Trustees February Stated Meeting Coverage |
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March 3, 2015, Volume 61, No. 25 |
The University of Pennsylvania Trustees met at the Inn at Penn on February 26 and 27 for their winter meetings. They passed a resolution of appreciation for Howard S. Marks and designated him as an emeritus trustee.
President Amy Gutmann called Theodore Ruger, the new dean of Penn Law (Almanac February 24, 2015) an inclusive leader. President Gutmann noted that the new GSE dean, Pam Grossman, started in January. The Penn Wharton China Center will open with celebrations with a substantial Penn delegation there for what Provost Vincent Price called “a landmark event.”
President Gutmann also noted that student mental health is of paramount importance. She is grateful to the Task Force for their report (Almanac February 17, 2015) and looks forward to taking up their recommendations that have not yet been implemented.
President Gutmann said that Ambassador Samantha Power and the other six honorary degree recipients (Almanac February 17, 2015) represent the highest human achievement.
EVP Craig Carnaroli provided Penn’s financial report for the six months ended December 31, 2014. The Consolidated net assets were $13.1 billion, an increase of $812 million over the prior December, driven by strong investment performance and health system outperforming budget. Net operating income for the Consolidated University was $190 million, $60 million higher than the prior year.
Dr. Gail Morrison gave the Penn Medicine report and noted that the Henry Jordan Medical Education Building is open. She said that in FY 14 Penn Medicine contributed the equivalent of $771 million to the community and the economic impact was $4 billion.
The Trustees approved the revised Patent and Tangible Research Property Policies and Procedures that were published For Comment (Almanac January 20, 2015) and will become effective July 1, 2015.
The Budget and Finance Committee presented eight resolutions which were approved: to authorize tuition, fees and other student charges for academic year 2015-2016 (see story); to authorize the financing of certain capital projects for the University of Pennsylvania Health System; to approve the membership substitution transaction related to Lancaster General Health and its affiliates; to authorize design and construction of the Perelman Center for Political Science and Economics, $77.623 million; to authorize design and construction of Meyerson Hall HVAC upgrade, a Century Bond project, $13.6 million; to authorize and approve the expansion and development of an additional two floors of the Penn Medicine University City Ambulatory Care Building, total lease for additional floors, $12.754 million; to authorize Pennovation Works infrastructure and Pennovation Center construction documents and early equipment/drawings, $6.71 million; to amend a February 27, 2009 resolution on the authority to execute and perform research contracts and grants.
There were also various appointments to the boards of overseers and other boards.
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