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Trustees’ February Meeting Coverage
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March 3, 2009, Volume 55, No. 24

At Friday’s Stated Meeting of the University of Pennsylvania Board of Trustees, Chairman James Riepe thanked Provost Ron Daniels for being such an “energetic advocate” as he prepares to head south to lead Johns Hopkins University. Mr. Riepe thanked the Silfens for making the recent Silfen Forum possible; and he noted that Trustee Katherine Sachs is the associate curator of the Cézanne and Beyond exhibit now at the PMA. A resolution was passed to amend the Bylaws of Penn Medicine.

Investment Board chair Howard Marks said that although Penn’s endowment declined 19% in the first six months of FY09, the AIF did better than the composite index. Penn’s total endowment value as of December 31, 2008 was over $5.1 billion.

President Amy Gutmann asked for a moment of silence to honor the memory of Dr. John P. Pryor who died in Iraq on Christmas day, serving as a combat surgeon, noting that the Penn physician made the “ultimate sacrifice in service to our country.” Dr. Gutmann announced that Dr. Denis Kinane becomes the new dean of Penn’s School of Dental Medicine on July 1. President Gutmann announced that Penn’s total undergraduate charges for next year would be increased by 3.85%, the lowest percentage in decades. She said that Penn is also doing all it can to help graduating students prepare for careers that involve flexibility, creativity and the pursuit of less traditional interests. The Making History Campaign has received several major new gifts bringing the amount raised to $2.3 billion.

The President presented a resolution of appreciation for Provost Ronald J. Daniels, who “expanded Penn’s major global initiatives” by expanding interdisciplinary programs in Botswana and developing partnerships in China, as well as convening a national symposia on Hurricane Katrina, enhancing family-friendly policies, and increasing graduate stipends. She conferred on him the title, “Honorary Pennsylvanian.”

Dr. Gutmann also presented a resolution to reappoint Dr. Afaf Meleis as dean of the School of Nursing, through June 30, 2014, describing her as a “dynamic, dedicated and deft dean” who has raised the profile of the profession of nursing while a “Penn citizen and a citizen of the world.”

In the Academic Report, Provost Daniels cited the recent grant to CASI and the international internships opportunities for the coming summer. The Law School has raised $128 million toward its goal of $175 million.

In the financial report, EVP Craig Carnaroli said that for the Consolidated University for the first six months ending December 31, total net assets are $7.6 billion, a decrease of $1.2 billion since June 30, 2008. The Academic Component has “similar themes” with a $1 billion decrease in total net assets as a result of unrealized net losses on investments. There was an increase in total operating revenue over FY 2008, with a 5.8% increase in net tuition and fees, and a 4.5% increase in sponsored program income, including indirect cost recovery. In the Health System, the year-over-year adjusted admissions increased 3.6%.

In the Penn Medicine report, Dr. Arthur Rubenstein said that if Penn could garner a share of the Stimulus Funds, it could be an extraordinary opportunity for faculty to be well-funded for new research ideas.

The Trustees passed numerous resolutions presented by the Budget & Finance Committee.

•The Cyclotron laboratory expansion ($8,150,000)

• Design and construction of Phase III campus electrical infrastructure upgrades ($2,821,000)

• Krishna P. Singh Center for Nanotechnology schematic design ($2,175,000)

• Clinical Research Building Vivarium barrier expansion ($2,000,000)

• Purchase digital control system touch panels and lecterns for Huntsman Hall ($2,000,000)

• Early construction package for site clearing, demolition and rough grading for Penn Park ($1,800,000) total revised budget ($5,838,000)

• Design and construction for Class of 1962 Walkway ($1,700,000)

• David Rittenhouse Labs A1, A2 and A4 classroom renovation and technology upgrade ($1,670,000)

• Design of the supervisory control and data acquisition system replacement phase I ($1,150,000)

• Moore School Building 212/216 classroom renovations and technology upgrade with 2nd floor corridor renovations  ($1,069,000)

• Amending May 1, 1998 resolution on the authority to execute and perform research contracts and grants

• Incurrence of indebtedness to refinance certain existing indebtedness and to finance certain project costs

• Participation in risk-share loan program for international graduate students in Wharton MBA

Overseers were appointed to Boards:

Andrew Brownstein, Annenberg Center
James C. Johnson, SAS
Linda Gilliam, vice chair, Dental Medicine
Mason D. Haupt, Lisa Sardegna, Barbara van Beuren, School of Design
Ruth Moorman, Edward Yorke, GSE
Stephanie W. Naidoff, Penn Medicine
Reappoint members of Penn Medicine Board
Jungwon Chai, SP2
Mohammed Alshaya, Wharton
Appoint the Slate of the Wistar Board

 Related: Lowest Tuition Increase in Years

Almanac - March 3, 2009, Volume 55, No. 24