The Budget and Finance Committee as well as the Executive Committee of the University of Pennsylvania Trustees met on May 16. Trustees’ Chair David L. Cohen opened with remarks about looking forward to Commencement and related ceremonies and events in the coming days.

President Amy Gutmann spoke to the success of the Power of Penn campaign thus far, with notable gifts that include a $50 million gift from Roy and Diana Vagelos to SAS (Almanac April 9, 2019); an anonymous $30 million gift to the Kleinman Center (Almanac April 30, 2019); and $6 million from the Stavros Niarchos Foundation to establish the Paideia Program (Almanac March 19, 2019). She also recognized the recent President’s Engagement Prize and Innovation Prize Winners (Almanac April 16, 2019), noting that five of the nine winners are first generation students to attend college. President Gutmann also recognized the numerous scholars and fellows in the Class of 2019, including the recently announced Fulbright recipients and Goldwater Scholars.

Provost Wendell Pritchett noted the success of the newly begun tradition for rising juniors, U-Night, which involved a lantern-lighting ceremony meant to represent class unity.

Executive Vice President Craig Carnaroli reported on the first nine months of the fiscal year ending March 31, 2019. Total net assets for the consolidated University were $18.9 billion, an increase of $1.4 billion over the same time last fiscal year. The academic component’s change in net assets was flat. Total revenue was $37 million. For the Health System, change in net assets from operations reflected an increase of $314 million, $33 million above the prior year. Adjusted admissions of 214,281 through March 31 were 0.6% below budget and 0.8% higher than prior year excluding Princeton Health. Capital expenditures totaled $692 million as of March 31, 70.6% above prior year.

In PSOM Dean J. Larry Jameson’s Penn Medicine report, he noted that the pavilion construction and fundraising continues to progress, with a construction completion date expected for February 2021. He also said that the recent CAR T cell therapy conference was a great success. Lastly, he recognized the recent National Academy of Science and National Academy of Medicine inductees, and offered congratulations to the pending PSOM graduates.

The Budget and Finance Committee heard presentations from Vice Provost for Research Dawn Bonnell, who reported that the diversity of funding has increased and total awards continue to increase overall. She also spoke to the strategy to seed the local innovation ecosystem by inviting startups and corporate partners to live in the neighborhood; the strategy includes contributing to the economic development in Philadelphia and the region, and supporting faculty-based companies locally. She also shared a video about the new Johnson & Johnson JPOD at the Pennovation Center (Almanac November 6, 2018). Dean Pam Grossman from GSE presented on the School’s growth in student population, impact on the local community, and significant growth in research funding. She noted that tuition and fees are the primary revenue stream for the School and that growth of the student population has outpaced the faculty and facilities.

Two resolutions were passed:

The first was a resolution to authorize and approve the purchase of Penn Medicine Washington Square at 800 Walnut Street, not to exceed $102 million.

The second was a resolution to authorize up to $18.8 million for the expansion of Princeton House Behavioral Health.