The Executive Committee of the University of Pennsylvania Board of Trustees met on Thursday, May 16, 2024. Trustees chair Ramanan Raghavendran introduced a resolution to affirm the University of Pennsylvania’s commitment to support Penn Museum and its mission, and to protect the museum’s tangible and intangible assets held in the public trust. The resolution was approved.

Interim President J. Larry Jameson deliv- ered the President’s report. He stated that the protest encampment that had been College Green was disbanded on May 10 and that it was a viewpoint-neutral decision. He also highlighted allowing graduates and their families to enjoy Commencement festivities was a priority since many missed their high school graduations because of the COVID-19 pandemic.

Interim President Jameson offered three resolutions: a resolution of appreciation for Jack Heuer, Senior Vice President for Human Resources, who is retiring; a resolution of appreciation for Marie Witt, Vice President of the Division of Business Services, who is retiring; and a resolution to appoint Michael D. Scales as Vice President of Business Services, effective June 1, 2024. All three resolutions were approved.

A resolution on faculty appointments and promotions was approved. During the financial report for the nine months ending March 31, 2024, total net assets for the consolidated University were $30.9 billion, an increase of $1.5 billion, or 5.1%, over March 31, 2023. The change in net assets from operations reflected an increase of $538 million; $397 million, or 42.5%, below last year. Total revenue of $11.7 billion was $545 million, or 4.9%, above last year. Expenses of $11.2 billion were $942 million, or 9.2%, above last year. Cash and invested cash totaled approximately $10.9 billion, an increase of $226 million, or 2.1%, over last year.

For the academic component, the change in net assets from operations for the University reflected a $262 million increase versus a $729 million increase in last year. Total revenue of $3.6 billion was $148 million, or 3.9%, below last year. Expenses of $3.3 billion were $319 million, or 10.6%, above last year. Capital expenditures totaled $385 million, $170 million, or 79.0%, above last year. Notable projects include construction of the Vagelos Laboratory for Energy Science & Technology, Amy Gutmann Hall, and the Ott Center for Track and Field, and renovations to Stouffer College House and the Quad.

For the health system, the change in net assets from operations reflected an increase of $205 million from last year. Operating revenue increased $681 million, or 9.2%, from $7.4 billion to $8.1 billion. Expenses increased $636 million, or 8.8%, from $7.2 billion as of March 31, 2023 to $7.9 billion as of March 31, 2024. Adjusted admissions of 242,139 through six months were 3.8% above last year. Capital expenditures totaled $346 million, $34 million, or 11.0%, above last year.

Jonathan Epstein, Interim Executive Vice President of the University of Pennsylvania for the Health System and dean of the Perelman School of Medicine, delivered the Penn Medicine Report. James Dinan gave the Budget & Finance Committee report and presented five resolutions:

• To authorize and approve improvements at 125 S. 31st Street, Philadelphia, also known as the Translational Research Lab.
• To approve and authorize the sale of property located at 1087 Division Highway, Ephrata.
• To authorize a change of ownership and related lease obligation of the Presbyterian Center for Continuing Care.
• To authorize Stuart Weitzman Hall renovation and addition for an additional $35,746,000, for a total revised budget of $58,046,000.
• To authorize the Irvine Steam Station renewal in the amount of $9,850,000.

Mr. Raghavendran presented two board-related resolutions:

• To appoint Julie Brier Seaman as chair of the Board of Advisors of the School of Arts and Sciences.
• To appoint Elliot Norry to the Board of Managers of the Wistar Institute.

The next meetings of the Board of Trustees are scheduled for June 13-14, 2024.