942
|
39,808
|
4.9%
|
Harvard
|
37,928
|
39,711*
|
4.7%
|
Johns Hopkins
|
37,888
|
39,656
|
4.7%
|
Penn
|
37,960
|
39,634
|
4.4%
|
Stanford
|
37,905
|
39,616
|
4.5%
|
Dartmouth
|
37,770
|
39,465
|
4.5%
|
Northwestern
|
37,491
|
39,478
|
5.3%
|
Duke
|
37,555
|
39,240
|
4.5%
|
Yale
|
37,000
|
38,850
|
5.0%
|
Princeton
|
36,709
|
38,357
|
4.5%
|
* Not yet announced. 2004-05 Total is based
on 4.7% projected increase.