The University of Pennsylvania Board of Trustees held their Winter Stated Meeting on Friday, March 1, following a day of committee meetings.

Board of Trustees Chair David L. Cohen opened by recognizing the “Innovation Ecosystem” at Penn and in the community. Mr. Cohen recognized the appointment of Medha Narvekar as incoming Vice President and Secretary to the University following Leslie Kruhly’s retirement in June (see page 1). He also thanked Ms. Kruhly for her years of service to the University.

Memorial Resolutions for Robert P. Levy, Emeritus Trustee and a decorated Philadelphia sportsman who spent decades mentoring young people at Penn and beyond through athletics (Almanac November 20, 2018), and Raymond G. Perelman (W’40), who made numerous generous gifts to the University of Pennsylvania with his wife and for whom the Perelman School of Medicine is named (Almanac January 22, 2019), both passed. A resolution to authorize the name change of the School of Design to “University of Pennsylvania Stuart Weitzman School of Design” passed.

Penn President Amy Gutmann recognized the transformational series of gifts from Stuart Weitzman (W’63); the start of John L. Jackson, Jr.’s term as dean of the Annenberg School (Almanac February 13, 2018) and Sally Bachman’s term as dean of the School of Social Policy & Practice (Almanac September 4, 2018); new executive directors for CAPS and CURF; appointment of Duncan Watts as a PIK Professor (Almanac January 22, 2019); Joe Biden’s talk on February 19; Penn’s newest Sloan Fellows, Jessica Anna and Davi Maximo; this year’s Commencement speaker, Bryan Stevenson, and honorary degree recipients (Almanac February 12, 2019).

Resolutions of Appreciation passed for Michael X. Delli Carpini, who served as the Walter H. Annenberg Dean of the Annenberg School for Communication for more than 15 years, and Paul Meyer, the F. Otto Haas Executive Director of Morris Arboretum, who will be retiring after 43 years with the Arboretum.

Provost Wendell Pritchett led the academic report; a resolution on various faculty appointments, leaves and promotions passed.

In his financial report, EVP Craig Carnaroli noted that the total net assets for the Consolidated University were $18.1 billion as of December 31, 2018, an increase of $1.1 billion over the prior December and $566 million below budget. For the Academic Component, change in net assets from operations reflected a $9 million increase, versus a $25 million increase in the prior year.

In PSOM Dean Larry Jameson’s Penn Medicine Report, he noted the recent FDA approvals, the task force focused on the opioid crisis, and the recognition of Lancaster General Health’s commitment to community service with the 2018 Foster G. McGaw Prize. He also noted that Reed V. Tuckson, managing director of Tuckson Health Connections, LLC, will deliver this year’s PSOM graduation address, and Edward T. Anderson (C’65, M’69), will serve as the Class of 1969 50th reunion speaker.

Committees gave their reports. Resolutions were as follows:

The Board once again approved the appointment of PricewaterhouseCoopers as Penn’s independent auditors for Fiscal Year 2019.

The 2019-2020 tuition, fees, and room and board for undergraduates were approved. Total charges will be $73,960, and the financial aid budget will be established at $247 million.

Also approved was the design and construction of Tangen Hall for $46.45 million; Franklin Field Concrete Restoration Phase 2 for $19.76 million; McNeil Building and 3809 Walnut Street Center for Programs in Contemporary Writing Relocation for $10.4 million; 10-year lease renewal for WXPN for $5.27 million; and effectuating the financing transaction and joinder agreement related to the new Penn Medicine Radnor facility at King of Prussia Road.

Numerous appointments and reappointments were approved, including:

Steven G. Kobre as chair of the Board of Overseers of the Annenberg Center; Stuart A. Weitzman to the Board of Overseers, School of Design; Stanley M. Bergman as Emeritus Member of the Board of Overseers, Dental Medicine; Jeffrey Goldberg to the Board of Overseers, GSE; David E. Simon as chair, Bryan S. Verona and Lise S. Wilks as vice chairs, and Jungwon Han Chai as member of the Board of Overseers, ICA; Murray Kusner to the Board of Overseers, Law School; Marc Magliacano, Cynthia W. Mark, Kerry Moelis, and Mark D. Rosenbaum to the Board of Overseers, University Libraries; Massi Khadjenouri to the Penn Medicine Board as term member; George A. Weiss as Emeritus Member, Penn Medicine Board; and Mark D. Spitzer as chair and Martin E. Winter as vice chair of the Board of Overseers, Vet School.