Trustees'
Meeting Coverage
At
the Stated Meeting
of the University
Trustees' on June
20, Chairman James
Riepe announced
that the Hon.
Marjorie Rendell
would be stepping
down from the
Board as of that
meeting, although
Pennsylvania's
First Lady would
continue to serve
as chair of the
Overseers of the
School of Nursing.
The
Trustees approved
the resolution
to amend Section
10.5 of the Statutes
of the Trustees
concerning the "Policy
for the Establishment,
Merger, and Closing
of Departments,
Divisions, and
Similar Entities
Within Schools" (Almanac April
30, 2002)
which was approved
by the President,
Provost and the
Faculty Senate
and requires trustee
authorization
as provided in
the Statutes.
President
Judith Rodin noted
that the first
Arts Day on May
8, conceived of
by Trustee Leonard
Lauder, was extremely
successful. She
also mentioned
the high quality
of the Class of
2007 and the Knowledge
Industry Partnership,
which was launched
recently to recruit
and retain students
to this area.
The
Trustees approved
the appointment
of three deans,
whose resolutions
were presented
by Dr. Rodin:
Dr. Richard Gelles
as dean of the
School of Social
Work; Dr. Marjorie
Jeffcoat as dean
of the School
of Dental Medicine;
and Dr. Michael
Delli Carpini
as dean of the
Annenberg School
for Communication.
President
Rodin also presented
resolutions to
appoint three
of Penn's vice
presidents as
Senior Vice Presidents;
all were approved
effective June
20, 2003--Omar
Blaik as Senior
Vice President
for Facilities
and Real Estate
Services; Craig
Carnaroli as Senior
Vice President
for Finance and
Treasurer; and
Wendy White as
Senior Vice President and
General Counsel
of Penn and UPHS.
Provost
Robert Barchi
spoke about the
substantial increase
in new faculty
at the Law School,
15 within the
last two years,
many of whom hold
secondary appointments
in other schools
at Penn adding
to the interdisciplinary
options. Dr. Barchi
also noted that
the GSE efforts
to improve literacy
in Philadelphia's
public schools
have succeeded;
the schools that
GSE was involved
with outperformed
all the other
schools in the
city for reading
and writing. He
also mentioned
KIDS, the country's
first database
of its kind, which
is a resource
created by the
Center for Educational
Leadership.
James
Riepe was reelected
as chair of the
Board of Trustees
for another one-year
term, effective
July 1, 2003-June
30, 2004. Jon
Huntsman, Sr.,
Natalie Koether,
and Michael Tarnopol
were reelected
as vice chairs
of the Trustees
for the same time
period.
The
following trustees
were elected to
serve on the Executive
Committee for
the coming year:
Madlyn Abramson,
Christopher Browne,
Gilbert Casellas,
John Clark, David
Cohen, Jon Huntsman,
James Riepe, Alvin
Shoemaker, Michael
Tarnopol, George
Weiss, and Paul
Williams. Mr.
Riepe expressed
thanks to Susan
Catherwood for "heroic
service" having
served on the
Executive Committee
for almost 20
years before the
Trustees established
a rotation policy.
The
following were
appointed to the
Investment Board
for a one-year
term: Christopher
Browne, Howard
Marks (chair),
Edward Mathias,
Paul Miller, Jr.,
David Silfen,
and Mark Wilnkelman.
The Investment
Board will soon
establish a rotation
policy as well.
Leonard
Shapiro, who has
just completed
a three-year term
as president of
the Alumni Society,
has been elected
a Term Trustee;
Andrew Heyer,
chair of the Overseers
of the School
of Social Work,
was also elected
a Term Trustee.
EVP
Clifford Stanley
presented the
University's Financial
Report for the
period ended April
30, 2003. He reported
that the total
net assets of
the Consolidated
University (academic
and health services)
decreased slightly
to $5.2 billion
with net assets
from operations
increasing $11.5
million compared
to an increase
of $13.6 million
for the prior
ten-month period.
