Trustees' June Meetings
The full board of Trustees will be meeting on June 17 and June
18. For specific committees' stated meeting times
and locations, call (215) 898-7005.
Meeting of the Trustees Executive
Judith Rodin was appointed chair of the newly established
Advisory Board of the Institute of Urban Research. The
Advisory Board will be comprised of at lease five but not
more than 30 persons, each serving a three-year term, according
to the resolution passed at the Stated Meeting of the Trustees'
Executive Committee on May 13. The Institute which was
earlier this semester, was created to "advance urban scholarship
nationally and internationally" and to "complement important
administrative efforts in practice-based research."
Trustees also approved a resolution to invest $1 million
in BioAdvance Ventures, one of the three life sciences
greenhouses funded by the Commonwealth from its share of
the national tobacco settlement. A dozen other local non-profit,
pharmaceutical and governmental entities will also invest
as limited partners in BioAdvance.
School of Medicine also gained Trustee approval to rent
an additional 27,000 square feet at 126 South 30th Street
for the Center for Sleep and Respiratory Neurobiology. This
is in addition to the 75,000 square feet already approved
last June. This fit-out of the additional space is expected
to cost $3.7 million in connection with the lease of the
Penn Medicine Executive Committee recommended that the
University spending rule policy be approved and adopted
for the HUP endowment and quasi-endowment funds invested
in the AIF to preserve the purchasing power of the endowment.
The Trustees passed the resolution effective June 1, 2004.
the financial report, Mr. Craig Carnarolli said that there
had been strong growth in the Consolidated University budget
in total net assets in the nine months since last June,
up 9.2% to $4.821 billion. The total endowment is estimated
at $3.988 billion, an increase of $441 million since last
June. In the Academic Component, total revenue and other
support increased 3.5% over FY 03, principally due to growth
in sponsored program activities and tuition and fees to
$1.313 billion, however, total expenses increased 7.1%
over FY 03 to a total of $1.344 billion. In the Health
System Component, overall utilization remained strong,
total net assets increased $85 million to $582.2 million
since June 30, 2003. Excess of revenue over expenses from
operations was higher than the prior year.
Susan H. Horsey was appointed to the Board of Overseers
of the University Museum of Archaeology and Anthropology,
for a three-year term.