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Coverage of June Trustees’ Annual Meeting
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July 13, 2010, Volume 57, No. 01

At the June 18 stated meeting of the University of Pennsylvania Board of Trustees, Chairman David Cohen presented two resolutions of appreciation, one for James D. Dunning, Jr. and the other for Laurie J. Landeau.

President Amy Gutmann announced that Penn has made “excellent progress” in the area of cost-savings initiatives with nearly $68 million of savings—reached ahead of schedule, toward the goal of $100 million by June 2011. She thanked members of the Penn community who rallied to accomplish this.

Provost Vincent Price mentioned that dozens of faculty and students are involved in research funded by the Undergraduate Research Mentoring Program, while other students are studying in China and Ghana thanks to their Hewlett Awards.

EVP Craig Carnaroli’s financial report indicated that Penn will finish the fiscal year in a favorable basis due to the stimulus money, as well as the cost containment initiatives that began in December 2008 “as a defense against a volatile economy.” He said that the recent one-hour “Power Down Challenge” exceeded expectations and created substantial cost savings, a portion of which will be invested into Penn’s Green Fund for innovative sustainability ideas.

Dr. Arthur Rubenstein gave the Penn Medicine report for the 17,000 faculty and staff who make up Penn Medicine. He said that the incoming class is evenly divided between males and females, with 41% of the class comprised of underrepresented minorities.

Dean of Undergraduate Admissions Eric Furda reported that the Class of 2014 is once again the “strongest and most diverse class” with 375 students from the Commonwealth of Pennsylvania and some 83 countries represented. The admit rate was 14.3% and the 63% yield is on target.

The Academic Policy Committee presented three resolutions: to establish a principal lecturer track within the academic support staff of SEAS; to change the name of the department of medical ethics in the School of Medicine to the department of medical ethics and health policy; and to adopt the revised Patent and Tangible Research Property Policies and Procedures effective July 1 (a supplement to this issue).

The Budget & Finance Committee  presented 14 resolutions: to authorize a revision to the spending rule for endowments for fiscal year 2011; to authorize the 2011 operating budget and capital plan for both the University and the Health System; to authorize the construction and  fit out of shelled research and vivarium floors at the Translational Research Center ($61.2 million); to authorize the Hilton Inn at Penn guest room renovations ($10.9 million); to authorize the design and construction of Phase I of the Rare Book and Manuscript Library ($6.54 million); to authorize the design and construction of the Penn Museum west wing renovations and climate control  Phase 1 ($5.333 million); to authorize the Stemmler second floor and basement renovations for human fresh tissue lab ($2.330 million); to authorize the CRB Dayton General Systems Controls replacement ($1.7 million); and to authorize electricity purchase agreements.

The Development Committee announced a new campaign video and new co-chairs to join chair George Weiss for the Making History: Campaign for Penn, which thus far has raised $2.77 billion of the $3.5 billion goal.

David L. Cohen was reelected Trustees’ chair; David M. Silfen was elected and George A. Weiss was reelected as vice chairs of the board of Trustees for another year.

A resolution of appreciation was passed for William Mack and he was designated emeritus trustee.

Carol Ware Gates, Janet Haas, and Krishna P. Singh were elected term trustees; Howard S. Marks was elected a charter trustee; Richard C. Perry and Andrew S. Rachleff were reelected term trustees.

Many appointments to Penn Medicine Board, overseers and other boards were also made.

 

 

Almanac - July 13, 2010, Volume 57, No. 01