At the University of Pennsylvania Trustees’ winter stated meeting on Friday, March 3, 2023, Chair Scott L. Bok presented a memorial resolution for M. Claire Lomax, a Charter Trustee who passed away last year. Charles Howard, vice president for social equity and community, and her sister, Sara Lomax-Reese, described Ms. Lomax’s impact and legacy (Almanac July 19, 2022).

Mr. Bok presented a resolution to amend the statutes of the Trustees to designate the University President as a voting member of the Trustees. The statues would be amended to read, “Trustees Ex Officio: During their respective terms, the Governor of the Commonwealth of Pennsylvania, without vote; and the President of the University, with vote.” The resolution was approved.

During the President’s report, President Liz Magill presented a resolution to appoint John L. Jackson, Jr., as provost, effective June 1, 2023 (Almanac January 31, 2023). He currently serves as the Walter H. Annenberg Dean of the Annenberg School for Communication and Richard Perry University Professor at Penn. The resolution was approved.

President Magill thanked the members of the consultative committee for the selection of the provost. She also expressed gratitude for the dedication of Interim Provost Beth A. Winkelstein. President Magill reported on the work of the Red and Blue Advisory Committee, chaired by Dean Jackson, for a University-wide vision for Tomorrow, Together. Members have held meetings with stakeholders and will make recommendations about future strategic priorities.

Interim Provost Beth A. Winkelstein discussed the appointment of Hikaru “Karu” Kozuma as vice provost for university life, beginning May 1, 2023 (Almanac February 28, 2023), and the appointment of Russell J. Composto as faculty co-director of Penn First Plus (P1P), beginning July 1, 2023 (Almanac February 28, 2023). She presented a resolution on faculty appointments and promotions, which was approved.

Senior Executive Vice President Craig Carnaroli presented the financial report for the six months ending on December 31, 2022. For the consolidated University, total net assets were $29.3 billion, an increase of $1 billion, or 3.6%, over the previous year. For the academic component, the change in net assets from operations for the University reflected a $599 million increase versus a $747 million increase last year. Total revenue of $2.6 billion was $68 million, or 2.7%, above last year. Expenses of $2 billion were $216 million, or 12.1%, above last year.

For the health system, the change in net assets from operations reflected an increase of $104 million through December 31, 2022. Adjusted admissions of 154,497 through six months were 2.9% above last year.

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 discussed how Penn Medicine is thriving and continues to lead in healthcare.

During the committee reports, the following resolutions were approved:

• Establish a master of science in oral and population health in the School of Dental Medicine.
• Establish a master of professional nursing in the School of Nursing.
• Engage an independent accountant (PricewaterhouseCoopers) for fiscal year 2023 to audit Penn financial statements.
• Pre-approve recurring non-audit fees paid to the independent accountant for FY 2024.
• Authorize tuition, fees, and other student charges for academic year 2023-2024. For undergraduates, tuition, fees, room and board will total $84,600, a 4% increase from the current school year. The administration projects that the undergraduate financial aid budget for academic year 2023-2024 will total $287 million.
• Authorize Silverman Hall ground and first floor fan coil units replacement and faculty offices renovation in the amount of $10.2 million.
• Authorize Silverman Hall second floor renovations for $8.9 million.
• Authorize Hollenback Center HVAC replacement for $9.335 million.

During the Penn Alumni report, Trustee Michael Barrett, ENG’89, was recognized as the new president of Penn Alumni. A resolution to elect Mr. Barrett to the executive committee was approved.

Several resolutions of appointments to Penn Medicine and other boards were approved.

The next meeting of the Trustees is scheduled for May 2023.