The University of Pennsylvania Board of Trustees met on September 26. Trustees Chair David L. Cohen noted that Penn’s 280th year began with the Convocation welcoming the Class of 2023 and transfer students. He said that the recently released rankings by US News (Almanac September 17, 2019) and Wall Street Journal/Times Higher Education show that “Penn is at the top.”

The Trustees passed a resolution regarding the naming of University buildings, rescinding a 1972 resolution in favor of the standards established in the Making History resolution which was adopted by the Trustees in 2007.

President Amy Gutmann said that Penn is mourning the tragic loss of Gregory Eells (Almanac September 17, 2019). She also noted that Penn celebrated the naming of New College House as the Lauder College House and its Heyman Courtyard (Almanac September 10, 2019).

Provost Wendell Pritchett announced the appointment of Gary Purpura as executive director for education and academic planning in the Provost’s Office and the appointment of Mary Francis as director of Penn Press (Almanac September 10, 2019).

EVP Craig Carnaroli gave the financial report for the 12 months ending June 30, 2019. He said it was a very strong year; the Consolidated University total net assets were $19.4 billion, an increase of $851 million over the prior year. For the Academic Component, capital expenditures totaled $258 million, with many projects including renovations and construction. The Health System’s capital expenditures totaled $975 million, primarily driven by the ramp up in construction of the New Patient Pavilion.

PSOM Dean Larry Jameson gave the Penn Medicine report in which he noted that last year they raised $11.2 million for financial aid for their students. Dr. Jameson also mentioned Virginia Lee’s $3 million Breakthrough Prize in Life Sciences (Almanac September 10, 2019).

Audited financial statements for FY2019, as submitted to the Audit & Compliance Committee by PricewaterhouseCoopers, were approved by the Trustees.

The resolution to proceed with the full design and construction of the University Meeting and Guest House was approved for $26.25 million. It will be a 17,155 square-foot building that will include conference and event spaces, residential suites and executive offices. The project will include a complete renovation of the structure at 3808-10 Walnut Street: a new landscaped garden, raised exterior terrace, perimeter fence, site wall, gated driveway and parking area.

The Trustees also approved the extension of the leased space at 3440 Market Street for the Liberal and Professional Studies (LPS) department and additional space in that building to consolidate their department within one building; the renewal and expansion would extend 10 years and 6 months from April 2020 for $7.36 million.

The Trustees approved a resolution to renovate the space vacated on the ground floor of College Hall by Undergraduate Admissions when they moved to Cohen Hall. It will become home to Penn First Plus and Paideia Program. Penn First Plus will occupy 2,500 square feet for offices, consultation rooms and a student study/gathering space. The Paideia Program will occupy 1,200 square feet for offices, a conference room and support space. The design and partial renovation will include upgrading the utility infrastructure for $5.4 million.

Resolutions to appoint and reappoint members to the SAS and SEAS boards of overseers were also approved.