The University of Pennsylvania Board of Trustees held their fall meetings on November 2-3. The stated meeting began with chair Scott Bok addressing letters calling for his resignation. After polling current Trustees, none wished to pursue the proposal to replace him as board chair.

After the invocation from Charles Howard, University Chaplain and Vice President For Social Equity and Community, two memorial resolutions were presented by Mr. Bok—for Robert I. Toll, L’66, and A. Bruce Mainwaring, W’47, both former Trustees. A resolution was approved to amend of the bylaws of Penn Medicine.

During the President’s report, President Liz Magill addressed the difficult events in the world and in the Penn community. She expressed her horror at the resurgence of antisemitism and Islamophobia campus and beyond, and said her plan to combat such hatred was announced Wednesday (see page 1). She expressed her belief in Penn, its people, and its noble missions.

During the academic report, Provost John Jackson reiterated the commitment to addressing this difficult moment and made assurances that the University is addressing the challenges on numerous fronts. He presented the resolution on faculty appointments and promotions, which was approved.

During the financial report, Senior Executive Vice President Craig Carnaroli said for the three months that ended September 30, 2023, Penn’s total net assets were $29.7 billion, an increase of $1.2 billion over last year. For the academic component, the change in net assets from operations reflected a $50 million increase versus a $150 million increase last year. For the health system, the change in net assets from operations reflected an increase of $58 million. Operating revenue increased $173 million.

The Trustees then heard the Penn Medicine report and the committee reports. The following resolutions were authorized:

• Stuart Weitzman Hall additional early procurement packages of $13.15 million—for a total revised budget of $22.3 million.
• A new ten-year lease for the Provost’s Center for Penn Global, University Life and Career Services at 3935 Walnut Street, for $16.291 million (inclusive of $7.7 million in capital)
• Early procurement for the student performing arts center for an additional $6 million (a total revised budget of $11.88 million)
• Vance Hall and Huntsman Hall MBA program and career management renovations for $9.512 million
• Ten appointments to the Penn Medicine board and other Penn-wide advisory boards
• Appreciation for Connie K. Duckworth
• Appreciation for Perry Golkin and Designation as Trustee Emeritus
• To elect Brett Barth, George K.L. Hongchoy, and Catherine M. Lyons as Term Trustees
• To elect Ramanan Raghavendran as Charter Trustee