On May 12, the Penn Board of Trustees held meetings of its Executive Committee and Budget & Finance Committee.

Trustees chair Scott Bok introduced a resolution to elect Julie Beren Platt as vice chair of the Board of Trustees, effective May 1, 2023, which was approved.

Penn President Liz Magill gave the president’s report and Interim Provost Beth A. Winkelstein the academic report, which included a resolution on faculty appointments and promotions—which was approved.

Senior Executive Vice President Craig Carnaroli gave the financial report. For the consolidated University, the total net assets were $29.4 billion as of March 31, 2023, an increase of $633 million, or 2.2%, over March 31, 2022. The change in net assets from operations reflected an increase of $934 million through March 31, 2023; $259 million, or 21.7%, below last year. The total revenue of $11.2 billion was $623 million, or 5.9%, above last year. Expenses of $10.3 billion were $882 million, or 9.4%, above last year.

For the academic component, the change in net assets from operations for the University reflected a $729 million increase versus a $1 billion increase last year. Total revenue of $3.8 billion was $33 million, or .9%, above last year. Expenses of $3 billion were $320 million, or 11.8%, above last year. Capital expenditures totaled $215 million as of March 31, 2023, $50 million, or 30.6%, above last year. These expenditures include recent notable projects like the construction of the Vagelos Laboratory for Energy Science & Technology, Amy Gutmann Hall and Ott Center for Track and Field; the Graduate School of Education expansion; and renovations to Stouffer College House and the Quad.

J. Larry Jameson, executive vice president of the University of Pennsylvania for the Health System and dean of the Perelman School of Medicine (PSOM), presented the Penn Medicine report. The change in net assets from operations reflected an increase of $160 million through March 31, 2023, $23 million higher than last year. Excluding non-recurring unbudgeted HHS payments and prior period Medicare GME and chemotherapy payments, the operating income before transfers was $100 million, or 1.3%. Operating revenue increased $570 million, or 8.4%, from $6.8 billion as of March 31, 2022 to $7.4 billion as of March 31, 2023. Expenses increased $547 million, or 8.2%, from $6.7 billion as of March 31, 2022 to $7.2 billion as of March 31, 2023.

Adjusted admissions of 233,350 through nine months were 5.5% above last year. Capital expenditures totaled $311 million as of March 31, 2023, $195 million, or 38.5%, below last year, with the decrease primarily attributable to the completion of the Pavilion at the Hospital of the University of Pennsylvania.

Trustee Dhananjay Pai presented the Budget & Finance committee report. He presented a resolution to authorize repairs to Spruce 38 Parking Garage repairs in the amount of $5,025,000, which was approved.

Mr. Bok presented a resolution to appoint Sozi Tulante to the Board of Managers of the Wistar Institute, which was approved. He had been nominated for membership by the Board of Trustees of the Wistar Institute at its quarterly meeting on March 24, 2023. The interim basis is from March 24, 2023 until the 2024 annual election of the Wistar Institute Board of Trustees.

The next meetings of the Board of Trustees will be held from June 15-16, 2023.