The Board of Trustees held virtual meetings of the Budget and Finance Committee and the Executive Committee on May 12, 2022.

During the Executive Committee meeting, as part of the President’s Report, Interim President Wendell Pritchett presented a resolution to appoint Michael Citro as Vice President and Chief of Staff, effective July 1, 2022. Mr. Citro will join Penn from the University of Virginia. The resolution was approved. During the Academic Report, Interim Provost Beth Winkelstein presented a resolution on faculty appointments and promotions, which was approved.

Craig Carnaroli, Senior Executive Vice President, gave the Financial Report for the nine months that ended March 31, 2022. For the consolidated University, the total net assets were $28.8 billion, an increase of $5.9 billion, or 25.9 percent, over March 31, 2021 and 3.5 percent above budget. For the academic component, the change in net assets from operations for the University reflected a $1.0 billion increase versus an $8 million decrease in the prior year and a budgeted increase of $15 million.

For the health system, the change in net assets from operations reflected an increase of $137 million through March 31, 2022. Excluding HHS funding, the operating income was $120 million, or 1.8 percent, $43 million lower than budgeted and $136 million lower than the prior year. Operating revenue increased by $392 million, or 6.1 percent, from $6.4 billion as of March 31, 2021 to $6.8 billion as of March 31, 2022. Expenses increased $712 million, or 11.9 percent, from $6.0 billion as of March 31, 2021 to $6.7 billion as of March 31, 2022.

Three additional resolutions were approved:

• Resolution to authorize certain costs related to the addition of seven floors to the existing building at 3600 Civic Center Boulevard for the Perelman School of Medicine in the amount of $24,715,000.
• Resolution to authorize sanitary stack lining for Harrison and Rodin College Houses in the amount of $9,145,000.
• Resolution to authorize upgrades to Meiklejohn Stadium in the amount of $5,063,000.

The next Board of Trustees meetings will be held on June 9 and 10, 2022, at the Inn at Penn.