Total operating
revenue increased
by 7.5% to $2.936
billion and total
expenses increased
by 7.7% to $2.925
billion. On the
Academic Component, total
net assets decreased
slightly, to $4.667
billion whereas
net assets from
operations increased
$5.7 million compared
to a $2.6 million
decrease for FY
02. Total revenue
and other support
increased 8.9%
due to increase
in sponsored program
activities, tuition
and fees and other
income. Contributions
increased by $42.5
million. The University's
total endowment
decreased slightly
from $2.841 billion
to $2.814 billion.
The Health Services Component
experienced a
$3.3 million increase
in total net assets
to $489 million.
At the four owned
hospitals, overall
utilization remained
strong with adult
inpatient admissions
increasing 3.4%.
Dr.
Arthur Rubenstein
gave the Penn
Medicine Report
in which he noted
two major endeavors
in cardiovascular
and cancer research.
There has been
a 10% increase
in applications
with 52% of the
entering class
consisting of
women. He said
20% of the class
is pursuing a
combined degree.
He also proudly announced
that a heart transplant
patient returned
to the hospital
to deliver a healthy
baby boy.
Dean
of Admissions
Lee Stetson's
Report noted a
record number
of applicants
for undergraduate
admission--18,829
of whom 2,440
were accepted
to Penn and an
all time high
yield of 64% of
them choosing
to attend Penn.
He said that with
10% of the incoming
class coming from
62 countries,
Penn has the highest
percentage of
international
students in the
Ivy League. Dean
Stetson noted
that the Class
of 2007 hails
from all 50 states,
51% of the Class
is female, 12%
alumni, 36% students
of color and the
average SAT score
is 1409.
Committee
Reports
Leonard
Shapiro reported
that Paul Williams
from Nuveen will
become the new
president of the
Alumni Society.
There was a record-breaking
attendance for
Alumni Weekend.
Dr.
Tom Ehrlich presented
two resolutions
on behalf of the
Academic Policy
Committee. The
Graduate School
of Fine Arts (GSFA)
received Trustee
approval to change
its name to the
School of Design,
to reflect the
fact that it is
not exclusively
a graduate school
nor is it only
teaching fine
arts. Dean Gary
Hack said that
this name change
has been debated
for some 40 years.
The School of
Arts and Sciences
received approval
to establish a
department of
criminology, becoming
the first Ivy
League institution
with such a department.
Paul
Kelly, chair of
Audit and Compliance
Committee, said
that Penn is establishing
a university-wide
system to comply
with HIPPA.
The
Budget and Finance
Committee presented
14 resolutions,
including the
FY'04 Operating
Budgets for Penn
and UPHS, and
the FY'04 Capital
Plan for the University,
which represents
estimated project
costs of $184
million; and the
FY'04 Capital
Budget for the
Health System
in the amount
of $79.9 million.
The
Trustees approved
a resolution to
authorize acquisition
of the Postal
Service complex
located in the
vicinity of 30th
and Market Streets.
The properties
comprise four
separate parcels:
the main building,
the annex, the
garage and a 14-acre
parcel of largely
vacant land. The
properties would
be acquired for
$50.6 million; closing
is expected in
2007 when the
new Postal Service
facility is completed.
Renovations
to the Old Vet
Quad and to the
SEAS Graduate
Research Wing
were also approved.
Another resolution
authorizes the
disposition and
redevelopment
of the two-story
former Eastern
Apparatus factory
property at 126
South 30th Street
as biomedical
research labs.
Leonard
Lauder gave the
External Affairs
Committee report
noting the award Ira
Harkavy and the
Center for Community
Partnerships received
recently from
the National Academy
of Sciences and
the William T. Grant
Foundation (see honors).
He also mentioned the
initiative to
promote Penn-branded
merchandise.
Bill
Mack announced,
on behalf of the
Facilities and
Campus Planning
Committee, that
the first floor
of the West Philadelphia
Trust Building,
recently known
as the Mellon
Bank building,
will become an
Ann Taylor Loft
in October. He
also said that
a Marathon Grill
will open in the
vacant space in The
Bridge in November.
Investment
Board chairman
Howard Marks noted
that the fiscal
year performance
turned positive,
in line with benchmarks
and that Penn
should be doing
well compared
to peers. He credited
Craig Carnaroli
with Penn
make money while
others' endowments
have shrunk. |