The final stated meeting of the Board of Trustees for the 2024-2025 academic year was held on June 13, 2025, at the Inn at Penn. 

Charles Howard, vice president for social equity and community and University chaplain, delivered the invocation. 

Trustees chair Ramanan Raghavendran presented the following resolutions, which were approved:

• Appreciation for John Shoemaker, who com-pleted his service on the Board of Trustees, and for Andrew S. Rachleff, who was designated a Trustee Emeritus
• To re-elect Julie Beren Platt as vice chair
• To elect the executive committee
• To elect the investment board
• To re-elect William P. Carey II as a term trustee
• To amend the Statues of the Trustees to create a Governance Committee

During the Vice Chair’s report, Ms. Platt presented a resolution to re-elect Ramanan Raghavendran as chair of the Board of Trustees through 2029, which was approved.

During his report, President Jameson described innovative and lifesaving research and medical breakthroughs. He noted that Penn is navigating significant headwinds and that funding cuts are occurring at a time when there is great potential to improve our future and save lives.

During the academic report, Provost Jackson noted recognized wo senior leaders in the Provost’s Office who will be leaving their roles this summer. Deputy Provost Beth Winkelstein, Eduardo D. Glandt President’s Distinguished Professor of Bioengineering and Professor of Neurosurgery, will become the Provost at Northeastern University in August. Also, Dawn Bonnell, Senior Vice Provost for Research and the Henry Robinson Towne Professor of Eng-ineering and Applied Science, will step down after 12 years. Provost Jackson thanked Dr. Winkelstein and Dr. Bonnell for their many con- tributions to the University. He then presented a resolution on faculty appointments and promotions, which was approved.

Senior Executive Vice President Craig Carnaroli presented the financial report. For the fiscal year ending on June 30, 2025, total net assets for the consolidated University are forecasted to increase $1.7 billion to $32.6 billion ($22.9 billion for the academic component; $9.7 billion for the health system). An increase in net assets from operations of $789 million is projected for the consolidated University. 

The health system is projecting an increase in net assets from operations of $215 million before transfers to the Perelman School of Medicine (PSOM), and Penn’s academic component is projecting an increase in net assets from operations of $485 million. 

For the budget for the fiscal year ending June 30, 2026, total net assets for the consolidated University are budgeted to increase $1.1 billion to $33.8 billion ($23.5 billion academic component, $10.3 billion health system). An increase in net assets from operations of $363 million is budgeted for the consolidated University, with the health system budgeting an increase of $291 million before transfers to PSOM and the academic component budgeting an increase of $15 million.

President Jameson and the Board of Trustees thanked Mr. Carnaroli for his many years of service to the University, as this was his last meeting before leaving Penn. 

Jonathan Epstein, Executive Vice President for the Health System and dean of the Perelman School of Medicine, presented the Penn Medicine report. He remarked on the opening of a clinical space for the treatment of Williams Syndrome and the establishment of the Lurie Autism Institute. 

E. Whitney Soule, vice provost and dean of admissions, presented the admissions report. She noted that there were 72,544 applications for the Class of 2029, which resulted in a 4.9% admission rate. She said that 49 states, six territories, and 95 countries are represented in the admitted students. 

During the trustee committee reports, the Academic Policy Committee presented five resolutions, which were all approved. These resolutions created a:

• Master of communication and media industries in the Annenberg School for Communication 
• Doctorate in nonprofit administration in the School of Social Policy and Practice 
• Master of science in quantitative finance in the Wharton School
• Master of clinical informatics in the Perelman School of Medicine 
• Master of science in biomedical informatics in the Perelman School of Medicine

The Budget & Finance Committee presented fourteen resolutions, which were approved. The resolutions were to:

• Authorize the spending rule for endowments for fiscal year 2026 
• Authorize the fiscal year 2026 operating budget for Penn’s academic component 
• Declare Penn’s intent to reimburse capital costs with proceeds of borrowings 
• Authorize the fiscal year 2026 operating budget for the University of Pennsylvania Health System (UPHS)
• Authorize the fiscal year 2026 capital budget for UPHS
• Declare UPHS’s intent to reimburse capital costs with proceeds of borrowing 
• Amend the bylaws of Penn Medicine to increase the threshold for real estate transactions requiring prior approval 
• Authorize up to $185 million for phase II of the project to construct and develop a comprehensive cancer center at Penn Presbyterian Medical Center 
• Authorize up to $270,402,000 to construct and develop a proposed multispecialty ambulatory care facility, Penn Medicine Montgomeryville
• Authorize up to $18 million for development and construction of the Ruth and Raymond Perelman Center for Advanced Medicine atrium and exterior renovations
• Authorize a twelve-year, six-month new lease for Wharton San Francisco 
• Authorize renovations and mechanical, electrical, and plumbing upgrades to the Inn at Penn in the amount of $46,479,000
• Authorize a new physical sciences building and renovation design development or David Rittenhouse Laboratories for an additional $12.25 million
• Authorize the ground lease and redevelopment of Sansom Place West

Mr. Raghavendran also presented resolutions of appointments to the Board of Penn Medicine and Boards of Advisors, all of which were approved.