|Trustees' May Coverage
May 21, 2013,
Volume 59, No. 33
On May 9, the Budget & Finance Committee as well as the Executive Committee of the Trustees met in Houston Hall.
President Amy Gutmann said that the biggest compliment that she got from a student about the Time to Shine party on Penn Park was that it was “better than Spring Fling!” She added that there will be a Time to Shine international tour building on the momentum of the Making History campaign, with a focus on new strategic priorities.
Provost Vincent Price said that at the Coursera Conference Penn had hosted there were more than 400 attendees from 98 institutions, including 20 international universities. There are more than one million enrollees in Penn’s Coursera courses.
EVP Craig Carnaroli’s financial report for the nine months that ended March 31, 2013 showed that for the Consolidated University, total net assets were up $599 million over last year, driven largely by strong investment and operating performance. Net operating income was $27 million higher than last year, and $109 million above budgeted net income. For the Academic Component, total contributions—pledges and new gifts—totaled $332 million, an increase of $73 million over the prior year, reflecting a successful culmination of the Making History campaign. The Health System’s operating margin totaled $124 million, $34 million below the prior year and $11 million below budget. Operating revenue increased by $89 million. Expenses increased by $123 million (5.1%). Capital expenditures increased (75.5%) to $149 million.
Dr. Larry Jameson noted that Penn Medicine’s incoming class includes about one third of students who are the first college graduates in their families. There were 160 new physicians who graduated from the Perelman School of Medicine last week.
There were six resolutions approved by the Trustees: to authorize the monetization of the University’s royalty interest in Juxtapid (lomitapide); to renew the guarantee of a $1.4 million loan to the Caring Center by Citizens Bank; to authorize Steinberg Hall-Deitrich Hall air handling unit 3, 4, 5 renewal phase 1 ($5 million); to authorize John Morgan Building switchgear upgrade ($6.3 million); to authorize $63.5 million for development and construction of a medical education center and faculty offices at the Perelman Center for Advanced Medicine South Pavilion; and to approve the transaction related to the Chester County Hospital and Health System and its affiliates.
Related: Trustees' June Meetings