|Coverage of Trustees’ June Meeting
July 15, 2008, Volume 55, No. 1
At the Board of Trustees’ annual stated meeting on June 20, Chairman James Riepe noted that Charles ‘Chaz’ Howard brings “a passion to his position” as University Chaplain (click here for story).
The University trustees re-elected Mr. Riepe as chair, William L. Mack as vice chair as well as the following trustees to the executive committee: Christopher H. Browne, L. John Clark, David L. Cohen, Lee Spelman Doty, Amy Gutmann (ex officio), Andrew R. Heyer, Deborah Marrow, Andrea Mitchell, Egbert L.J. Perry, David Silfen, George Weiss, and Mark O. Winkelman for one-year terms beginning July 1; and Alvin V. Shoemaker, from July 1-October 31.
They also appointed the Investment Board: Joel Greenblatt, Robert M. Levy, Howard S. Marks (chair), Edward Mathias, Andrew S. Rachleff, James S. Riepe (ex officio), David M. Silfen, and Mark O. Winkelman.
Andrew R. Heyer was re-elected to a five-year term as a Term Trustee and Daniel S. Och was elected as a Term Trustee, as was Paul Williams, who has been an Alumni Trustee since 2000.
President Amy Gutmann asked for a moment of silence to reflect on the sudden and untimely passing of Anne d’Harnoncourt—“a towering overseer of Penn Design” (click here).
Dr. Gutmann presented a resolution of appreciation for Dr. Marjorie K. Jeffcoat, dean of the School of Dental Medicine (click here).
President Gutmann also presented resolutions to appoint Jeffrey Cooper, L ’75, as vice president for government and community affairs (Almanac May 6, 2008) and Eric J. Furda, as dean of admissions (Almanac January 22, 2008) both effective July 1.
The president noted that Penn has been setting records in fundraising—with more than $2 billion or 58% of the Campaign’s $3.5 billion goal from more than 300,000 gifts and pledges; faculty recruitment—the seventh PIK Professor; the Penn Connects master plan—the Penn Park design is due by next spring, to be completed by 2011; nearly 23,000 applications and 17% more lower income students who will benefit from the new features of Penn’s need-based financial aid. She also thanked Charter Trustee Andrea Mitchell and her husband, Alan Greenspan, for making the seventh PIK Professorship possible. It will be held by Dr. Robert Ghrist, “an applied math and engineering sensation” who will be the Andrea Mitchell University Professor.
Provost Ron Daniels noted the appointment of Marilyn Jordan Taylor as the new dean of the School of Design (Almanac May 27, 2008) effective October 1.
EVP Craig Carnaroli gave the financial report for the ten months ending April 30th and noted that for the consolidated University budget, the total net assets increased to $9 billion, with net assets from operating activities up 4.5%; total operating revenue up 6.9% to $4.2 billion and total operating expenses up 7% to $3.9 billion. The total endowment value as of April 30 is $6.51 billion, a 2% decrease since June 30, 2007. The impact of the Campaign is noticeable in the total contributions of $308.7 million, a 67.3% increase over last year. The Health System has had favorable operating performance; admissions increased 4.8%; net assets were up as a result.
Dr. Glen Gaulton gave the Penn Medicine Report and said the percentage of underrepresented minorities is up to 21% in the incoming class. Adjacent to the Perelman Center, and above the Roberts Proton Center, the steel is rising for the Fisher Translational Medicine Center (click here for story).
Outgoing interim dean of admissions Eric J. Kaplan gave the Admissions Report concerning the Class of 2012 which had a 17% admit rate and a 63% yield. The average SAT score rose 12% to 2130. All 50 states are represented and 14% of the incoming class is international. President Gutmann thanked Mr. Kaplan for doing “a phenomenal job” as interim dean of admissions for the past year.
Numerous resolutions were presented by the Budget & Finance Committee: the FY 2009 operating budgets for the University and the UPHS, the 2009 capital budgets for both, as well as a revision to the spending rate for financial aid endowments, increasing it for six years to 6.5% to provide funding for the new loan-free packages and other need-based aid for undergraduates.
Resolutions were also passed to authorize:
• $50 million for construction of three clinical floors for UPHS below the Fisher Translational Research Center at West Tower;
• $25.7 million for the DRIA Franklin Field Weight Training and Fitness Center;
• an additional $2.42 million for the New Bolton Center Isolation and Colic Barn facility and chemical digester;
• $15.4 million in capital funding for the proposed Erdman Educational Center to be located at the new Penn Medicine at Valley Forge campus;
• $14.33 million for construction of the SAS Music Building renovation and addition for a total revised budget of $15.88 million;
• $4.5 million for Sheraton University City renovation—Phase II;
• $4.4 million for English House window wall replacement;
• an additional $520,000 to revise a lease for space to be occupied by the University Archives at 3401 Market Street, for a total budget of $3.79 million inclusive of $2.27 in upfront tenant improvement costs;
• $2.6 million for the Morris Arboretum Tree Adventure Exhibit;
• $1.5 million for the design and construction of the 3700 Woodland Walk connecting Spruce Street to University Avenue
The Facilities and Campus Planning Committee reported on the restoration and renovation to the historic Music Building as well as the plans for the North Arcade at Franklin Field to become a fitness center and a weight-training center for athletes.
A one-way loop on Civic Center Blvd., proposed by Penn, HUP and CHOP, has been approved by the Streets Department and the City Council. It will have three lanes for motor vehicles and will also include bike lanes and wider sidewalks for pedestrians. The new circulation pattern is intended to facilitate access to the Perelman Center that will soon be opening to patients.
There are many other construction projects underway this summer including the Mod Chiller VII expansion; the Radian, which is slated for fall occupancy and is fully committed; upgrades to the Harrison and Rodin College Houses; landscape upgrades; elevator improvements; the Phase 2 renovations at the School of Nursing, and demolition at the Cira South site. The steel for the Weave Bridge is in fabrication in Pittsburgh and installation is anticipated for early fall 2008.
As of July 1, trustee Lee Spelman Doty is the president of the Penn Alumni Board. The Class of 2008 set a record for participation, with 68% contributing.
Appointments to Boards of Overseers included: Kevin S. Penn to the School of Design Board; Jeffrey E. Schwartz to the Graduate School of Education’s Board; Andrew S. Rachleff (chair) and Mitchell I. Quain (chair-emeritus) to the SEAS Board; David Ackerman, Susanna E. Lachs, and Ivan Ross to the Center of Judaic Studies; David D. Aufhauser and Joseph B. Frumkinto to the Law School Board; Barbara Brizdle, Christine Hikawa, Roger Krause to the Board of the University Libraries with Thomas J. Cusack reappointed (chair) and reappoint Joseph F. Rascoff; Perry Golkin to the Penn Medicine Board and Penn Medicine Executive Committee; reappoint Andrea M. Baldeck and Carlos L. Nottebohm to the Museum’s Board; Rosemarie B. Greco (chair) and Dean C. Kehler (Vice Chair) of the School of Nursing Board; Vicki Panzier Gross to the Board of Social Policy & Practice; Mark G. Bulmash, Michael J. Glosserman, Mark H. Rosenberg, and Michael E. Tabb to the Advisory Board of the Penn Institute for Urban Research; and Richard Fitzpatrick to the Board of the Wistar Institute.