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Trustees September Coverage

September 20, 2011, Volume 58, No. 03

The University of Pennsylvania Board of Trustees’ Audit & Compliance Committee, Budget & Finance Committee and Executive Committee met last Thursday, prior to the grand opening of Penn Park.

At the Stated Meeting of the Executive Committee a resolution was passed to establish a University of Pennsylvania dual qualified entity in Hong Kong to allow donors who pay taxes to both the US and Hong Kong to take deductions from both. The dual qualified entity will be formed as a corporate non-profit organization, with the Trustees as the sole shareholder.

They also passed a resolution to amend the Bylaws of Penn Medicine to include emeriti members: term or charter members who have previously served.

President Amy Gutmann noted that Penn welcomed the Class of 2015 on September 6; they represent all the states but North Dakota as well as 66 countries. She also spoke about Penn Park which she described as “strikingly beautiful” and sustainable. She noted that the underground irrigation systems withstood the onslaught of rain during Hurricane Irene and afterwards. Dr. Gutmann mentioned the appointment of Dr. Ezekiel Emanuel (Almanac September 6, 2011) as the 13th PIK Professor and the appointment of Stephen MacCarthy as the new Vice President for University Communications (Almanac September 6, 2011). President Gutmann also welcomed Dr. J. Larry Jameson, who officially became the new dean of the Perelman School of Medicine and the EVP of the Health System on July 1 (Almanac September 14, 2010).

Dr. Gutmann noted the steady progress in the Making History Campaign; Penn has already reached $3.48 billion or 99 percent of the $3.5 billion goal with a year to go before the campaign ends.

Provost Vincent Price mentioned Penn’s global engagement: the fund and the appointment of Dr. Emanuel as the Vice Provost for Global Initiatives.

EVP Craig Carnaroli said that Penn has had a very successful year: net assets grew, and philanthropic gifts were up; UPHS also had a strong operating margin.

Dr. Jameson gave his first Penn Medicine Report noting the health system is strong financially. He said he intends to build on the optimism at the school which is well positioned to adapt and collaborate with other schools at Penn.

Budget & Finance presented three resolutions: one to authorize design and construction of campus backfill spaces vacated by researchers moving to the Translational Research Center ($10.1 million); another to authorize Biomedical Research Building II and Stemmler Hall vivaria renovations for nonhuman primates ($8.9 million) and one to authorize revised scope and budget for Ryan Animal Hospital air handlers replacement units 3 and 4 for an additional $1.2 million for a revised total ($5.2 million).

Almanac - September 20, 2011, Volume 58, No. 03