At the University of Pennsylvania Trustees’ Winter (virtual) Stated Meeting of the Executive Committee on Friday, February 26, Chair David L. Cohen read the memorial resolution for former Trustee Lawrence Nussdorf, W’68, and expressed condolences to his wife, Melanie, CW’71, and their sons (Almanac November 24, 2020). Resolutions to elect Lynn Jerath to the Investment Board and to amend the bylaws of Penn Medicine regarding gender-neutral terminology were approved. During Vice Chair Scott Bok’s report, a resolution to amend the statutes of the Trustees to revise term limits was approved.

President Amy Gutmann reported that around 3,000 undergraduate students moved back to campus this spring. Almost 56,000 applications were received for the class of 2025, the largest applicant pool in Penn’s history. She said Whitney Soule has been named Vice Provost and Dean of Admissions, effective July 1 (Almanac February 23, 2021) and Carl June, the Richard W. Vague Professor in Immunotherapy in the department of pathology and laboratory medicine, PSOM, and director of the Center for Cellular Immunotherapies at Abramson Cancer Center, has been named a 2021 Dan David Prize Laureate (Almanac February 23, 2021). A resolution to extend the appointment of J. Larry Jameson as Executive Vice President for the Health System and as Dean of PSOM through June 30, 2025 was approved.

Provost Wendell Pritchett announced the appointment of Christopher Woods as Williams Director of the University of Pennsylvania Museum of Archaeology and Anthropology, beginning April 1, 2021 (Almanac January 26, 2021).

EVP Craig Carnaroli gave the financial report for the first quarter, which ended September 30, 2020. The Consolidated University total net assets were $20.1 billion, an increase of $756 million from the previous year. A total revenue of $2.9 billion was $74 million above the prior year. Expenses of $2.8 billion were $25 million above the prior year. For the Academic Component, net assets from operations reflected a $42 million decrease versus a $30 million decrease the prior year. This includes COVID-related expense disruptions of $23 million in tuition and fees and $11 million in room and board, offset by $27 million in travel and entertainment expense savings. Total revenue of $804 million was $59 million below the prior year and expenses of $846 million were $47 million below the prior year. Capital expenditures totaled $90 million for the period; notable projects include New College House West, Wharton Academic Research Building and Substation, the Venture Lab at Tangen Hall, and renovations to the Steinberg Hall-Dietrich Hall Behavioral Labs and Franklin Field. For the Health System, the change in net assets from operations was $185 million inclusive of $100 million in U.S. HHS CARES Act funding. Excluding that funding, operating income was $260 million above budget and $52 million below the prior year. Adjusted admissions of 69,000 through the three months were 12.5% above budget, reflecting a faster recovery than forecasted but 6.3% below the prior year. Capital expenditures were approximately $113 million, driven by projects including the New Patient Pavilion, the new outpatient center at Radnor, and the Chester County inpatient tower.

PSOM Dean and EVP of the Health System Larry Jameson said Pfizer’s new mRNA vaccine is based on technology developed at Penn, as is the new Moderna vaccine. This year, Penn Medicine faculty published 476 high-impact papers in leading journals, including 32 COVID-related papers. The NCI Comprehensive Cancer Center grant was successfully renewed as well as the ITMAT/CTSA grant, led by Dr. Garret FitzGerald of The FitzGerald Lab at PSOM.

Ann Reese, chair of the Audit & Compliance committee, presented a resolution that PricewaterhouseCoopers be appointed as independent accountants to audit the financial statements of Penn for Fiscal Year 2021, which was approved.

Dhan Pai, chair of the Budget & Finance Committee, presented these six resolutions for approval, all of which were approved:

• Undergraduate charges of $79,014 for academic year 2021-2022, which includes tuition of $54,652, fees of $7,058, a standard room rate in the residence halls of $11,358, and a meal plan charge of $5,946. Undergraduate financial aid budget will be established at $256 million.
• Authorizing Vagelos Laboratory for Energy Science and Technology construction documents and early construction procurement for an additional $15,075,000.
• Authorizing Boathouse Renovations in the amount of $13.5 million.
• Authorizing Sansom Place West Interior and Utility Infrastructure Improvements in the Amount of $10 million.
• Authorizing Franklin Field Concrete Restoration Phase 4 in the amount of $9.7 million.
• Authorizing Steinberg Conference Center Mechanical, HVAC and Façade Upgrades in the amount of $7.5 million.

Also approved were eight resolutions of appointments to various boards. The spring Trustees meetings will be held June 10-11, 2021.