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The University of Pennsylvania Board of Trustees met last Thursday and Friday; the stated meeting was held on Friday morning prior to the celebration for the New College House. President Amy Gutmann said that she was thrilled to be able to move “full steam ahead” on the New College House with all its living/learning amenities that will “transform the campus landscape.”
The Trustees passed a Memorial Resolution for Penn President Emeritus F. Sheldon Hackney who died on September 12 (Almanac September 24, 2013). A memorial for Dr. Hackney will be held on campus in Irvine Auditorium on March 27, 2014 at 4 p.m.
A Memorial Resolution for Penn’s longtime former chaplain Stanley E. Johnson was also passed; he died on June 19 (Almanac July 16, 2013).
Dr. Gutmann mentioned that Angela Duckworth who recently received a MacArthur ‘Genius’ Award (Almanac October 1, 2013) is a maverick, a maven at what she does.
Provost Vince Price explained that ten percent of this year’s new Institute of Medicine inductees are from Penn and half of them are women (Almanac October 29, 2013).
Dean Larry Jameson mentioned that the family of the late Princess Grace of Monaco visited Penn Medicine a couple weeks ago.
The Trustees authorized the design and construction of the University Museum Conservation and Teaching Lab renovations, $6 million; and they authorized the master lease renewal at 3535 Market Street for a 15-year term, total lease obligation present value, $36.6 million.
They also agreed to amend the Bylaws of Penn Medicine to establish a new clinical care committee; modify the committee charge and name of the research, education and patient care committee.
EVP Craig Carnaroli reported that for the three months ended September 30, 2013, the total net assets of the Consolidated University were $11.8 billion, an increase of $1.8 billion over last September and $842 million above budget. Net operating income for the Academic Component reflected a decrease of $41 million, $39 million below prior year but $7 million above budget. Capital expenditures were $23 million below budget. The Health System’s net operating income totaled $79 million, $43 million above both the budget and the prior year.
Several Resolutions of Appreciation were approved for: William P. Egan, II, who has served as a trustee for nearly a decade; Robert A. Gleason, Jr., who served as a Commonwealth Trustee for 14 years; Katherine Stein Sachs, who was named an emerita trustee; and James S. Riepe, former chair of the trustees, the “quintessential Penn Quaker,” who has served on the board since 1990, and was named an emeritus trustee.
David Ertel, Sarah Fuller and Michael J. Kowalski were elected to a five-year term as Term Trustees.
Appointments to Boards of Overseers: Alfred Spencer, Jr. to School of Dental Medicine; reappoint Keith L. Sachs as chair, School of Design; Lisa Green Hall, Douglas R. Korn and Scott G. Pearl to GSE; Pamela T. Berkman and David E. Simon to ICA; Robert A. Stewart to Penn IUR; Francis H. Abbott, Jr., to Penn Medicine Board; Nisha Hurst to SP2; reappoint Gretchen S. Jackson to School of Veterinary Medicine; Larry D. Bailey to Wharton; Jon M. Huntsman as chair emeritus of Wharton.
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