Trustees' September Meeting Coverage |
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September 23, 2014, Volume 61, No. 06 |
When the University of Pennsylvania Board of Trustees met last week, Chair David L. Cohen reflected on the beginning of the new academic year. President Amy Gutmann noted that this year’s Convocation that welcomed the Class of 2018 was held outside for the first time in four years (Almanac September 2, 2014). Dr. Gutmann also noted the arrival to the Penn community of new deans: for Nursing, Antonia Villarruel (Almanac March 4, 2014), Social Policy & Practice John Jackson (Almanac March 25, 2014), Wharton Geoffrey Garrett (Almanac March 18, 2014) as well as an interim at Penn Law Wendell Pritchett (Almanac April 15, 2014) and the new Director of Recreation and Intercollegiate Athletics M. Grace Calhoun (Almanac April 1, 2014).
Dr. Gutmann mentioned the recent kick-off event on College Green for the 250th anniversary of the Perelman School of Medicine (Almanac September 16, 2014). She said their celebration will culminate with a black-tie gala in May.
Provost Vincent Price reported that the Center for the Analysis of Archeological Materials will open at the end of September. The new Center at the Penn Museum is a collaboration between the Museum and the Provost’s Office as well as the School of Arts & Sciences. Provost Price mentioned that the Office of the Chaplain has moved to the second floor of Houston Hall and the Family Center has moved to the ground floor of the Graduate Student Center.
EVP Craig Carnaroli gave the financial report for the Fiscal Year 2014 and a ten-year summary. The Associated Investments Fund (“AIF”) return was 17.5 percent bringing Penn’s endowment to $9.6 billion up from $4 billion ten years ago. In the past decade, the total net assets for the consolidated University have gone from $5.9 billion to $13 billion; academic revenue from tuition and fees has increased from $1.8 billion to $2.7 billion however the financial aid budget has grown from $134 million to $295 million. The president noted that the endowment covers about 11 percent of the operating expenses and that Penn’s ‘all-grant, no-loan’ financial aid would not have been possible without the endowment which has also funded endowed faculty positions.
In the Penn Medicine report, Dean Larry Jameson mentioned the recent opening of the Penn Medicine University City (Almanac September 16, 2014) on Market Street and Dr. Jameson said he is looking forward to the Penn Center for Innovation which will open soon at the South Bank (Almanac July 15, 2014).
The Trustees approved two resolutions for the Perelman School of Medicine to renovate spaces. The first is for renovations to support the relocation of several entities and researchers to the Richards Building C&D Tower, basement through fourth floor and seventh floor and the Goddard Building’s sixth floor, $16.5 million. The second is for renovations of Stemmler Hall’s second floor for the renal division of the department of medicine and the pulmonary division, $12 million.
Jon M. Burnham was appointed to the Penn Medicine Board for a three-year term.
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