The stated meeting of the Board of Trustees was held on Friday, June 14, 2024, at the Inn at Penn. Reverend Charles Howard, vice president for social equity and community and university chaplain, gave the invocation.

Board chair Ramanan Raghavendran's report included the following resolutions, all of which were approved:

• Memorial for Claire Muriel Mintzer Fagin
• Appreciation for William P. Lauder and designation as Trustee Emeritus
• Re-election of Julie Beren Platt as vice chair of the Board of Trustees
• Election of the executive committee and the investment board

Vice chair Julie Beren Platt presented a resolution to re-elect Ramanan Raghavendran as chair of the Board of Trustees, effective July 1, 2024 through June 30, 2025, which was approved.

Interim President J. Larry Jameson lauded a “picture-perfect” commencement ceremony on May 20 and an outstanding Alumni Weekend attended by more than 10,000 alumni. He thanked members of the University Task Force on Antisemitism and Presidential Commission on Countering Hate and Building Community for their work. He also expressed gratitude to the Board of Trustees for their support and said he looks forward to working with them over the next two years.

Interim President Jameson presented the following resolutions, each of which was approved:

• To appoint Thomas P. Sontag as interim vice president for human resources from July 1 through August 31, 2024
• To appoint Felicia Washington as vice president for human resources, effective September 1, 2024

Provost John L. Jackson, Jr., presented the academic report. He noted the appointment of Brigitte Weinsteiger as the H. Carton Rogers III Vice Provost and director of the Penn Libraries, effective June 1, 2024, and thanked her for having served in an interim role since September 2023. Provost Jackson indicated that searches had been launched for a vice provost for climate science, policy, and action and a vice provost for the arts. Each vice provost will be a member of the standing faculty and will likely begin in the fall. A resolution on faculty appointments and promotions was approved.

Senior Executive Vice President Craig Carnaroli presented the financial report. For the fiscal year ending June 30, 2024, total net assets for the consolidated University are forecasted to increase $1.1 billion to $30.9 billion ($21.5 billion for Penn’s academic component, $9.4 billion for the health system). An increase in net assets from operations of $686 million is projected for the consolidated University.

The health system is projecting an increase in net assets from operations of $314 million and the academic component is projecting an increase in net assets from operations of $372 million. Cash is projected to decrease $107 million to $3.1 billion for the consolidated University ($2.0 billion for the academic component, $1.1 billion for the health system). The change in cash includes forecasted capital spending of $1.1 billion and $320 million of University investments into the Accredited Investment Fiduciary (AIF), partially offset by returns on cash balances and lower levels of mRNA patent revenue.

For the fiscal year ending June 30, 2025, total net assets for the consolidated University are budgeted to increase $1.2 billion to $32.1 billion ($22.2 billion for the academic component, $9.9 billion for the health system). An increase in net assets from operations of $407 million is budgeted for the consolidated University, with the health system budgeting an increase of $303 million and the academic component budgeting an increase of $105 million. Cash is projected to decrease $242 million to $2.9 billion for the consolidated University ($2.0 billion for the academic component, $895 million for the health system), primarily due to planned capital expenditures of $1.2 billion and lower levels of mRNA patent revenue, partially offset by proceeds from a planned debt issuance and cash from operations.

Jonathan A. Epstein, interim executive vice president of the University of Pennsylvania for the health system & interim dean of the Perelman School of Medicine, gave the Penn Medicine report. He congratulated the 2024 MD, PhD, and master’s degree graduates and described his recent meetings with alumni and other groups. There is a focus on implementing new therapies for patients that come from new discoveries, in line with In Principle and Practice.

E. Whitney Soule, vice provost and dean of admissions, reported that 65,235 applications were received for the Class of 2028. Just over 3,500 applicants were accepted, for a target class of 2,400 students.

The Board of Trustees received reports from the committees on academic policy; audit & compliance; budget & finance; development; facilities & campus planning; local, national and global engagement; and student life. Sixteen resolutions from the budget & finance committee were approved.

Michael Barrett, president of Penn Alumni, honored Gloria Twine Chisum on the 50th anniversary of her appointment as the first Black woman to serve on the Board of Trustees. Dr. Chisum is also the co-founder of Penn Alumni's James Brister Society. Mr. Barrett also announced the 2024 alumni award winners.

Mr. Raghavendran presented resolutions on appointments to Penn Medicine and other advisory boards, which were approved.

The next meetings of the Board of Trustees will be held on September 26, 2024.