TRUSTEES September 14 Meeting

At last Thursday's meeting of the Executive Committee of the Trustees, James Riepe, Trustee Chair, declared that, "the oldest student union was being brought back to life."

Leslie Kruhy's appointment as Secretary of the University was approved by the Trustees. President Rodin described Ms. Kruhly as a "terrific addition to the University's senior administrative team." The Trustees also approved a resolution on University guaranteed student loans, continuing an existing program and increasing the level of loan guarantees to $175 million. EVP John Fry presented the University's financial report for the year ending June 30, 2000. The University's net assets were $4.4 billion, an increase of 1.5% or $63.6 million over the prior fiscal year. This is due to a net loss on investments of $115.8 million and non-operating contributions of $152.9 million. Robert Martin, UPHS Interim CEO, said the Health System cut its annual deficit to $30 million.

The Trustees also authorized the creation of P2B, a Delaware, Not-for-Profit Corporation, to enhance entrepreneurial opportunities in University City and the surrounding community by providing funding, entrepreneruial expertise and other resourcaes and assistance to new business ventures by the Penn community. The resolution authorized the appointment of the EVP as P2B's President and authorized the appointment of Penn's President as the founding Chairperson of the P2B Board.

Almanac, Vol. 47, No. 4, September 19, 2000

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