|Trustees’ Meeting Coverage
March 2, 2010,
Volume 56, No. 24
At last week’s Trustees’ Stated Meeting, in the invocation, Chaplain Charles Howard said when it comes to service “Penn leads” and that “our students have become our teachers,” noting how they have raised money and awareness to help the victims of the Haitian earthquake.
This was the first board meeting presided over by the new chairman, David Cohen, who said it was an honor to read the memorial resolution for the late Christopher Browne.
Mr. James Riepe presented the resolution of appreciation for Paul Kelly, a trustee since 1997, who was designated as an emeritus trustee.
President Amy Gutmann presented the resolution to reappoint Michael X. Delli Carpini as dean of the Annenberg School of Communication.
Dr. Gutmann called for a moment of silence to remember the late former trustee Carl Kaysen, whom she described as “a truly fine Quaker, a beloved son of Philadelphia and a veritable polymath.”
The president said that there was a 17% overall increase in the undergraduate applications submitted for the class of 2014; with SEAS up 32% and Nursing up 31%. The charges for next year’s tuition, fee, room and board will go up 3.9% which she described as a “modest” increase. Meanwhile the financial aid budget will increase 11%. The Making History campaign has reached $2.66 billion or 76% of its $3 billion goal. This was accomplished thanks to several recent gifts including the $4.2 million for the Rare Book & Manuscript Library.
Provost Vincent Price suggested that the jump in undergraduate applications may be due to the “world-renowned faculty.” He mentioned that the Trustees Council of Penn Women will honor the first recipient of a new award for women faculty. He also mentioned the formation of the Penn Forum for Women Faculty, intended for building networks.
EVP Craig Carnaroli gave the financial report: the consolidated performance for the six months ended December 31, 2009 showed that the total net assets increased to $8.349 billion, an increase of $788.1 million or 10.4% due to favorable investments and operating performance. He noted that Standard & Poors had approved an AA- rating on Tuesday for UPHS.
Dr. Arthur Rubenstein explained that during the severe snowstorm that closed the University for two days, the “enormously dedicated staff at HUP” ensured that patients were cared for around the clock; some 300 staff slept overnight at the Perelman Center to be able to get back to the hospital. He also mentioned that three women and a child from Haiti were flown to HUP for medical care and are now recovering. Penn Medicine has contributed more than $700 million worth of services to the local community in the past year. Dr. Rubenstein said he is proud of how Penn Medicine is contributing to Penn and the world.
The Budget & Finance Committee presented 11 resolutions which all passed including the undergraduate tuition, fees and other charges for academic year 2010-2011. They also authorized a 10-year lease for Wharton, in San Francisco ($23,121,914); Sansom East and West renovations ($10 million); design of the Krishna P. Singh Center for Nanotechnology, an additional $8,175,000, (total project $11.6 million); New Bolton infrastructure improvements ($5.250 million); Steinberg Hall-Dietrich Hall Cafe and Reprographics renovation ($4.680 million); Locust Walk improvements ($3.5 million); Phase 3 renovations to Fagin Hall ($2.955 million); Evans Building renovations ($1.5 million); Blockley Hall elevator modernization ($1.470 million) and electrical and systems engineering lab in Moore ($1 million).