The Executive Committee of the University Trustees approved every resolution placed before it without discussion during a half-hour meeting on Friday. The committee, responsible for approving major decisions made by the University, rubber stamped resolutions ranging from the appointment, promotion and resignation of several dozen professors to a request by administrators that money be allocated for the planning of the proposed Revlon Center. Trustees and administrators alike also heaped praise upon outgoing Executive Vice President Marna Whittington. "There really is no need for me to tell this group how important she has been to the University," President Sheldon Hackney said, calling on the Trustees to "gather with all of the people across the campus who want to say a fond farewell to Marna as she rides off," to her new job in the private sector. Hackney announced that, during the interim period, while a replacement is being sought, John Gould, executive director of the office of the president, will serve as acting executive vice present. Linda Hyatt will assume Gould's duties until a new executive vice president is found. In his report, Hackney updated the Trustees on the progress of the Philadelphia Mayor's Scholarship controversy which has pitted the University against the Public Interest Law Center of Philadelphia over the number of scholarships the University is required to provide to Philadelphia students. Hackney told the Trustees that, in spite of this week's court ruling paving the way for a trial, he is "quite confident of the legal merits of [the University's] case." The University is working with the city to "strengthen our implementation of the Mayor's Scholarship fund and to intensify our recruitment of students from the local community." Executive Vice President Whittington reported that, despite the elimination of state funding, the University's budgetary surplus in unrestricted funds was $25,000. And John Neff, chairman of the Trustee's Investment Board, reported that the University's endowment, valued at $875,300,000, fell by $6,700,000 by the end of August. But the endowment has grown by $730,000,000 since its 1979 level of $133,900,000. Neff said that, fortunately, the University has been isolated from the recent volatility in European markets because the University has avoided overseas investments. And the Trustees approved the election of Steven Murray to Vice President of Business Services. Administrators said the move is merely a change in title. Finally, the Trustees approved several resolutions permitting the administration to carry through with the building of an additional floor to the Hospital of the University of Pennsylvania's planned swing building. The additional floor is expected to cost almost $6 million and will bring the total cost of the Hospital's new building to $54.7 million.Comments powered by Disqus
Please note All comments are eligible for publication in The Daily Pennsylvanian.