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Trustees' May Meetings

May 24, 2011, Volume 57, No. 34

The Board of Trustees of the University of Pennsylvania met on May 12, the day after the news broke about the $225 million gift from Raymond and Ruth Perelman. News that Trustee Chair David Cohen called “the best news this University has received in many years.” He spoke of the Perelmans “incredible generosity” in making such a “transformative gift” to Penn for the School of Medicine which will be renamed the Raymond and Ruth Perelman School of Medicine at the University of Pennsylvania.

President Amy Gutmann echoed that sentiment and said that it was an “inspiring moment” for which she is grateful to the Perelmans. Dr. Gutmann said that the Perelmans have enabled Penn Medicine to go “from eminence to preeminence.” The Vice President of the United States, Joseph Biden, called her to congratulate Penn.

Dr. Arthur Rubenstein said that “no superlatives are sufficient to describe the gift” from Raymond and Ruth Perelman. The dean said that the School of Medicine is “enormously grateful.”

The Trustees passed a resolution to return the supervisory responsibility for and control of WXPN (FM), and its related stations, to the Board of Trustees, rather than their Committee on External Affairs, which has been consolidated with the Committee on Neighborhood Initiatives.

President Gutmann described Penn’s Class of 2015 as diverse, with students from all 50 states and 82 countries; 51% male and 49% female. Penn accepted 12.3% of the applicants who numbered more than 31,000 students. She also noted that Penn Park will be completed before the Class of 2015 arrives on campus.

The Trustees passed seven resolutions submitted by the Budget & Finance Committee to authorize: the execution of the renewal line of credit in the amount of $100,000,000; the design and construction of Locust Walk, 3600 block and from the 38th Street Bridge to the plaza at 40th Street for paving improvements and landscape updates, for an additional $1,354,000 (click here); the Chemistry 1958 Building exhaust fan replacement for an additional $950,000; Sansom Street aerial line relocation underground between 34th and 36th streets, new lighting and sidewalks in the amount of $2,223,000; Stemmler Hall first floor classroom renovations in the amount of $1,784,000; lease renewal and expansion on the 8th floor at 3600 Market Street for SAS Linguistic Data Consortium, for a total of $1,192,000; the closing of the Dental School Loan Fund and utilize the funds to support student aid in the School of Dental Medicine, in the amount of $124,117.

Related: Trustees' June Meetings

Almanac - May 24, 2011, Volume 57, No. 34