Trustee Coverage

At the Executive Committee of the Trustees’ stated meeting last Thursday, Chairman James Riepe congratulated Penn for its upward movement in the U.S. News rankings (Almanac September 17).

President Judith Rodin noted that there has been a flourish of activity since the New Student Convocation occurred in early September. She cited the Annenberg Foundation’s "exceptional support", the appointment of Clifford Stanley as EVP, the Penn-assisted school which has a long name that the children have taken to calling the ‘Sadie School’, the support that Penn will provide to three additional public schools in West Philadelphia, the opening of a used bookstore and a soon-to-open art gallery, studio and a yoga center which add to the "bustling" FreshGrocer. Pottruck Fitness Center opened ahead of schedule she said, the LGBT Center opened in its new facility, Huntsman Hall will be officially dedicated later this month as Vice President Dick Cheney comes to campus, and The Bridge Cinema is due to open in November.

Provost Robert Barchi cited the latest coup for Penn in the U.S. News rankings for community service in which Penn came in at the top of the list. He noted that the first cohort in GSE’s new mid-career doctoral program matriculated this summer. Dr. Barchi said that the College Houses are at full capacity, the Quad renovations are complete and the work in the High Rises will continue next summer.

In the financial report, Craig Carnaroli reported that FY 2002 was essentially positive, with Penn’s AIF significantly outperforming benchmarks. Overall, total net assets increased $91.2 million over the fiscal year and net assets from operations totaled $17 million compared to a $42.3 million increase in FY 2001. Total expenses increased 9 percent over FY 2001 to a total of $1.597 billion.

Dr. Arthur Rubenstein gave the Penn Medicine report in which he discussed the diversity of the 148 new students, of which 16.8% are from under-represented minorities, 51% are women–for the first time women are a majority of the new class, 11% are pursing combined degrees. He admitted that the faculty is less diverse than the student body and that is being addressed in the School’s strategic plan.

In the Investment Board report, Mr. Carnaroli noted that the first two months of the new fiscal year were "less than a robust start." The AIF yielded a 0.1% return, so while Penn didn’t make money, it didn’t lose money as compared to the composite benchmark of negative 6.7 percent. Compared to our peers, the mean return was negative 3.7 percent.

Madlyn K. Abramson was appointed to the Penn Med Executive Committee and Jerome H. Grossman, Jeffrey Leiden, and Rosemary Mazanet were appointed to the Penn Med Board. Eve Lloyd Thompson was appointed to the Board of Overseers of the School of Veterinary Medicine. Lawrence J. Schoenberg was reappointed chair of the Board of Overseers of the University Libraries. Richard A. Collier was reappointed chair of the Board of Overseers of the School of Dental Medicine, John C. Hover II was reappointed chair of the Museum’s Board, the Hon. Marjorie O. Rendell was reappointed chair of the Nursing School’s Board and Jon M. Huntsman, Sr. was reappointed chair of the Wharton Board.