The Trustees’ Fall Meetings took place on Thursday, October 20, 2022, in the Inn at Penn. The Stated Meeting began with Trustees Chair Scott L. Bok welcoming President Liz Magill and describing the festivities that would occur during Inauguration and Homecoming weekend. 

University Chaplain Charles Howard delivered an invocation, spotlighting Brick House by Simone Lee and the awe it inspires among campus visitors. He blessed Homecoming weekend and President Magill’s inauguration. Mr. Bok presented four resolutions of appreciation for Adam Bernstein, Susanna Lachs, Mark Werner, and Janet Haas, all of which passed. Dr. Haas was also designed trustee emerita

President Liz Magill gave the President’s Report. She described the work of the Red and Blue Advisory Committee and urged the entire Penn community to get involved, and shared her appreciation for the people who have made her inauguration possible. She presented two resolutions, both of which passed:

• A resolution of appreciation for Interim President Wendell Pritchett, for ensuring a smooth transition between presidents and for his service in many prior leadership roles.
• Gregory Rost, who served as Penn’s senior vice president and chief of staff and was essential to the implementation of many of Penn’s strategic initiatives over the past 16 years.

Interim Provost Beth Winkelstein gave the academic report. She provided an update on Penn’s reaccreditation by the Middle States Commission on Higher Education (MSCHE) and a recent visit by its Lead Vice President in preparation for the completion of the University’s self-study report and review by a visiting team in 2024.

Senior Executive Vice President Craig Carnaroli gave the financial report. Total net assets for the consolidated University are expected to increase $184 million to $27.1 billion, primarily due to strong operating performance offset by anticipated negative investment performance caused by market volatility. An increase in net assets from operations of $1.6 billion is projected for the consolidated University.

Turning to the budget for the year, total net assets are budgeted to increase $1.7 billion to $28.8 billion. An increase in net assets from operations of $902 million is budgeted for the consolidated University. 

J. Larry Jameson, executive vice president of the University of Pennsylvania for the Health System and dean of Penn’s Perelman School of Medicine, gave the Penn Medicine report. He encapsulated an unprecedented year of discovery and innovation at Penn Medicine, which included the opening of the Basser Center and the Colton Center for Autoimmunity. 

The chairs of the committees on Academic Policy; Audit & Compliance; Budget & Finance; Development; Facilities & Campus Planning; Local, National, & Global Engagement; Student Life; and Penn Alumni reported on their meetings. 

Mr. Bok presented resolutions for appointments to the Penn Medicine Board and the Boards of Advisors of other Penn schools. The resolutions were approved.

A resolution from the nominating committee to elect David Blitzer, Alberto Duran, and Lynn Jerath as term trustees and to elect Julie Breier Seaman as a charter trustee were approved.