A Stated Meeting of the Trustees was held on Thursday, September 22, 2022. 

During the President’s report, President M. Elizabeth Magill proposed two resolutions—to appoint James J. Husson as Vice President of Development and Alumni Relations, and to appoint Mark Dingfield as Vice President for Finance and Treasurer. Both were approved.

During the academic report, Interim Provost Beth A. Winkelstein discussed the reopening of the ARCH and celebrated the historic structure, which has been reimagined and serves as a hub for cultural resource centers. She presented a resolution on faculty appointments and promotions, which was approved.

Senior Executive Vice President Craig Carnaroli presented the financial report. For the consolidated University, total net assets were $28.9 billion as of June 30, 2022, an increase of $1.9 billion, or 7.1% over June 30, 2021 and 2.6% above budget. For the academic component, the change in net assets from operations for the University reflected a $1.5 billion increase versus a $424 million increase in the prior year and a budgeted increase of $93 million. Total revenue of $5.2 billion was $1.2 billion, or 31.1%, above the prior year and $1.4 billion, or 35.9%, above budget. 

Capital expenditures totaled $206 million as of June 30, 2022, $83 million, or 28.7%, below the prior year and $74 million—26.3% below budget. For the health system, the change in net assets from operations reflected an increase of $148 million through June 30, 2022. Operating income after transfers to PSOM and the University (academic component) was down $37 million or a loss of 0.4%. 

J. Larry Jameson, executive vice president of the University of Pennsylvania for the Health System and dean of the Perelman School of Medicine, gave the Penn Medicine report. 

During the committee reports, Audit Committee Chair Alan Schnitzer presented a resolution to approve the audited financial statements for Fiscal Year 2022, which was approved. Budget and Finance Commitee Chair Dhananjay Pai presented the following resolutions, all of which were approved:

• To authorize the remaining costs related to the addition of seven floors to the existing building at 3600 Civic Center Boulevard for the Perelman School of Medicine for an additional $335,285,000. 
• To authorize Quadrangle College House renovations for an additional $67,650,000.
• To authorize College Hall west wing restoration for an additional $68,225,000.
• To authorize Franklin Field team operations upgrade for $27.1 million.
• To authorize David Rittenhouse Laboratories air handling units 2 & 3 replacement and office 2N renovations in the amount of $11 million.

Trustees Chair Scott Bok presented a resolution to appoint Kendra B. Eager to the Board of Managers of the Wistar Institute, which was approved. 

The next Board of Trustees meetings will be held on October 20, 2022.