Trustees review University finances

The University Trustees held their fall stated meeting yesterday, hearing reports on the University's investments and plans for campus development. Over two dozen Trustees joined top administrators at the Inn at Penn for the afternoon meeting and approved 21 resolutions. Investment Board Chair Howard Marks also presented an overview of the endowment's performance in Fiscal year 2000, which posted a disappointing 1.8 percent loss. "This endowment is well set up for adverse times, and that's what we had," Marks told the Trustees. "Things have turned in our direction. I think we're gaining ground." The Investment Board met yesterday morning in a closed meeting. William Mack also presented an update of the Facilities and Campus Planning Committee, which met on Monday at the University's new chiller plant. According to Mack, the majority of the group's discussion centered around the campus master development plan. They focused on entrances to campus, pedestrian access and expansion opportunities. Mack said the committee hopes that by its next meeting in the spring, it will have made progress in acquiring the sought-after postal lands east of campus. "We are working on it, and hopefully progressing to the point where we can give you what we hope to be positive news," Mack told those in attendance. University President Judith Rodin and Provost Robert Barchi also presented reports to the Trustees, and Executive Vice President John Fry delivered the University's financial report. There are currently 90 Trustees who advise the University in financing, academic initiatives, campus development and several other areas. While the Trustees usually break into committees at their fall, spring and summer meetings, they will instead spend the rest of this fall's meeting at an off-campus retreat in Princeton, N.J. "If you stay on campus, you sort of get caught up in the issues of the day," Trustees Chairman James Riepe explained. "This is something where we're trying to get the Trustees to look forward a bit." Today, the Trustees will also conduct a self-audit and look at their internal structure of governance. The remainder of today and tomorrow will be devoted to advising the administration on what Penn's long-term plan should be.

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