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Trustees September Meeting Coverage

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September 28, 2010, Volume 57, No. 05

At their September meeting, the Executive Committee of the University’s Trustees approved the acquisition of a 23-acre vacant property known as the DuPont Marshall Research Labs at 3401 Grays Ferry Avenue. The $13 million expenditure will provide space for “various University uses and for future redevelopment.” One planned use is for Parking and Transportation’s vehicle storage and operations that are currently on the lot that will become the new Singh Nanotechnology building. There is a six-acre parking area that will provide ample space for Penn’s buses, vans and the LIFE vans.

President Amy Gutmann described the addition to Penn’s holdings as the “perfect opportunity” enabling the University to have more academic space on the existing campus. The property contains buildings containing 250,000 square-feet of space comprising labs, offices, warehouses, and industrial research and development space for ancillary uses.  There are also some 2.5 acres of green space along the 34th street boundary.
Dr. Gutmann reported that the Making History campaign has allowed for more than 80 endowed faculty positions including several PIK professors. She said that at the Trustees’ next meeting, there will be a celebration of the George Weiss Pavilion and the Fox Fitness Center. The Law School’s Golkin Hall is under construction as is the Translational Research Center.

Provost Vincent Price said that the Penn Reading Project was a springboard for this year’s Theme Year, the Year of Water (YoW). Next year’s theme will be announced soon to allow for collaboration across departments/schools.

EVP Craig Carnaroli’s Financial Report indicated that the year-end results for FY 2010 showed an increase in total net assets for the consolidated University budget. The total endowment value (as of June 30, 2010) increased by 9.6%, from $5.171 billion as of June 30, 2009 to $5.669 billion. Total revenue in the academic component was 3.4% better than budget, driven by strong performance in sponsored research.

Dr. Arthur Rubenstein’s Penn Medicine Report noted that the NIH funding has increased by 2% which has put Penn Medicine in the #2 slot in the US. This is in addition to the $163 million in stimulus grants. He said that they will be working hard to make a seamless transition with Dr. Larry Jameson.

Almanac - September 28, 2010, Volume 57, No. 05