A stated meeting of the Board of Trustees took place on March 6, 2026, at the Inn at Penn.

After a call to order by chair Ramanan Raghavendran, the invocation was given by Charles Howard, University Chaplain and Vice President for Social Equity and Community. He explained that, while times are hard and we may feel a heaviness of spirit, warmer days are coming and things often have a way of righting themselves.

Mr. Raghavendran presented a resolution to amend the statutes of the Trustees of the University of Pennsylvania to clarify, refine, and harmonize provisions of the statutes regarding the appointment, terms and removal of members of the Executive Committee, Investment Board, and Penn Medicine Board which was approved.

President J. Larry Jameson provided an update on support available to the University community during the conflict with Iran. All scholars and students in the region have been accounted for and are safe. Travel guidance has been issued for community members.

President Jameson also gave an update on Penn Forward, the University-wide initiative to shape Penn’s future. The proposals advanced by the working groups ranged from strengthening undergraduate and graduate and professional education for a rapidly changing world to increasing access and affordability. Penn’s leadership team will begin implementing several of the proposals submitted.

President Jameson also presented a resolution to appoint Colleen O’Neill as vice president for finance and treasurer effective April 13, 2026 (Almanac March 3, 2026). The resolution was approved. Provost John L. Jackson, Jr., presented the academic report, including the promotion of Laura Perna to senior vice provost for faculty (Almanac February 24, 2026). He presented a resolution on faculty appointments and promotions, which was approved.

Executive Vice President Mark Dingfield presented the financial report. The University’s total net assets were $35.7 billion as of December 31, 2025, an increase of $1.8 billion, or 5.4% over June 30, 2025. The change in net assets from operations reflected an increase of $400 million through December 31, 2025. Operating revenue of $9.3 billion was $707 million, or 8.2% above last year. Expenses of $8.9 billion were $930 million, or 11.6% above last year.

For the academic component, the change in net assets from operations for the University reflected a $146 million increase versus a $440 million increase last year. Total revenue was $2.5 billion and expenses were $2.4 billion.

For the health system, the change in net assets from operations reflected an increase of $253 million through December 31, 2025. Operating revenue increased $941 million, or 16.2%, from $5.8 billion as of December 31, 2024, to $6.8 billion as of December 31, 2025. Expenses increased $869 million, or 15.2%, from $5.7 billion as of December 31, 2024, to $6.6 billion as of December 31, 2025.

Jonathan A. Epstein, Dean of the Perelman School of Medicine and Executive Vice President of the University of Pennsylvania for the Health System, gave the Penn Medicine report. 

During committee reports, the following resolutions were presented and approved:

• To establish a master of medical science in the Perelman School of Medicine
• To establish a master of applied science in computer science in the School of Engineering and Applied Science
• On the engagement of an independent accountant for fiscal year 2026 and to pre-approve recurring non-audit fees paid to the independent accountant for fiscal year 2027
• To authorize tuition, fees, and other student charges and financial aid for academic year 2026-2027
• To authorize the execution of a University of Pennsylvania Health System note and investment of up to $10 million in Vision Professional Services, LLC
• To approve expanded purposes of the Rutledge Memorial Fund
• To authorize McNeil Building lower-level renovation design and construction in the amount of $11.5 million

Mr. Raghavendran presented 13 resolutions for appointments to Penn Medicine, advisor, and other boards, all of which were approved. The next meeting of the Board of Trustees is scheduled for May 14, 2026.