On May 12, the University of Pennsylvania Trustees held a meeting of their Executive Committee and Budget & Finance Committee, as Alumni Weekend was about to get underway and Commencement (Almanac May 24, 2016) was coming up right after that.

Penn President Amy Gutmann mentioned some of the year’s highlights: Fulbrights, Goldwaters and other fellowships as well as the President’s Innovation (Almanac April 26, 2016) and Engagement (Almanac March 29, 2016) Prizes for Penn students. She also noted that three women faculty members (Almanac May 24, 2016) were elected to the National Academy of Sciences, calling it a “singular honor.”

Provost Vincent Price singled out the first Coursera prize that went to Al Filreis, who he described as one of the earliest and most imaginative adapters of Coursera (Almanac April 19, 2016).

EVP Craig Carnaroli gave the financial report for the three months ended March 31. For the Consolidated University, there was growth in net assets driven largely by the integration of Lancaster General Health into the UPHS, with total net assets of $14.3 billion increased $804 million, but $695 million below budget due to downturn in financial markets. The Academic component net operating income of $68 million was $8 million above the prior year; revenue of $2.2 billion was $69 million above budget while expenditures were $7 million below budget.  Total contributions totaled $229 million, an increase of $8 million from the prior  year’s first nine months. Year-to-date capital expenditures were $252 million, an increase of $60 million over the same period of the prior year.

Moody’s Investors Service has recently improved Penn’s credit ratings to Aa1 to the highest rating level in Penn’s history.

Penn Med Dean Larry Jameson announced that 140 new physicians were about to graduate from Penn Medicine. Nobel Laureate Michael Brown, C’62, M’66 (Almanac October 22, 1985) would be the PSOM speaker this year.

Dr. Jameson also mentioned that Emily Whitehead, who recently celebrated her 11th birthday and her fourth year being cancer-free thanks to the experimental T-cell therapy pioneered by Carl June and his team (Almanac January 26, 2016) was at the recent celebration in California of the $250 million gift to launch the Parker Institute for Cancer Immunotherapy at Penn (Almanac April 19, 2016). Dr. Jameson mentioned that 193 Penn Med physicians were recognized by Philadelphia magazine.

The Trustees approved two resolutions: the first pertains to the design and construction of the Robbins House renovations at 3537 Locust Walk ($9.35 million), the second one is to authorize electronic lock installation in residential buildings on approximately 6,000 doors in Kings Court, English, Mayer, the Quad, DuBois, Stouffer, Harrison, Harnwell and Rodin College Houses ($7.85 million).

Bruce C. Vladeck was appointed to the Penn Medicine Board; Susan B. Dillon to Wistar’s.

Trustees Annual Meeting: June 16-17

These meetings will be held at the Inn at Penn. Registration will be located outside of Woodlands Ballroom.

Thursday, June 16

8:30-10 a.m.

Local, National, & Global Engagement

Committee, Woodlands CD

10:15-11:45 a.m.

Facilities & Campus Planning Committee,

Woodlands AB

1:45-3:15 p.m.

Student Life Committee, Woodlands CD

3:30-5:15 p.m.

Academic Policy Committee, Woodlands CD

Budget & Finance Committee,

Woodlands AB, Inn at Penn

Friday, June 17

11:30 a.m.-12:30 p.m.

Stated Meeting of the Trustees, Woodlands