The University of Pennsylvania Board of Trustees held its fall meeting November 6 and 7, 2025.

After Board Chair Ramanan Raghavendran called the meeting to order, Charles Howard, University Chaplain and Vice President for Social Equity & Community, gave the invocation.

Mr. Raghavendran presented memorial resolutions for former Trustees Leonard A. Lauder (Almanac July 15, 2025) and Russell E. Palmer (Almanac July 15, 2025), who both passed away earlier this year.

He presented resolutions of appreciation for Michael J. Price, Richard W. Vague, and Jill Topkis Weiss, who were completing their terms as trustees. He also offered a resolution of appreciation for vice chair Julie Beren Platt on the occasion of her designation as trustee emeritus. Mr. Raghavendran also presented a resolution to amend the statutes of the Trustees of the University of Pennsylvania. All seven resolutions were approved.

President J. Larry Jameson expressed appreciation for the Penn community’s contributions and feedback as part of Penn Forward, the University-wide initiative to shape Penn’s future, during his report. President Jameson presented three resolutions:

• A resolution of appreciation for Craig Carnaroli, former senior executive vice president, for 25 years of distinguished service to Penn
• A resolution of appreciation for Jeffrey Cooper, who retired from his role as vice president of government affairs after 17 years of service to Penn
• A resolution to extend the appointment of Antonia Villarruel as dean of the School of Nursing through June 30, 2028

All three resolutions were approved.

During the academic report, Provost John L. Jackson, Jr. announced the appointment of Vice Provost for Climate Science, Policy, and Action Sanya Carley (Almanac October 21, 2025). Provost Jackson also presented a resolution on faculty appointments and promotions which was approved.

Executive Vice President Mark Dingfield presented the financial report for the three months ending September 30, 2025. For the consolidated University, total net assets were $34.4 billion, an increase of $2.9 billion, or 9.1%, over September 30, 2024. The change in net assets from operations reflected an increase of $163 million—$83 million, or 103%, above last year.

Operating revenue of $4.6 billion was $538 million, or 13.3%, above the prior year. Expenses of $4.4 billion were $456 million, or 11.5%, above last year.

For the academic component, the change in net assets from operations for the University reflected a $3 million increase versus a $15 million decrease last year. Total revenue of $1.2 billion was $56 million, or 4.7%, above last year. For the health system, the change in net assets from operations reflected an increase of $163 million.

Operating revenue increased $483 million, or 17%, from $2.8 billion as of September 30, 2024, to $3.3 billion.

Jonathan A. Epstein, Executive Vice President of the University of Pennsylvania for the Health System and dean of the Perelman School of Medicine, announced the appointment of Hongjun Song as chair of the department of neuroscience and described other accomplishments.

Following the Budget and Finance Committee report, resolutions were approved to authorize transactions related to the creation of a joint venture with Tandigm Health, LLC and for the acquisition of vacant property in Chester County, Pennsylvania.

The Governance Committee offered the following resolutions which were approved:

• To re-elect Hydar Ahmad as a trustee
• To re-elect Alex Haidas as a trustee
• To elect Herald Chen as a trustee
• To elect Ryan Limaye as a trustee
• To elect Marc F. McMorris as vice chair of the Board of Trustees

Trustee and President of Penn Alumni Michael Barrett highlighted events slated for Homecoming weekend November 7-9, 2025.

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

For information about upcoming Trustees meetings, visit https://secretary.upenn.edu/trustees-governance.