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Coverage of June Trustees’ Meetings
July 17, 2007, Volume 54, No. 1

At the Annual Stated Meeting of the University Trustees on June 15, Chairman James Riepe noted the passing of President Emeritus Martin Meyerson who died on June 2 at the age of 84 (see obituary). Mr. Riepe’s report included a resolution to amend the statutes of the Trustees in an effort to allow greater flexibility in the election of Alumni Trustees regardless of geographic residence. He also presented three resolutions of appreciation for Trustees who stepped down from the Board: Wendy Evans Joseph, Carolyn Hoff Lynch and Arthur Makadon.  Mr. Riepe announced that President Amy Gutmann is “concluding her third successful year.”

President Gutmann referred to the late President Emeritus Meyerson as “a wise leader, a loyal friend and supporter” for whom a University-wide memorial would be held on October 5. Dr. Gutmann said that Penn is doing well on several fronts including several record-breaking Class gifts given during Alumni Weekend and 22,634 applicants for the Class of 2011, a ten percent increase over last year. Dr. Gutmann presented resolutions of appreciation for Wharton Dean Patrick Harker who has gone on to become president of the University of Delaware, and for Vice President and Treasurer Scott Douglass, who is also going to the University of Delaware (see "Departures"). The Trustees also passed a resolution to appoint Dr. Andrew Porter as dean of the Graduate School of Education (Almanac February 27, 2007) effective August 1.

Provost Ronald Daniels announced the new associate vice provost for research and director of technology transfer, Dr. Michael Cleare (see "Associate Vice Provost for Research and Executive Director of Technology Transfer: Michael Cleare"). He also said that a senior research investigator has been appointed in the newly created laminitis research initiative (see "Laminitis Senior Research Investigator at Penn Veterinary Medicine: Dr. Galantino-Homer").

In the Financial Report, EVP Craig Carnaroli said that Penn will end the fiscal year with a surplus. He presented the report for the ten months ending April 30, 2007, compared to the prior year. Total net assets increased $1.130 billion to $8.453 billion for the Consolidated University (Academic and Health System). The total endowment value as of April 30, 2007 is $6.355 billion, a $1.189 billion increase. He also noted that the Penn Club of New York completed its best year with more than 6000 members, a 20 percent increase.

In the Penn Medicine report, Dr. Arthur Rubenstein noted that patients are increasingly choosing Penn Medicine. He said that the emphasis on translational medicine is reflected in the new building for research that is scheduled to open in 2010 (see "Tower to Facilitate Translational Research")

In the Admissions Report, Dean Lee Stetson said that for the Class of 2011, the rate of acceptance dropped to 15.5 percent and the yield rose to 67 percent overall, with the Huntsman Program at a yield of 88 percent and M & T up to 71 percent. Students of Color comprise 37 percent of the Class of 2011; there are students from all 50 states and many countries. Women comprise 48 percent of the incoming class. The Common Application was added this year; Penn is transitioning to an online admission process.

The Trustees approved a resolution to establish, in the School of Medicine, a two-year degree program, the Master of Science in Health Policy Research; a collaborative effort with the Health Care Systems at Wharton and a joint venture with LDI and the RWJ Clinical Scholars Program.

Mr. John Clark, chair of the Budget and Finance Committee, said that they reviewed the ten-month financial results and Penn is in “excellent shape.” He presented resolutions in support of the growth of the University and the Health System, including one to authorize the Fiscal Year 2008 Operating Budget for the University, along with one for the University’s Fiscal Year 2008 Capital Plan, and resolutions for the Health System’s Budget and Capital Plan.

Resolutions were approved to authorize the design and construction of the School of Medicine’s research building at the Center for Advanced Medicine (CAM) West site, $313.4 million, and the Health System’s clinical portion of the building, $53.2 million  (see "Tower to Facilitate Translational Research").

A resolution was passed concerning the Postal Lands, which modifies the terms of the acquisition and authorizes a lease of office space at the Annex in connection with the transaction. The Postal Lands comprise four parcels: the Main Building at 30th and Market, the Annex at 30th and Chestnut, the Vehicle Maintenance Garage and Parking Facility at 31st and Chestnut and approximately 14-acres of largely vacant land south of Walnut Street.

The scope and budget was revised for the design and construction of the Annenberg Public Policy Center by an additional $5.5 million for a total budget of $34.5 million (see Closing 36th Street Walk During Construction).

The first phase of the $8 million capital renovations for the Sheraton University City Hotel was approved for $4.7 million.

The exchange of FCC license for WXPH-Harrisburg and related assets, for WZXM-Middletown and translator licenses and related assets, was authorized to extend the reach of WXPN-FM, Philadelphia to approximately one million potential listeners in central Pennsylvania.

Other resolutions authorized: the design and construction of Wharton’s Vance Hall Data Center, to relocate and expand it, $2.7 million; the design and construction of the School of Medicine’s Stemmler Hall 5th floor rheumatology renovation, $1.58 million; the update of schematic design for the new SAS neural and behavioral sciences building, $1.5 million; the design and construction of the Wharton Vance Hall program space renovations for the Executive Education program, $1.42 million; the design and construction of the Business Services Garage #30 at 38th and Walnut, $1.28 million; capital funding in conjunction with proposed use of Henry P. Erdman Trust Funds for the Henry P. Erdman Educational Center of the University of Pennsylvania to be built in Tredyffrin Township, $20 million; the purchase of real estate at 4109 Walnut Street for use by HUP’s Penn Transplant Institute as non-hospital housing for pre- and post-transplant  stays for patients and their families, recently named in honor of Dr. Clyde Barker, a preeminent transplant surgeon, and former chair of the department of surgery,  $1.4 million. The last two resolutions are to declare the University’s intent as well as the Health System’s to reimburse capital costs with proceeds of borrowing. 

James S. Riepe, who has led the Trustees since 1999, was reelected as chair of the Board for another one-year term. Jon M. Huntsman and William L. Mack were reelected as vice chair of the Board. J. Peter Skirkanich and Mark O. Winkelman were reelected for a second term as Term Trustees. Paul K. Kelly was elected a Charter Trustee, having completed three terms.

Appointments to Boards included: David Katz was appointed and Michael Kuritzkes was reappointed as chair of Overseers of the Annenberg Center; Cathy Cohen Lasry and Richard Lee appointed and Christopher Browne reappointed as chair of SAS Board; Charles Leitner III to Athletics Board; David Pakman to SEAS Board; Katherine Sachs reappointed as chair of ICA Board; Paul Haaga, Jr. as chair of the Law School Board; James Hoesley and Charles MacDonald to the Libraries Board; Patricia Jenkins was appointed and Christine Connelly reappointed to the Vet Med Board; Judith Bollinger and Matthew Greene to the Wharton Board.

Almanac - July 17, 2007, Volume 54, No. 1