The Budget and Finance Committee as well as the Executive Committee of the University of Pennsylvania Trustees met on May 10. Trustees’ Chair David L. Cohen noted that Penn recently launched The Power of Penn campaign with a $4.1 billion goal (Almanac April 17, 2018). He also said he was looking forward to welcoming thousands of alumni to campus for Alumni Weekend, including Ivy Day, Baccalaureate and Commencement.

President Amy Gutmann announced that the FDA had approved a second application for the gene therapy developed at Penn to fight non-Hodgkin lymphoma. She also mentioned the creation of the Penn First Plus office as part of Penn’s comprehensive effort to support the University’s growing community of first-generation, low-income students (Almanac May 8, 2018). She also said that this year, Penn got  the largest number of major fellowships in its history.

Provost Wendell Pritchett described the newly created position of Chief Wellness Officer who will oversee all aspects of student wellness at Penn once the search is completed in the fall (Almanac May 1, 2018). 

Executive Vice President Craig Carnaroli reported on the first nine months of the fiscal year ending March 31, which were strong both on the academic side and the health system. He said that the total net assets for the consolidated University were $17.6 billion, an increase of $2.1 billion over the same time last fiscal year, driven largely by strong investment and operating performance as well as Princeton HealthCare System, part of Penn Medicine since January 1, 2018. The academic component had an increase in net assets from operations of $68 million. Total revenue of $2.4 billion was $93 million above budget primarily due to sponsored program revenue and $60 million of accelerated gift payments. At the Health System, adjusted admissions, excluding the PHCS, were slightly higher than the previous year and consistent with the budget. Inpatient admissions were 3% lower than budget while outpatient activity in high intensity services was mixed.

In PSOM Dean J. Larry Jameson’s Penn Medicine report, he noted that the steel beams are going up on the Hospital Pavilion, with eight floors of the 17 in place at this point (Almanac May 9, 2017). He also said that 159 students were graduating with their degrees as doctors of medicine.

Four resolutions were passed by the Penn Trustees: 

The first was to authorize a new lease for the Vice Provost for Research, Penn Center for Innovation, Research Integrity Office and OVPR Information Technology at 3600 Civic Center Boulevard, Center for Healthcare Technology, 9th floor; total lease obligation (Present Value) $11,662,000 inclusive of $6,500,000 in capital net of tenant improvement allowance. This will replace three existing leases.

The second one was to approve the transaction related to Virtua Health, Inc.’s affiliate and the investment in a joint venture with regard to leasing radiation oncology equipment.

The third resolution was to authorize the establishment and incorporation of a new taxable corporation (NewCo) under the control of the University related to creation of a fixed indemnity insurance product for the University of Pennsylvania Health System.

The last one was to authorize certain loans not to exceed $500,000 to University affiliated entities.