Trustees Meeting Coverage
March 4, 2014, Volume 60, No. 25
At the February 28 Stated Meeting of the Trustees of the University of Pennsylvania, Chair David L. Cohen said that it was the 10th anniversary of the meeting at which the Trustees had elected Dr. Amy Gutmann president (Almanac March 2, 2004) and that since then it has been “an incredible decade of growth,” with “more to look forward to in the coming years.”
President Gutmann said that The ARCH, which is officially open (Almanac February 11, 2014), “embodies the ways the Penn community comes together to support and collaborate with one another.”
President Gutmann said that the next dean of the School of Nursing, Penn Nursing alumna Dr. Antonia Villarruel (see here), is a “strong collaborative leader” who is the ideal successor to Dr. Afaf Meleis who has been “enormously successful in raising the school to eminence.”
The president noted that the recently announced Task Force on Student Psychological Health and Welfare (Almanac February 25, 2014) would be establishing two working groups, both of which will include students, faculty and staff: one will focus on practices, programs, and policies for outreach and education. The other group will focus on intervention and treatment.
She announced the new Penn Compact 2020 Presidential Initiatives, and the first such initiative: the President’s Men and Women of Pennsylvania Challenge Fund for undergraduate financial aid (see here).
Provost Vincent Price said that the University’s self study report (Almanac November 12, 2013) has been submitted for the Middle States Reaccreditation and that Penn will host a three-day visit this month as part of that process. He also noted that any member of the Penn community who wishes to comment on the search underway for Steve Bilsky’s replacement as director of athletics/recreation, is welcome to do so on the Provost’s website: https://provost.upenn.edu/about/dria-search
The provost also noted that there are 18 commissioned works that will be presented at the Institute of Contemporary Art (ICA) during its 50th anniversary in the 50 presentations that will be featured now through August.
In EVP Craig Carnaroli’s financial report for the six months ended December 31, 2013, he noted that the consolidated University had total net assets of $12.3 billion, an increase of $2 billion over the prior year and $1 billion over budget, driven by strong investment performance and pension valuations. The net operating income was $130 million, $5 million higher than the prior December and $75 million above budget. Cash and invested cash total $3.9 billion, compared to $3.4 billion in 2012 and budget.
The academic component’s net operating income totaled $5 million, $59 million below prior year but $16 million above budget. New contributions totaled $168 million, $93 million below last year but still strongly above budget. Capital expenditures decreased from $164 million in December 2012 to $113 million and were $46 million below budget.
The Health System’s operating income totaled $149 million, $83 million above budget and $70 million above prior year. The adjusted admissions were higher than budget and the prior year. Capital expenditures increased from $103 million in December 2012 to $128 million. The Chester County Health System transaction resulted in a contribution of $121 million in property, plant and equipment.
In Dr. Larry Jameson’s Penn Medicine report, he noted that during a major storm in February no surgeries were cancelled. He said that Penn Medicine provides a major economic benefit for the area including a $817 million in community benefits.
The Academic Policy Committee presented two resolutions that passed: one is to establish a Doctorate of Nursing Practice in lieu of the existing master’s program in nurse anesthesia; and the other to establish a master of chemical sciences in SAS through LPS.
The Budget & Finance Committee presented ten resolutions that all passed including the tuition, fees and other charges and financial aid for 2014-2015 (see here); a 15-year lease renewal for Student Health Services at 3535 Market Street; Steinberg Hall-Dietrich Hall air handling units ($1.63 million additional); Huntsman Hall classroom and group study room renovations ($7.184 million); Gregory College House renovations ($9 million additional); Mod 7 Chilled Water Plant expansion ($62.9 million additional). Other resolutions pertain to Penn Medicine: expansion of development of an additional two floors of the Ambulatory Care Building for Penn Presbyterian Medical Center ($19.3 million); development and construction for the completion of the South Pavilion Tower of the Perelman Center for Advanced Medicine ($130 million); refinancing of certain UPHS indebtedness and financing of certain capital projects; the rejoinder of the Chester County Hospital and Health System as a member of the obligated group of UPHS.
Overseers were appointed to numerous boards: Carol Sutton Lewis and Michael B. Lowenstein to the SAS Board of Overseers; L. John Clark an emeritus member of the Athletics Board of Overseers; Lawrence M. Korman to the School of Design Overseers; Lloyd W. Howell, Jr. to the SEAS Board of Overseers; Richard D’Avino, Wifredo A. Ferrer and Seth P. Plattus to the Law School Board of Overseers; Jeffrey A. Hechtman to the Libraries Board of Overseers; Richard T. Clark, Jr, Mariann T. MacDonald, Leslie A. Miller and Mark O. Winkelman were reappointed to the Penn Medicine Board; Barbara McNeil Jordan to the Penn Medicine Board; Dorrance Hill Hamilton as an emerita member of the Morris Arboretum Board of Managers; Lawrence O. Graham and Hope Gittis Sheft to the School of Veterinary Medicine’s Board of Overseers and the slate of the Wistar Institute’s Board of Trustees.
Related: Faculty Senate Executive Committee Agenda
Related: Penn Announces Plan to Increase Financial Aid Endowment by $240 Million
Related: Penn's 2014-2015 Financial-aid Budget, Tuition