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Trustees' Meeting Coverage
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March 25, 2008, Volume 54, No. 26

Last Tuesday, there was a stated meeting of the Executive Committee of the Trustees and the Budget and Finance Committee. The tuition, fees, and other charges for 2008-2009 were approved: for undergraduates: tuition, fees, room and board will total $48,148, including tuition of $33,608, fees of $3,918, a standard room charge of $6,640 and a meal plan charge of $3,982. The graduate and professional students’ tuition will be determined at the school level.

President Amy Gutmann noted that Penn’s 1991 alumnus Dr. Garrett Reisman is a NASA astronaut in space, on the Space Shuttle Endeavour. He is headed to the Space Station for a six-month stay. He is a mission specialist and this mission will mark his first flight and his first space walk.

Dr. Gutmann described the new financial aid initiatives for undergraduates, including the video that can be viewed online. She also said that Penn was listed as #10 in Kiplinger’s new ranking (April 2008 edition) of “best value” at private universities. Penn’s Making History campaign has reached 53 percent of the goal with $1.84 billion. Numerous alumni have attended the Penn campaign events already held worldwide, with other events to come.
Provost Ron Daniels announced that the School of Engineering and Applied Science has recently received three major grants.

Executive Vice President Craig Carnaroli reported that total net assets for the seven months ending January 31, 2008, compared to the prior fiscal year, increased $106.5 million to $8.8 billion for the Consolidated University budget. This was in spite of the recent market volatility that resulted in net assets from non-operating activities decreasing $78.5 million as compared to a gain of $614 million in the prior fiscal year. The net assets from operating activities increased by $185 million. The total endowment value as of January 31 is $6.51 billion.

In the Penn Medicine report, Dr. Arthur Rubenstein mentioned Match Day, which was held March 20; the day when Penn’s 140 medical students who will graduate in May learned where they have been accepted for their residency program. The Health System’s admissions increased by 4.2 percent which accounted for total operating revenue of $1.6 billion that was 7.5 percent higher than the comparable prior year period. The operating expense of $1.5 billion was 9.1 percent higher due to higher compensations and supply expense. Non-operating losses, due to investments and inter-entity transfers totaled $40.4 million, compared to income of $83.4 million in the prior year.

The other five resolutions passed involved design and construction: Wharton’s Vance Hall Data Center Project for an additional $441,000 (for a total revised budget of $3,160,000); School of Medicine Anatomy Chemistry Building renovations for an additional $300,000 (for a total revised budget of $2,550,000); College Hall exterior stabilization of west side, $1,200,000; Palestra fire alarm and sprinkler system, $1,165,000 and Williams Hall third floor classroom renovations, $1,100,000.

James N. Perry was appointed to the SAS Board of Overseers.

Related article: Lowest Percentage Tuition Increase in Seven Years

Almanac - March 25, 2008, Volume 54, No. 26