At the University of Pennsylvania Trustees’ Fall (virtual) Stated Meeting of the Executive Committee on September 24, Chair David L. Cohen commended Penn’s faculty, staff, and students along with President Amy Gutmann for the hard work that has been done during these unprecedented times to create an excellent environment while navigating COVID-19 and speaking out against racial inequities.  

President Gutmann presented the resolution, which the Trustees passed, to appoint Penn’s Chaplain Charles (Chaz) L. Howard as Vice President for Social Equity and Community (Almanac June 30, 2020).

Provost Wendell Pritchett said that there will be Zoom Open Houses for the cultural houses at Penn. 

EVP Craig Carnaroli gave the financial report for the year ended June 30, 2020, and noted that the Consolidated University’s net assets were $19.6 billion, an increase of $141 million, or 0.7% over the prior year but 1.8% below budget. Total investments were $16.9 billion, of which the endowment comprised approximately $14.9 billion. In the Academic Component, the Capital expenditures totaled $343 million; notable projects include construction of the New College House West, Wharton Academic Research Building and Substation, and Venture Lab at Tangen Hall, as well as renovations to the Du Bois College House and Franklin Field. The Health System’s operating income was materially impacted by the suspension of non-emergent procedures from March 15 through May 4. Adjusted admissions were 6% below prior year. Capital expenditures totaled $1.1 billion, 8.2%, above prior year, primarily driven by the level of construction on the New Patient Pavilion, Radnor, and Chester County projects.

PSOM Dean and EVP of the Health System Larry Jameson gave the Penn Medicine report in which he said that the University is learning to coexist with COVID-19, using tools such as PennOpen Pass. Penn Medicine has tested more than 13,000 members of the Penn community, more than half of those were Penn students. Clinical activity is now back to the pre-COVID level. PSOM is instituting unconscious bias training. The Health System is taking steps to secure the future of Mercy Hospital.

Dhan Pai, chair of the Budget & Finance Committee, said that based on the presentations they had heard at their meeting earlier that day, the University was expecting a substantial deficit for FY2021, somewhere in the range of $85-$110 million. He then presented these five resolutions for approval, all of which were approved:

• Amending tuition, fees, and other student charges and financial aid for fall 2020
• Authorizing Laboratory for Research on the Structure of Matter HVAC and other utility infrastructure Upgrades, $42,493,000 
• Approving the transaction related to the transformation of the Mercy Catholic Medical Center–Philadelphia campus at 501 South 54th Street, up to $30 million
• Authorizing Biotech Commons Renovations in the Johnson Pavilion and Stemmler Hall, $11,500,000
• Authorizing New Data Science Building design development and Mass Timber pre-construction services, $5,700,000 

Also approved were resolutions of appointments to overseer and other boards. 

The next Trustees meetings will be held virtually November 12-13.