The University Board of Trustees discussed Penn's continuing academic and financial progress at its stated meeting Friday in the Faculty Club. Concluding the third day of the Trustees' tri-annual meetings, the stated meeting provided a forum for University officials and the 55 Trustees in attendance to report on Penn's initiatives and strategic planning. In her opening remarks, University President Judith Rodin formally introduced Provost Robert Barchi, who took office February 1. Rodin noted that Barchi "joins a long line of extraordinary academic leaders in the role of provost." She then spoke about early admissions for the Class of 2003 -- noting that applications are "once again at an all-time high" and that the diverse applicant pool has a "record number of minorities." Rodin also talked about the newly created Humanities Forum, adding that it will "serve as a pillar of our intellectual community." Finally, Rodin announced that the University has appointed Leroy Nunery as Penn's new vice president for business services. That post was held for six years by Steve Murray, until he died of cancer last April. Associate Vice President for Business Services Marie Witt has served in the position on an interim basis since that time. Nunery, who has been a managing director of Nations Bank Montgomery Securities since 1997 and previously served as the vice president of the National Basketball Association, will assume the position on March 15. Following Rodin's opening remarks, Barchi spoke to the Trustees briefly about his goals to enhance the academic advantages of Penn and to "reaffirm the office of provost as chief academic officer of the University." Executive Vice President John Fry then reviewed the current state of the University's finances. Fry explained that the net assets of the University since the beginning of fiscal year 1999 have increased by $80.9 million. This increase, however, is offset by a net loss on investments by $31.9 million this year. After the University administrators gave their reports, the nine chairpersons of Trustee committees reported on the discussions within the individual committee meetings. The Facilities and Campus Planning Committee focused on the ongoing campus development and retail projects on campus, citing the upcoming construction of the Sundance Cinemas on 40th Street in April. The Academic Policy and Student Life committees both praised several student projects, including undergraduate research programs and community service initiatives. Before the close of the meeting, the Trustees approved several appointments. Ronald Perelman was appointed to the position of Charter Trustee and Trustee Marjorie Rendell -- a judge on the U.S. Circuit Court of Appeals and wife of Philadelphia Mayor Ed Rendell -- was named to the Nursing School's Board of Overseers.
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