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Coverage of June Trustees' Annual Meetings

July 12, 2011, Volume 58, No. 01

At the University of Pennsylvania Board of Trustees Annual Stated Meeting on June 17, David L. Cohen was reelected chair and David M. Silfen and George Weiss were both reelected as vice chairs for another year.

The following were elected members of the executive committee: David L. Cohen, Lee Spelman Doty, Amy Gutmann (ex officio), Andrew R. Heyer, Michael J. Kowalski, Robert M. Levy, Deborah Marrow, Andrea Mitchell, Egbert L.J. Perry, James S. Riepe, David M. Silfen, George Weiss and Mark O. Winkelman.

The following were elected members of the Investment Board for a one-year term: David L. Cohen (ex officio), Judith Bollinger, Perry Golkin, Joel Greenblatt, Amy Gutmann (ex officio), Robert S. Kapito, Robert M. Levy (chair), Andrew S. Rachleff and James S. Riepe.

Raymond K.F. Ch’ien was reelected to a five-year term as Term Trustee.

A Resolution of Appreciation for Arthur Rubenstein was passed to acknowledge Dr. Rubenstein’s “inclusive and inspired leadership of Penn Medicine from 2001 to 2011.”

Joan Hendricks was reappointed as the dean of the School of Veterinary Medicine for a second term, through June 2018.

The Statutes of the University, as well as the Bylaws of Penn Medicine, were amended to reflect the recently changed name of the School of Medicine to the Raymond and Ruth Perelman School of Medicine at the University of Pennsylvania.

Three policies entitled Joint Venture Policy, Whistleblower Policy and Document Retention and Destruction Policy were adopted as official policies of Penn.

Leslie Kruhly, who has served as the Secretary of the University since 2000, was appointed Vice President and Secretary.

President Amy Gutmann noted that this year marks the fifth anniversary of Penn Connects, the campus plan, which will soon see the most transformative of the numerous projects come to fruition when Penn Park opens soon with more than 500 newly planted trees. She also mentioned that Penn has achieved 96% of the $3.5 billion goal of the Making History Campaign with 18 months to go before the close in December 2012. President Gutmann announced the ten-year renewal agreement to continue collaboration with the Penn Alexander School that she called a “model of local engagement.”

EVP Craig Carnaroli reported that he was anticipating very strong operating performance at the end of the fiscal year, since sponsored research was bolstered by the stimulus money, the Campaign has benefited from major gifts, such as the Perelman’s gift to Medicine; the endowment has a strong balance sheet with the AIF up 15% and the Health System has a very positive performance.

Dr. Rubenstein gave his last Penn Medicine Report as dean and EVP; he expressed his gratitude to the president and to the Perelmans for their generous gift that will enhance financial aid enabling the school to attract an even more diverse student body and to recruit more faculty and perform more research. He said his office—as a faculty member—will be in the Translational Research Center. Penn Medicine is “well positioned for the future,” he said.

Dean of Admissions Eric Furda reported that the Class of 2015 is a diverse class, although there is one state not represented: North Dakota.

In addition to the annual resolutions to authorize the fiscal year 2012 operating budgets and capital plans for the University and UPHS, the Trustees passed other resolutions to declare the University’s and Health System’s intent to reimburse capital costs with proceeds of borrowings. Also approved was a master lease agreement and guarantee for the occupancy of an ambulatory care building for Pennsylvania Hospital. An additional $8 million for the Singh Center for Nanotechnology will allow for construction of the shelled areas that were not part of the original $80 million cost. $8.3 million for Shoemaker Green construction to create the open lawn area where the tennis courts are now located. An additional $300,000 for DRL lab renovation; $1.1 million for design and preconstruction services for a new addition at the western end of Steinberg Hall-Dietrich Hall; $1 million for Meyerson Hall renovations phase 1 schematic design; $1 million for the replacement of the Palestra’s 25-year old scoreboards; $1 million for the replacement of fire alarm monitoring system creating a ring of fiber optic connectivity between reporting and notification nodes; and a $5.4 million project for paving and landscape upgrades to Locust Walk, and replacement of existing water and sewer lines.

Almanac - July 12, 2011, Volume 58, No. 01