Tackling issues from the University's endowment to upcoming construction projects, the University Board of Trustees held its annual winter meeting on Thursday and Friday. In a series of meetings over the two days, the Board of Trustees met with University officials, culminating in a stated meeting on Friday morning during which a number of proposals were approved by the board. Additionally, the University's financial outlook was reviewed. At Thursday's Budget and Finance meeting, Vice President for Finance and Treasurer Craig Carnaroli presented an update, explaining that the endowment, though down for the first half of the fiscal year, has surpassed its benchmark. "I am pleased to report that our losses have been cut in half," Carnaroli said, referring to the first fiscal quarter's 8 percent drop. Although the endowment is down 4.1 percent, "we have surpassed our benchmark of 4.2 percent. We have not fully recovered, but we made some progress." Chairman of the Board of Trustees James Riepe also expressed some optimism despite the losses. "You'd much rather have a favorable environment..., but we have performed on a relative basis extremely well," Riepe said, adding, "I'm quite comforted by what we've done." Although the University's total net assets -- which include the endowment as well as all other University funds and properties -- has decreased 2.4 percent in the last six months, Carnaroli noted that contributions have increased 60.1 percent and that there has been strong revenue growth, much of which has come in the form of tuition from nontraditional programs, such as the College of General Studies. The academic component of the University's total net assets has experienced a 2 percent loss since June 2002, while the health services component saw a 6.4 percent decrease. The Board of Trustees also approved a number of campus construction projects, including work on Harrison College House, the next high rise dorm to undergo renovations. Like the Hamilton College House renovations -- which the board was updated on in the Facilities and Campus Planning Committee meeting on Thursday -- $26 million has been budgeted for the project. "We were encouraged enough to proceed with Harrison," Riepe said of the ongoing Hamilton construction. "I think the students will really appreciate it." Other projects approved by the Board of Trustees include improvements to the Annenberg Plaza area as well as renovations to classrooms in the Annenberg School for Communication. The School of Veterinary Medicine also will receive funding for laboratory renovations at the New Bolton Center. The Board of Trustees also authorized $1.5 million for improvements to heating, ventilation and air conditioning units in Steinberg-Dietrich Hall and $1.2 million for window replacement in Williams Hall. At the Budget and Finance meeting, Vice President for Budget and Management Bonnie Gibson, who replaced Mike Masch in September, presented the Actual v. Budget report, Peter DeAngelis presented a report on the Health System and Wharton School Dean Patrick Harker reported on Wharton's financial progress. Harker indicated that one of the main goals for Wharton is to attract graduate school alumni. "Primarily undergraduate alums are our donors," Harker said. "We need to continue to develop the [MBA alumni] pool." Other committee meetings included the Student Life Committee, which listened to a proposal for a performing arts hub that would occupy the former Stouffer Down Under dining hall space. The Student Life Committee was also briefed on secret societies and their institutional backgrounds. The Academic Policy Committee spoke about the possible initiatives to continuing education, such as professional certification and other programs for nontraditional students, while the External Affairs Committee discussed relocating the WXPN offices to the Hajoca Building at 3025 Walnut Street -- a move which would provide space for up to 100 students to work. Despite the inclement weather earlier in the week, most of the University's 87 trustees were able to make it to Philadelphia to attend the meeting. Staff reporter Alyssa Beaver contributed to this report.
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