Officials announced that they are more than $1 billion into the largest fundraising campaign in University history as the annual fall trustee meetings drew to a close.
Friday was the second and final day of trustee committee meetings that had been taking place at the Inn at Penn.
In the stated meeting, officials recapped what had taken place at previous meetings and what to expect in the future.
n University President Amy Gutmann announced that funds from the upcoming capital campaign will be used in part for Penn's 24-acre eastward expansion plan.
The $1 billion in donations will form the "nucleus fund" of the campaign, or the base for further fundraising, Gutmann said.
Gutmann said that as of last week, contributions have pushed the "nucleus fund" for the campaign, which will launch next semester, past $1 billion.
The trustees publicly stated their support for maintaining the early decision option for undergraduate admissions, Gutmann said. Early decision, "helps us enroll a high-achieving . class who are passionate about being here at Penn," she added. "This enthusiasm richens the Penn experience for all."
Gutmann said that Penn is focusing on the urgent national call for increasing need-based financial aid.
"It is essential to improving access," she said. "In order to be leaders in asking our government to increase rather than decrease . we ourselves need to put our money where our mouths are."
University Provost Ronald Daniels said Penn is beginning a new honors program for undergraduate researchers beginning with the Class of 2011. Ten to 15 students will be recruited to engage in community service and local issues with a global perspective.
He said this program builds on Penn's philosophy of public engagement and should help connect students' "scholarly and service interests."
The Health System had its most financially successful 12 months in history last year, said Executive Vice President Craig Carnaroli. The system is a $3 billion enterprise, according to Arthur Rubenstein, executive vice president of Penn Health and dean of the Medical School.
Rubenstein also said that he is planning for a new research building and intends to present ideas for it at the winter trustees' meetings.
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