Trustee's March Meetings

Budget and Finance

At the Trustees' Budget and Finance Committee meeting last Thursday, Michael Masch, executive director of Budget and Management Analysis, made a budget presentation which illustrated the revenue sources for the FY 2000 operating budget. Sixty percent comes from the student charges while forty percent is derived from non-student charges as shown below. As compared to peer institutions, Penn's undergraduate tuition charges for the coming academic year are in the lower middle range for next year (see table below).

Mr. Masch also explained that Penn's student health service will have a change in funding for FY 2001; no general fee money will go toward the student health service basic clinical services. It was changed to managed care last year; the clinical health fee is $144 per year while the average charge among peer institutions is $275 per year.

Executive Committee

The Trustees Executive Committee approved the resolution on the appointment of Michael Fitts as dean of the Law School (Almanac March 7). President Rodin praised Dean Fitts' interdisciplinary approach as a hallmark of the school.

The president also noted Dr. Peter Traber's appointment as CEO of the UPHS (Almanac March 21) and said he has shown "extraordinary leadership."

The Trustees approved five resolutions including the resolution on tuition, fees and other charges for 2000-2001 (see cover story).

The trustees also approved a "midcourse restructuring" of the Trammel Crow agreement bringing back to the University residential operational maintenance under Omar Blaik, vice president, Facilities Services (Almanac March 7). This is expected to result in a savings of approximately $1.5 million.

They also approved the renovation of the Palestra Concourse at a cost of $1.8 million to be funded entirely through gifts. The project will provide new floor finishes, wall and ceiling painting, and lighting upgrades as well as exhibits including restoration of existing casework and installation of new casework to provide a Palesta Hall of Fame.

The relocation of the Penn Children's Center, a $2 million project funded by an Internal Capital Project Loan to be repaid by Business Services in five years (see story here) was also approved.

The last resolution authorizes the University to borrow money and/or to guarantee loans of up to $5 million per transaction with a limit of $15 million aggregate outstanding principal balance as long as they are secured only by a mortgage on real property and are not general recourse obligation of the University.

FY 2000 General Operating Budget Revenue Sources

(Excluding Health Services and Designated Funds)

Academic Year 2000-2001 Tuition, Fee, Room and Board Increases

1999-2000 2000-2001 Increase %Change
Total Charges 31,902 32,996 1,094 3.4%
  • Tuition & Fees
24,230 25,170 940 3.9%
  • Room & Board
7,672 7,826 154 2.0%

Academic Year 2000-2001 Peer Institution Undergraduate Charges Comparison

1999-2000 Total 2000-2001 Total % Change vs. 1999-2000 2000-2001 Tuition/Fees 2000-2001 Room/Board
Brown $32,280 $33,530 3.9% $26,184 $7,346
MIT 31,900 33,225 4.2% 26,050 7,175
Dartmouth 31,983 33,210 3.8% 25,653 7,557
Cornell (End.) 31,675 33,131 4.6% 24,852 8,279
Harvard 32,164 33,110 2.9% 25,128 7,982
Duke 31,792 33,017 3.9% 25,630 7,387
PENN 31,902 32,996 3.4% 25,170 7,826
Yale 31,940 32,880 2.9% 25,220 7,660
Princeton 31,644 32,681 3.3% 25,475 7,206
Stanford 31,110 32,471 4.4% 24,441 8,030
Chicago 32,069 not yet announced
Columbia 32,706 not yet announced

Almanac, Vol. 46, No. 26, March 28, 2000

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