The University Board of Trustees convened two weeks ago at the Inn at Penn to tackle issues that could shape the course of Penn's future.
Issues addressed at this summer's Stated Meeting included Penn's agreement to prohibit investment in the Sudan as a response to what Penn considers genocide in that African nation.
The administration acknowledged that its policy of divestment from Sudan is an extreme measure and shouldn't be employed lightly, but that the situation warrants such an action.
However, Penn does not currently invest in any such companies, so the resolution approved by the board prohibits any future investment in Sudanese companies as well as seven international companies: Bentini SpA, Higleig Petroleum Services and Investment Co., Hi-Tech Petroleum Group, Nam Fatt Corp., Oil and Natural Gas Corp., PetroChina Co. and Sinopec Corp.
Many universities nationwide have condemned the Sudanese genocide in the Darfur region and have divested from companies connected to the regime in Sudan.
Other resolutions passed include the approval of a $2.57 million project designed to upgrade and add campus lighting to improve security and a $1.3 million initiative to renovate the elevators in the David Rittenhouse Laboratories.
The board also gave the green light to lease the land underneath the northern side of the 3900 block of Walnut Street, which will pave the way for the demolition of the buildings currently there and make room for a new apartment and retail space to be constructed by University Partners, a division of FirstWorthing Corp.
The plan to construct additional housing along the 3900 block has long been in the works, but the project needed approval by the Board before it could begin.
The board will also need to approve the building design, which has not yet been finalized -- but the trustees' Executive Committee can meet between sessions to approve that if necessary.
A financial report released at the meeting revealed that the University's operating budget for fiscal year 2007 will be $4.77 billion, which is an increase of 7.5 percent from the previous year and includes $2.43 billion for academics and $2.34 for the Penn Health System.
According to the report, financial aid has increased 8.3 percent to $275 million but total undergraduate payments went up 5.25 percent, making Penn the seventh most expensive college to attend in the country.
The consolidated University endowment, which includes the health system, rose $775 million to $5.148 billion.
The board consists of 55 Penn alumni who wield the ultimate decision-making power on many University matters. They convene three times a year in the fall, spring and summer.
Most work done by it is conducted through 11 committees, among which are Academic Policy, Budget and Finance, Development, External Affairs, Facilities and Campus Planning, Neighborhood Initiatives and Student Life. Trustees approve resolutions submitted by these committees at the Stated Meetings.
The trustees are set to convene again in October.
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