A Stated Meeting of the Trustees was held on Thursday, September 28, 2023.

During the President’s report, President M. Elizabeth Magill presented a resolution to appoint Sarah Banet-Weiser dean of the Annenberg School for Communication, which was unanimously approved.

Provost John L. Jackson, Jr., presented the academic report which included a resolution on faculty appointments and promotions that was approved.

Senior Executive Vice President Craig Carnaroli presented the financial report. For the consolidated University, total net assets were $29.8 billion as of June 30, 2023, an increase of $879 million, or 3% over June 30, 2022. Total investments were $23.1 billion, $606 million above last year. The endowment comprised approximately $21 billion of this total.

For the academic component, the change in net assets from operations reflected a $851 million increase versus a $1.5 billion increase in the prior year. Total revenue of $5 billion was $239 million, or 4.6%, above last year. Expenses of $4.1 billion were $393 million, or 10.5%, above last year. Capital expenditures totaled $344 million as of June 30, 2023, which was $137 million or 66.5%, above last year.

For the health system, the change in net assets from operations reflected an increase of $238 million through June 30, 2023. Operating revenue increased $770 million, or 8.4%, from $9.2 billion as of June 30, 2022 to $10.0 billion as of June 30, 2023. Expenses increased $680 million, or 7.5%, from $9.1 billion as of June 30, 2022 to $9.7 billion as of June 30, 2023.

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. He announced a new strategic plan and noted that Carl June had been awarded the 2024 Breakthrough Prize in Life Sciences—the fourth Penn faculty member to have received it in five years.

During the committee reports, Audit Committee Chair Alan Schnitzer presented a resolution, which was approved, to accept the audited financial statements for FY23. Budget and Fi- nance Committee Chair James Dinan presented the following resolutions, each of which was approved:

• To authorize Pennovation Works infrastructure phase one for an additional $6,012,000 (total revised budget of $22,972, 000)
• To authorize phase two of Penn Museum’s Coxe/Harrison wings renovation in the amount of $24,450,000
• To authorize Stuart Weitzman Hall renovation and addition construction documentation and early package procurement in the amount of $9,150,000
• To authorize Stellar-Chance Laboratories air handling units 1-6 refurbished in the amount of $7,380,000

Trustees Board Chair Scott Bok presented three resolutions, each of which were approved:

• To reappoint Jeffrey Horing and Alexander F. Stern to the Board of Advisors of the School of Engineering and Applied Science
• To appoint Andrew Schwartzberg to the Board of Advisors of Penn Libraries
• To re-appoint Nisha Hurst and to appoint Megan Sheetz to the Board of Advisors of the School of Social Policy & Practice

The next Board of Trustees meetings will be held on November 2-3, 2023.