Trustees’ Meeting Coverage

The University of Pennsylvania Board of Trustees held their Winter Stated Meeting Friday, March 2, following a day of committee meetings. A Memorial Resolution for Sarah Wilder Fuller (CW’71, PAR’04, PAR’07) (Almanac November 14, 2017) as well as a Resolution of Appreciation for Denis Kinane, who had been the School of Dental Medicine’s dean 2009-2017, both passed.

President Amy Gutmann took a moment to recap recent notable events, including the opening of the Penn Biden Center (Almanac February 27, 2018), U.S. Supreme Court Justice Ruth Bader Ginsburg’s visit to Penn Law, and the appointment of John Jackson, current SP2 dean, as the new dean of the Annenberg School (Almanac February 13, 2018).

Provost Wendell Pritchett spoke to Penn’s wellness initiatives and the new website www.wellnessatpenn.com

In his financial report, EVP Craig Carnaroli noted that the total net assets for the Consolidated University were $17 billion as of December 31, 2017, an increase of $2 billion over the prior December. Total net assets were $612 million above budget. For the academic component, contributions totaled $207 million, an increase of $15 million above the prior year.   

In PSOM Dean Larry Jameson’s Penn Medicine Report, he noted the ongoing momentum, specifically the recent series of FDA approvals.

The Trustees approved the Penn Medicine Innovation Co-Investment Pilot Program and delegated authority for the investment of up to $45 million. Laura Alber, Alan David Schnitzer and Kenneth D. Moelis were reelected as Term Trustees.

The appointment of John H. Zeller as Senior Vice President for Development and Alumni Relations was also approved.

The Board once again approved the appointment of PricewaterhouseCoopers as Penn’s independent auditors for Fiscal Year 2018.

The 2018-2019 tuition, fees and other student charges for undergraduates were approved (see Penn's 2018-2019 Financial Aid Budget and Tuition). The total charges will be $71,200. For graduate and professional students, tuition will be determined administratively to reflect the budget requirements of the various schools. The financial aid budget will be $237 million.

Also approved were the Phase 1 Renovation of the Penn Museum’s Coxe/Harrison Wings (Almanac November 14, 2017) ($21.925 million); the New College House West Full Design and Utility Construction (Almanac November 7, 2017) (additional $8.5 million, total $17 million); a five-year lease of new space for the Gene Therapy Program at 3711 Market Street ($6.88 million); improvements to the HVAC and electrical infrastructure at 3401 Walnut Street ($6.45 million); the acquisition of properties in Lititz by Lancaster General Hospital for relocating approximately 400 employees of Lancaster General Health ($14 million); and the sale of Penn Center for Rehabilitation and Care, located at 3609 Chestnut Street.

The Trustees also approved the joinder of Princeton Healthcare System Holding, Inc. and its network of controlled affiliates; the modification or refinancing of its existing debt; and issuance of new Master Notes by The Hospital of the University of Pennsylvania to secure all or a portion of the existing PHCS debt.

The Trustees approved a fundraising campaign to begin on April 12, and conclude in 2021. The Trustee Campaign Development Committee endorsed the $4.1 billion goal for The Power of Penn Campaign: Advancing Knowledge for Good.

Numerous appointments and reappointments to Boards of Overseers were approved, including:

Jason M. Pantzer, Julie B. Platt, Richard D. Feintuch and David J. Katz to the Annenberg Center for the Performing Arts Board; David S. Pottruck as an emeritus member of the Athletic Board; Amrita Sen to the School of Design Board and Kevin S. Penn as Chair; Jolly B. Christman to the Graduate School of Education Board; Brett A. Sundheim to the Institute of Contemporary Art Board; Steven M. Cohen, Martez R. Moore and Patty Shwartz to the Law School Board; Laurie G. Gliklich, Jeffrey S. Lin and Mina T. Wattenberg to University Libraries Board; Kim Jensen Pimley, Conrad L. Druker, Louis A. Matis and Joseph R. Zebrowitz to Penn Medicine Board; Mr. Pimley to its Executive Committee; Neil D. Glat to the School of Social Policy and Practice Board.