Mr. James Riepe, chair of the Trustees, called the September 23 Executive Committee meeting to order and commented about Dr. Gutmann's presidency being off to an excellent start. A resolution was passed to apply for a special permit and to segregate annuity reserve funds, to meet requirements of the State of New York pertaining to gift-annuity agreements. Another resolution authorizes the trustees to change the use of a scholarship fund originally intended for blind students to be used to support the Low Vision Rehabilitation and Research Center of the Department of Ophthalmology.
Dr. Peter Conn, interim provost, gave the academic report with a focus on Social Work and Wharton. He noted that the School of Social Work received an endowment for an interdisciplinary program on family violence—the Evelyn Ortner-Unity Program in Family Violence. Two new faculty members joined SSW from Harvard and Columbia. Wharton Publishing has published its first books, The Power of Impossible Thinking: Transforming The Business of Your Life and the Life of Your Business, by Jerry Wind, Colin Crook, and Robert Gunther. The second book, And The Fortune at the Bottom of the Pyramid: Eradicating Poverty Through Profits, is by C.K. Prahalad.
Mr. Carnaroli had given the Financial Report at the Budget and Finance Committee meeting earlier that day and referred to those remarks. He had outlined the University's financial position for the fiscal year ending June 30, 2004 (unaudited). For the Consolidated University (academic and health system) total net assets increased $558.9 million to $5.887 billion. Net assets from operations increased $10.5 million; total operating revenue increased by $227.2 million and total expenses increased by $244.6 million. Net assets from non-operating activities increased by $548.4 million due to improved investment performance. Cashflow from operating activities increased by $8.9 million.
Dr. Rubenstein gave the Penn Medicine Report at the earlier meeting noting that the key indicators are better than budget. He discussed the biomedical postdoc program—an interdisciplinary program for Ph.D. students.
Mr. Carnaroli also gave the Investment Board report. He said that there had been a 16.8% return for FY 2004 in the AIF. The endowment crossed the $4 billion mark in June 2004.
Mr. John Clark, chair of the Budget & Finance committee, presented two resolutions. One resolution authorizes the revised scope and budget for the design and construction of Bennett Hall renovations for a total budget of $20.9 million. The other one authorizes the merger of two funds for life income beneficiary accounts.
Almanac, Vol. 51, No. 5, September 28, 2004
September 28, 2004
Volume 51 Number 5