Penn's endowment is close to reaching $6 billion, officials announced Friday as the University's Board of Trustees wrapped up its winter meetings.
The University's endowment as of Dec. 31 was $5.923 billion, up $610 million since June 2006.
And financial updates were just one item on the agenda as trustees gathered to hear updates from top University officials and trustee committee chairmen at the board's full meeting on Friday.
A summary of the meeting's proceedings:
n In her report to the board, Penn President Amy Gutmann highlighted the University's achievement over the past few months.
"Penn continues to gather steam," Gutmann said, noting a record number of applicants for the Class of 2011, the forthcoming construction of an advanced proton-therapy facility and her recent signature on a sustainability pact that promotes environment-friendly initiatives.
n Gutmann announced that Andrew Porter, currently the director of the Learning Sciences Institute at Vanderbilt University, will become dean of the Graduate School of Education in August.
n She added that she is confident that the public launch of the University's capital campaign will begin in the fall "with great momentum."
n The trustees officially approved the appointment of Gregory Rost as Gutmann's new chief of staff.
n Provost Ronald Daniels reminded the board of two searches that are currently under way, for Associate Provost for Faculty Affairs and Director of the Penn Museum of Archaeology and Anthropology.
n Executive Vice President Craig Carnaroli said that Penn continues to have strong investment and net-asset performance.
n School of Medicine Dean Arthur Rubenstein said the Health System is in "sound" financial shape and that, despite National Institutes of Health grant cuts, Penn Medicine faculty continue to gain recognition.
As Penn's top governing body, the trustees meet three times each year at the Inn at Penn to discuss major issues facing the University.
Friday was the second and final day of this round of meetings. The 11 separate committees of the board had previously met individually.
The trustees will next meet in June.
