The fall Stated Meeting of the University of Pennsylvania Board of Trustees was held virtually on Friday, November 13.

During his invocation, the Rev. Charles Howard quoted President-elect and Penn professor Joe Biden who has said “keep the faith,” but the chaplain admitted that nothing has been harder in 2020.

Trustees chair David L. Cohen presented memorial resolutions for Madlyn K. Abramson (Almanac April 28, 2020) and David C. Auten (Almanac May 26, 2020). Mr. Cohen also mentioned that former trustee Larry Nussdorf died that morning. A resolution of appreciation for Charles B. Leitner III was also presented; all three passed.

The trustees also approved a resolution to amend the statutes to change from the term Board of Overseers to Board of Advisors as well as replace the terms chairman and vice chairman with chair and vice chair.

As part of the President’s Report, President Amy Gutmann presented a resolution of appreciation for Eric Furda for transforming undergraduate admissions since arriving 12 years ago (Almanac June 30, 2020). President Gutmann also presented a resolution to reappoint Antonia  Villarruel as dean of the School of Nursing effective July 1, 2021 through June 30, 2026 (Almanac September 22, 2020). Both passed.

Provost Wendell Pritchett mentioned in the Academic Report that as of November 5, the new ICA director is Zoë Ryan (Almanac August 25, 2020).

EVP Craig Carnaroli gave the Financial Report for the three months ended September 30, 2020. For the Consolidated University, he said the total net assets were $20.1 billion, an increase of $756 million, or 3.9% over September 30, 2019 and 4.7% above budget. The change in net assets from operations for the University (Academic Component) reflected a $42 million decrease. The change in net assets includes COVID-related revenue disruptions of $23 million in tuition and fees and $11 million room and board, offset by $27 million in travel and entertainment expense savings. The University finished the quarter in a stronger position than expected thanks to good expense management. For the Health System, the change in net assets from operations was $185 million, inclusive of $100 million in HHS Cares Act funding. Excluding Cares Act funding, operating income was $260 million above budget and $52 million below prior year.

In the Penn Medicine Report, Larry Jameson reported that Zeke Emanuel will be taking a leave of absence from his position as chair of medical ethics to join the President-elect’s COVID-19 task force. Dr. Jameson mentioned that five Penn faculty have been elected to the National Academy of Medicine (Almanac November 3, 2020)

The Budget and Finance Committee presented six Resolutions, which were passed:

• to authorize the Spending Rule for Endowments for FY21: to increase the target spending rate to 7.0% in FY21, retroactive to July 1, 2020. As a result, the effective payout rates for FY21, calculated on the basis of a three year moving average value of the June 30 endowment market value, lagged one year, will be 5.9% for financial aid endowments and 5.6% for non-aid endowments.
• to authorize a seven-year new lease for the Perelman School of Medicine, Gene Therapy Program; 411 Swedeland Road, King of Prussia; total lease obligation (Present Value) of $63,375,000, inclusive of $19,005,000 in capital.
• to authorize Stellar Chance Laboratories renovation for Environmental Health and Radiation Safety and Tandem Building demolition to clear space for the Vagelos Laboratory for Energy Science and Technology, in the amount of $14,000,000.
• to authorize design development phase of the Quadrangle College Houses renovation for an additional $5,100,000 (total revised budget of $11,250,000).
• to authorize Cyclotron Laboratory renovations and infrastructure modifications in the amount of $6,800,000.
• to authorize five-year master lease renewal for The Left Bank at 3118-3198 Chestnut Street; total lease obligation (present value) $6,453,000; space is occupied by Facilities and Real Estate Services, Business Services (Mail Services and the Penn Children’s Center), and Environmental Health and Radiation Service.

Resolutions of appreciation and designation as emeritus trustee were passed for James (Jamie) H. Greene, Jr. and Robert M. Levy.

Dhananjay M. Pai and Jill Topkis Weiss were elected as term trustees.

Michael J. Price and Richard W. Vague were re-elected as term trustees.

There were also numerous appointments to Penn Medicine and other Boards.