|Coverage of May 10 Trustees’ Meetings
May 22, 2007, Volume 53, No. 34
At the May 10 Stated Meeting of the Executive Committee of Penn’s Trustees, President Amy Gutmann reported on the recent Ivy League Championships won by Penn teams, the Class of 2011 which had a ten percent increase in applicants and the quick resolution to the CitiBank loan situation which has resulted in reimbursing Penn students (Almanac April 10, 2007). President Gutmann said that the inaugural ‘GradFest’ was a “resounding success” (Almanac April 10, 2007).
Provost Ron Daniels reported that Dr. Arthur Rubenstein has received two significant awards (see Honors).
EVP Craig Carnaroli’s Financial Report for the nine months ending March 31, 2007, showed “strong gains” with the Consolidated University (Academic and Health System) reporting a 13.2% increase in total net assets, with a 39.1% increase in net assets from operating activities and the total endowment value as of March 31 was $6.195 billion, a 19.9% increase over June 30, 2006. He also reported that the Health System component has had an increase in admissions, total unrestricted net assets increased, excess of revenues over expenses from operations was higher than the prior year, and the days-cash-on-hand went from 159 to 181.
Dr. Arthur Rubenstein’s Penn Medicine Report included a mention of how Penn doctors were at the majority of the “Top Docs” in Philadelphia magazine (see Honors). He also noted that this year, for the first time, there were more women than men in the School of Medicine’s graduating class, with 98% staying in academia and 30% staying at Penn for their residency.
In the Budget & Finance Committee Report, Mr. John Clark mentioned the presentation the committee had been given on Procurement and Purchasing by Vice President of Business Services Marie Witt and Director of Purchasing Services Ralph Maier. They described how Penn saves money by collaborating with other universities to improve its purchasing power and by entering strategic contracts with suppliers. They also described the Penn Marketplace and the new Procure-to-Pay (P2P) project to streamline the University’s business and financial processes (see Launch of P2P Website, "Step-by-Step" and Reference Brochures).
Budget & Finance presented four resolutions, which the Trustees passed:
• to repair and refurbish the historic wrought iron fence around the Quadrangle ($1.9 million);
• to lease 24,600 square feet of space for ten years at 3535 Market Street, for the relocation and expansion of Student Health Services ($10.4 million);
• to renew the lease for five years at 711 Lancaster Avenue in Bryn Mawr for the Penn Dental Care Center which has some 27,000 patient visits per year ($1 million);
• to authorize a line of credit and guarantee for Good Shepherd Penn Partners during the start-up phase ($3 million).