Trustees’ Meeting Coverage |
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November 4, 2014, Volume 61, No. 12 |
As Chair of the Penn Trustees David L. Cohen opened the Stated Meeting last Friday morning, he noted what a special time this is for the University with the Homecoming Weekend that was underway as well as the Celebration of Innovation Friday afternoon.
Penn President Amy Gutmann described the event that included a festive ceremonial groundbreaking—with flying robots or quadrotors—for a new Pennovation Center which will be the centerpiece of the newly dubbed ‘Pennovation Works.’ Dr. Gutmann noted that the Silfen Forum that was held on Friday afternoon would be a conversation with Walter Isaacson, CEO of the Aspen Institute, best-selling biographer of Benjamin Franklin and author of a new book on innovation.
The Trustees approved a resolution of appreciation for Marie A. Savard after ten years of service as a trustee; as well as resolutions to elect the following as term trustees: James H. Greene, Andrea Berry Laporte and Simon D. Palley; and Jay S. Fishman and Robert M. Levy as charter trustees.
A resolution of appreciation was approved for outgoing GSE Dean Andrew C. Porter who has led the graduate school for seven years and will continue to do so through the fall semester until Pam Grossman assumes the deanship. The Trustees approved her appointment effective January 1, 2015.
Provost Vincent Price said that he will soon be appointing a consultative committee to search for a new Vice Provost of Education since Andy Binns will complete his nine-year term at the end of this year. The provost also mentioned that there will be an event on November 17 to mark the expansion of the Penn Center for Innovation.
EVP Craig Carnaroli gave the financial report for the three months ending September 30. He reported that for the Consolidated University, the total net assets were $12.9 billion, an increase of $1.1 billion over last year and $371 million above budget. Net operating income was $39 million, $11 million higher than last September and $19 million above budgeted net income. For the Health System, the operating income totaled $81 million; operating revenue increased by $122 million and expenses increased by $120 million—both reflecting the addition of Chester County Hospital and Health System.
Dr. Larry Jameson’s Penn Medicine report highlighted the fact that their NIH funding has increased somewhat in spite of such funding holding steady in general; the Health System is doing well financially and HUP is prepared to be a regional center, if needed, to deal with Ebola, responding to a request from the CDC.
The Trustees authorized the establishment of a Regulation Education Program which would offer two masters degrees in the Perelman School of Medicine, a master of regulatory affairs (MRA) and a master of regulatory science (MRS).
The Hill College House renovation full design ($6 million) was approved to renovate the 1960 building, an $80 million project.
An ambulatory care facility in Cherry Hill, NJ, will be developed, with an initial term of 20 years; total lease obligation ($64 million).
The Facilities and Campus Planning committee reported on the new Perelman Center for Political Science and Economics which will be at 36th and Walnut and the new Penn Wharton China Center which will have a launch event in Beijing in March 2015.
Eight resolutions were passed concerning appointments to Penn Medicine, overseer and other boards. |