The Board of Trustees of the University of Pennsylvania held a stated meeting on June 16, 2023 at the Inn at Penn. University Chaplain and Vice President for Social Equity and Community Charles Howard gave the invocation. Chair of the Board of Trustees Scott Bok presented three resolutions of appreciation to three trustees: Kenneth D. Moelis;  Andrew R. Heyer who was designated as a Trustee Emeritus; and Ann Nolan Reese and her designation as Trustee Emerita. All three resolutions were approved.

Vice Chair of the Board of Trustees Julie Beren Platt presented the vice chair’s report, which included a resolution to re-elect Scott Bok as chair of the Board of Trustees for the term July 1, 2023 through June 30, 2024. The resolution was approved.

During the President’s report, President Liz Magill presented the following nine resolutions, all of which were approved:

• A resolution of appreciation for outgoing GSE dean Pam Grossman
• A resolution of appreciation for Provost John L. Jackson, Jr., for his leadership as dean of the Annenberg School for Communication
• A resolution of appreciation for outgoing Penn Carey Law School dean Theodore Ruger
• A resolution of appreciation for Beth A. Winkelstein for serving as Interim Provost from 2021 to 2023
• A resolution of appreciation for Stephen MacCarthy for his contributions as Vice President for University Communications
• A resolution to appoint Sophia Lee as dean of Penn Carey Law School
• A resolution to appoint Katharine Struck as dean of Penn GSE
• A resolution to appoint Michael X. Delli Carpini as Interim dean of the Annenberg School for Communication
• A resolution to appoint Anna Cowenhoven as Vice President for University Communications

During the Provost’s report, Provost Jackson acknowledged Karu Kozuma’s appointment as Vice Provost for University Life; that Penn’s reaccreditation by the Middle States Commission on Higher Education was progressing well; and Penn Baseball’s Ivy League title. He then presented a resolution on faculty appointments and promotions, which was approved.

Vice President for Finance and Treasurer Mark Dingfield presented the financial report. For the 2023 fiscal year ending June 30, total net assets for the consolidated University are forecasted to increase $333 million to $29.2 billion, with $20.5 billion in the academic component and $8.7 billion in the health system. In the budget for FY24 ending June 30, 2024, total net assets for the consolidated University are budgeted to increase $1.4 billion to $30.6 billion, with $21.2 billion in the academic component and $9.3 billion in the health system.

J. Larry Jameson, dean of the Perelman School of Medicine and Executive Vice President for the Health System, presented the Penn Medicine report. Vice Provost and Dean of Admissions Whitney Soule reported a 5.8% admit rate for the class of 2027 with 2,415 new students expected to enroll in the fall.

The Trustees heard reports from Board committees and approved a number of resolutions, including to: establish a department of cinema and media studies in the School of Arts and Sciences; establish a department of historic preservation in the Weitzman School of Design; authorize the spending rule for endowments for FY24; authorize the FY24 operating budget and capital budgets for the academic component; authorize the FY24 operating and capital budgets for Penn’s health system; declare the University’s intent to reimburse capital costs with proceeds of borrowings; declare Penn’s health system’s intent to reimburse capital costs with proceeds of borrowings; authorize the purchase of a leasehold interest in the Metropolis Portfolio in the amount of $6.4 million; authorize design development and construction documentation in the amount of $5.88 million for the Student Performing Arts Center; and approve the Lancaster General Insurance Company Ltd. merger into Quaker Insurance Company, Limited.

Mr. Bok presented resolutions for appointments to Penn Medicine and other boards. Six nominating committee report resolutions were presented, including the resolution to re-elect Julie Beren Platt as vice chair of the Board of Trustees. All resolutions were approved.