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Trustees’ Meeting Coverage
October 23, 2007, Volume 54, No. 9

At last Friday’s Stated Meeting of the Trustees, a Memorial Resolution for Martin Meyerson was passed and presented to Margy Meyerson. She in turn presented Penn with a replica of an Alexander Calder bell that the Class of 1892 had given to Penn. There was a moment of silence in memory of longtime trustee Howard Gittis who died September 16 at the age of 73. Resolutions of appreciation passed for Henry R. Silverman, David W. Sweet and Jon M. Huntsman, who was also designated as an emeritus trustee. William L. Mack was elected as a charter trustee. Lee Spelman Doty, Deborah Marrow, Pamela Daley and Perry Golkin were elected as term trustees.

Trustee Chairman James Riepe announced that in recognition of the speed Penn has picked up since Dr. Gutmann was elected president in January of 2004—with her energy and the academic team she has assembled—the Trustees have extended her initial five-year commitment, solidifying her role through 2014.

Dr. Gutmann said that the Board’s support has been “gratifying and essential.” She said this is Penn’s century! She also thanked her “great team,” as the University approached the “final countdown to the launch of the campaign.”

Meanwhile, on College Green and at the newly acquired parking lot on the eastern edge of campus, preparations were underway for Saturday night’s festivities. A huge tent was erected on the lot that will become Penn Park as part of the campus master plan. Dr. Gutmann noted that thanks to the success of the campaign’s ‘quiet phase’ Penn is primed for a most successful launch.

Provost Ron Daniels announced Dr. Brian Strom’s recent appointment as vice dean for Institutional Affairs in the School of Medicine and Senior Advisor to the Provost for Global Health Initiatives (Almanac September 18, 2007).  Provost Daniels also noted that Dr. Harvey Friedman, director of Penn’s Botswana Partnership, has been named deputy dean of the Botswana Medical School. The Provost also announced that the LGBT Center recently celebrated its 25th anniversary.

EVP Craig Carnaroli’s financial report for the fiscal year ended June 30, 2007 showed the Consolidated University experienced a $324.2 million or 7.3% increase in total operating revenues to $4.76 billion. The Health System accounted for 77% of this growth. Total operating expenses grew by $226.0 million or 5.4%. The endowment’s market value was $6.6 billion, almost a 25% increase from the prior year. Moody’s Investment Services upgraded the University’s rating from Aa3 to Aa2. The Academic component grew $956.7 million primarily due to gains on investments and other non-operating activities which totaled $904.4 million. The Health System’s unrestricted net assets increased, driven by a strong operating and investment performance.

Dr. Arthur Rubenstein’s Penn Medicine report noted the three new buildings scheduled for completion in the next three years: the Perelman Center (2008), Roberts Proton Center (2009) and the Research Building (2010).

Dr. Deborah Marrow gave the Academic Policy committee report, including two resolutions which were passed: to revise the Policy for the Temporary Suspension or Exclusion of a Faculty Member; and to revise the Procedure Governing the Sanctions Taken Against Members of the Faculty.

Andrea Mitchell gave the External Affairs committee report; she noted that Penn is going to make a concerted effort to communicate that it seeks applicants from diverse economic backgrounds, including low to lower middle income families who could avail themselves of Penn’s grant program as part of the need-blind financial aid package.

John Clark presented five resolutions from the Budget & Finance Committee: to finance capital projects for UPHS; to design and construct the high rise college house renovation phase III ($38.5 million); to renovate the Center for Human Modeling and simulation  ($2.2 million); to authorize a feasibility study for the new Nanoscale Research Facility ($2.0 million); and to authorize the design and construction of the Wharton Vance Hall basement phase IV renovations  ($1.2 million).

The Trustees also passed a resolution authorizing the Comprehensive Campaign with the public phase to be launched at the weekend celebrations and concluding June 30, 2012.

Almanac - October 23, 2007, Volume 54, No. 9