Print This Issue

Coverage of the Stated Meeting of the Executive Committee of Trustees
September 19, 2006, Volume 53, No. 4

At the Stated Meeting of the Trustees’ Executive Committee on September 14, Chair James Riepe welcomed Eric Kaplan (Almanac September 12) back to Penn as Associate Secretary.

President Amy Gutmann noted that the Class of 2010 is not only the most selective and diverse but enthusiastic as demonstrated at the rainy Convocation. SAS has 40 new faculty recruits bringing their faculty total up to 495. Two new science buildings are opening this semester: veterinary medicine’s Hill Pavilion and engineering’s Skirkanich Hall (Almanac July 11). The state-of-the-art Platt Performing Arts House will open next month. The President said there had been a moving vigil commemorating the 5th anniversary of 9/11 which underscored the importance of universities in maintaining a free and open society. She mentioned that this is the second year of the ‘quiet phase’ of the Campaign. Penn Connects has won two awards.

Provost Ron Daniels focused on a Global Initiative in Botswana that the School of Medicine has been involved with for the past five years, providing clinical support and education for doctors where 38% of the adult population is HIV positive. He also mentioned that SEAS has recruited more than ten faculty, three of whom are women.

EVP Craig Carnaroli’s Financial Report for the year ending June 30, 2006 showed that it was a very successful year both for the University and the Health System. The total net assets for the Consolidated budget increased by $940 million to $7.328 billion since last year. Net assets from operating activities increased by $239.4 million compared to $77 million the prior year. Net assets from non-operating activities increased $700.9 million as compared to a gain of $423.2 million. The total endowment value as of June 30 is $5.166 billion, a $797 million increase.

In Dr. Rubenstein’s Penn Medicine Report, he noted that Penn is again #2 in NIH funding. UPHS is strong both operationally and financially.

The Facilities and Campus Planning Committee had heard a presentation by architects David McHenry and Scott Erdy concerning the private project on the 3900 block of Walnut, on a 65-year ground lease from Penn. The building will be developed and operated by Atlanta-based University Partners and will contain some 250 apartments geared toward students as well as retail space and a restaurant. The plan calls for groundbreaking next spring and the building is scheduled to open in fall ’08.

The Budget and Finance Committee presented the seven resolutions it had approved at its meeting: to authorize the revised scope and budget for the design and construction of the Annenberg Public Policy Center for an additional $7 million for a total revised budget of $29 million; to authorize the design and construction of facilities for the School of Veterinary Medicine’s New Bolton Center at a cost of $14.35 million;  to authorize a lease for the School of Medicine at Presbyterian for $3.7 million; the School of Medicine’s purchase of a 3T magnet to be located in  Stellar-Chance, replacing an old MRI system for $2.5 million; the SEAS Towne Building lab and HVAC renovations for  $1.5 million; the design and construction of the Maloney Building ground floor renovations of $4.14 million as well as Maloney 8th floor ITMAT renovations of $2.26 million.

Almanac - September 19, 2006, Volume 53, No. 4