Trustees’ Winter Board Meeting Coverage
On Friday, the Trustees’ Meeting began with Chairman James Riepe noting that a year ago the Trustees approved electing Dr. Amy Gutmann as president and that in the ensuing 12 months she “affirmed our wisdom,” and is off to a great start.
The Trustees passed a resolution adding Penn’s vice president for finance and treasurer to the Penn Medicine Board and adding Penn’s EVP to the Penn Medicine Executive Committee, instead of the vp for finance; both are ex officio.
Before beginning the President’s Report, Dr. Gutmann took a moment to remember “a distinguished alumna of the Wharton School and a truly beloved member of the Penn community who passed away.”
“Kathryn Engebretson never met a challenge she couldn’t handle—and handle well. She left a lucrative career on Wall Street to become the Treasurer for the City of Philadelphia in 1992, where she led one of the most dramatic financial turnarounds in the history of city government. As vice president for finance at Penn and later its chief financial officer, Kathy helped navigate the University through tough financial waters with intelligence, collegiality, and superb judgment. She remained a devoted advocate for Penn in her role as president of the William Penn Foundation.
Kathy confronted her illness and death with the same intelligence, courage, and concern for others that she displayed throughout her life. She was a remarkable human being whom we shall miss. Please join me in a moment of silence to remember our beloved friend and colleague Kathryn Engebretson."
Then, Dr. Gutmann noted that Penn is taking “appropriate action” to keep mass transit affordable in light of SEPTA funding crisis. She also expressed “gratitude and pleasure to the entire Penn community” for getting behind the Penn Compact. She announced several multimillion dollar gifts (more next week).
GSE Dean Susan Fuhrman will coordinate Penn’s efforts to help rebuild the educational infrastructure in the Tsunami-devastated areas.
Resolutions were passed appointing Dr. Rebecca Bushnell as dean of SAS; John H. Zeller as vice president for development and alumni relations; and Scott R. Douglass as vice president for finance and treasurer.
Dr. Peter Conn, interim provost, spoke about the recently announced ranking of architecture and landscape architecture. He also mentioned that the appointment of Joann McCarthy as assistant provost for international programs signifies the “increased importance of international initiatives.” Dr. Janice Bellace is overseeing the NCAA recertification process, a rigorous self-study that must be completed by January 2006.
EVP Craig Carnaroli reported that he is pleased with the University’s fiscal year-to-date financial report; the total endowment value as of December 31, 2004 is $4.218 billion, an increase of $200 million since June 30, 2004. The Academic Component’s total net assets increased $246.3 million driven by investment performance, non-operating contributions and increased operating revenue. Total contributions increased 63.5 % led by gifts to the endowment. The Health System Component continues “favorable performance” with total unrestricted net assets up 36% due to positive operating performance and gain on the sale of the Phoenixville Hospital.
In the Penn Medicine Report, Dr. Arthur Rubenstein noted that students can now go to their computer rather than their mailbox for the ‘March Madness’ news. He also stated that two of the seven start-ups getting money from the Greenhouse Fund are from Penn Medicine.
Three new masters programs in SAS were approved; a master of urban spatial analytics; a master of integrated science education; and a master of applied positive psychology.
The name of the School of Social Work has been changed to the School of Social Policy and Practice, to reflect the school’s new vision and mission.
The Trustees adopted the Revised Patent and Tangible Research Property Policies and Procedures, effective retroactively to January 1, 2005.
The expenditure of $8.1 million to outfit space at 126 South 30th Street for the School of Medicine’s Psychiatry/Sleep project was approved; along with a total revised budget of $5.28 million for the design and construction of the McNeil Center for Early American Studies; $4.9 million for the installation of sprinkler and fire alarm systems in Sansom Place West; $2.36 million to outfit space for the Penn Center for Educational Leadership; and $1.8 million for the design and construction of Wharton’s Vance Hall 3rd floor External Affairs renovation project.
Click here for a continuation of the Trustees' Meeting Coverage.
Almanac, Vol. 51, No. 21, February 15, 2005