Trustees May Meeting Coverage |
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May 26, 2015, Volume 61, No. 35 |
When the University Trustees met on May 14 they reviewed the financial reports for the Consolidated University, the Academic component and the Health System (UPHS) for the six months ended March 31.
Total net assets were $13.5 billion for the Consolidated University, an increase of $1.0 billion over last March, driven largely by strong investment performance. The net operating income for the Consolidated University was $286 million, $122 million higher than last March 31.
Net operating income for the Academic Component totaled $60 million. Total contributions—pledges and new gifts, both operating and non-operating—totaled $221 million, a 10% decrease from last year.
The year-to-date operating income for UPHS totaled $270 million, $45 million higher than the prior year. Operating revenue increased by $304 million; expenses increased by $260 million. These increases reflect the addition of Chester County Hospital and Health System.
The Budget & Finance Committee heard a presentation on Innovation by Vice Provost for Research Dawn Bonnell, who reported that sponsored research was up in FY 2014; corporate sponsored research was up 33%. She encouraged everyone to support the Close the Deficit Campaign (http://www.innovationdeficit.org/), which is endorsed by the Association of American Universities (AAU) Biomedical Research Committee. President Amy Gutmann chairs the AAU Board of Directors (Almanac November 25, 2014).
Dean Michael Delli Carpini reported on the Annenberg School for Communication, which is ranked the number one communications program. The School, which has 21 standing faculty, has recently converted ten term chairs into permanent chairs.
At the Trustees Stated Meeting of the Executive Committee, four resolutions were approved:
1) to authorize design and construction of the Stemmler Hall Lab and Century Bond infrastructure renovations ($109,400,000);
2) to authorize design and construction of Pennovation Works infrastructure and Pennovation Center for an additional $30,790,000;
3) to approve the transaction related to Shore Memorial Hospital in Somers Point, NJ, and additional lease of space ($3,070,517);
4) to authorize the acquisition of property at 145 King of Prussia Road, Radnor, PA, for Penn Medicine Radnor’s expansion and to approve the expenditure of funds for the associated transaction.
Related: June Trustee Meetings |