The University's endowment was down from $2.841 billion to $2.694 billion in the nine month period between June 30, 2002 and the end of March.
Reports on the endowment, the University's finances and several resolutions were the discussed when the University's Board of Trustees met on Thursday last week.
At a session of the Budget and Finance Committee, Vice President for Finance and Treasurer Craig Carnaroli presented a report on the progress of the University's investments.
The total net assets of the University and Health Systems -- which encompass the endowment as well as the University's other properties and funds -- decreased by $156.9 million or 3 percent in the fiscal period which ended on March 31, mostly due to a losses through investments, according to Carnaroli's report.
However, despite the declines in funds, the University's endowment still out-performed its benchmark -- a measure of the market context in which the University finds itself -- by half a percentage point.
Though the endowment shrunk under the pressure of the still bearish market, Penn's operating revenue actually increased.
The more than $178 million was attributed by Carnaroli to "two principal factors: growth in tuition fees [and] growth in non tradition programs like CGS and executive education" and a "jump in grant activity, principally from the school of medicine."
At the Stated Meeting, the Trustees voted to approve several resolutions presented, including an authorization for $4.49 million to be spent on improvements for Dining Services.
The planned upgrades include renovations to 1920 Commons, Hill House, and Houston Hall, as well as the creation of several cafes to be located in Van Pelt Library, Towne Hall and in the Law School's Stern Hall. Dining Services will also move forward with plans to build a "Triangle Diner" in the Stouffer Triangle complex. The diner, aimed particularly at freshmen living in the Quadrangle, will allow students to use their Dining Dollars.
Work on the various projects will continue throughout the summer, with plans to open the cafes in September and the diner by the end of fall break in October.
"We are very excited that the Trustees approved these," Dining Services Contract and Relationship Manager Laurie Cousart said.
Other resolutions passed by the Trustees include $2 million to be spent on repairs to the parking garage located on South Street east of the University museum, and $1.175 million to be spent on upgrades to 3401 Walnut Street, which will allow the Psychology department to move into space.
Additionally, the Trustees authorized the renewal of a $1.6 million loan to the Caring Center, which provides a child care facility at 31st and Spring Garden streets. In 1991, the Caring Center entered into a $1.5 million loan with the University to help start-up the facility where many children of Penn faculty and staff attend.
Reporter Spencer Willig contributed to this report.
