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Coverage of June Trustees’ Meetings
July 14, 2009, Volume 56, No. 01

At the annual Stated Meeting of the University Trustees in June, Chair James Riepe said he was pleased with the “prudent steps” Penn has been taking to navigate the economic downturn. The campus transformation is moving forward: the Trustees celebrated the groundbreaking for the George Weiss Pavilion at Franklin Field; the design for the Penn Park is completed and the Weave Bridge has been constructed (See "Weaving Connections: University City to Center City).

The Trustees passed a resolution to amend the Statutes Article 3.2(b) and Revised Standing Resolution on the Consultative Committee for the Election of the President. The composition of the Consultative Committee will now include one University staff member, along with at least four current trustees, four faculty members, one dean, one undergrad and one graduate student.

A Memorial Resolution for the late Leonore Annenberg extolled the virtues of the “dazzling benefactress,” who helped Penn make history “by advancing the ideals of education, social justice and the arts.” After the meeting, there was a memorial to celebrate her life with the West Philadelphia Children’s Choir performing and speeches by Mr. Riepe, President Amy Gutmann, Trustee Andrea Mitchell, former chair Alvin Shoemaker and Kathleen Hall Jamieson, director of the Annenberg Public Policy Center.

Mr. Riepe was reelected chair through November 6, 2009; David L. Cohen was elected to be chair from November 7, 2009 until June 30, 2010 (Almanac December 9, 2008). William Mack was reelected vice chair and George Weiss was elected vice chair; both through June 30, 2010.

President Gutmann presented three resolutions that were passed: to appoint Dr. Vincent Price as provost through June 30, 2016; to appoint Dr. Denis Kinane as dean of the School of Dental Medicine through June 30, 2016 and to reappoint Dr. Richard Gelles as dean of the School of Social Policy & Practice through June 30, 2014. Dr. Price said, “I am deeply honored and humbled to serve as Penn’s provost; Penn is at the pinnacle of education, research and scholarship.”

Dr. Price gave the Academic Report noting that Penn will once again welcome the strongest class ever in the fall; PhD stipends have been increased; 800 new grant proposals have been submitted and 32 Penn students are involved in international internship programs around the world. Arts and the City will be the theme for the coming year, including Homecoming, as an outgrowth of the Penn Reading Project.

Craig Carnaroli, EVP, presented the Financial Report for the ten months ended April 30, 2009. The Consolidated University continues to see the impact of the financial markets with total net assets down 14.3 percent since June 30, 2008. The Academic Component showed an increase in net assets from operations and cash flow from operating activities increased due primarily to $87.9 million of Stafford loans purchased in FY08 and sold in FY09. In the Health Systems, adjusted admissions increased 2.8 percent. Total operating revenue increased 4 percent from FY08.

Dr. Arthur Rubenstein’s Penn Medicine Report noted that they had just hosted an event in DC on healthcare reform and the Roberts Proton Therapy Center is expecting its first patient in November 2009. He thanked Sen. Arlen Specter for helping Penn Medicine get $10 million of the Stimulus funding.

Eric Furda’s Admissions Report cited the average SAT score of the incoming class: 2145.

The Trustees passed a resolution to repatriate eight clan objects and establish a partnership for additional objects between the Tlingit T’akdeintaan Clan of Huna, Alaska and the University of Pennsylvania Museum of Archeology and Anthropology.

The Budget & Finance Committee presented ten resolutions including one to authorize a revision to the Spending Rule for Endowments for FY2010; the FY2010 operating budget, and capital plan with an estimated $194.8 million in projects costs as well as the operating budget for UPHS and its capital budget of $33.2 million; the authorization of Penn Park construction, for a revised total budget of $46 million; and one to authorize Bon Appétit to serve as the University’s exclusive residential dining provider, as well as retail, kosher and related services for up to ten years.

Almanac - July 14, 2009, Volume 56, No. 01