Visit Penn's website

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 Committee

President 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 established earlier this semester, was created to "advance urban scholarship nationally and internationally" and to "complement important administrative efforts in practice-based research."

The 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.

The 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 property.

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.

In 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.

Ms. Susan H. Horsey was appointed to the Board of Overseers of the University Museum of Archaeology and Anthropology, for a three-year term.