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The funds would come from capital gifts or Wharton's funds. Credit: Amanda Suarez

Penn announced new plans for a $14.86 million renovation to Steinberg-Dietrich Hall at the Board of Trustees budget and finance meeting Thursday. Administrators also proposed a $21.45 million budget to install air conditioning units in Gregory College House and repaint Mayer Hall of Stouffer College House.

At the meeting, the Board of Trustees discussed proposed changes to the budget, as well as Penn's financial performance. 

The suggested renovations to Steinberg-Dietrich Hall cover a 30,000-square-foot space. The renovations would provide new spaces for the Wharton Behavioral Lab, the Wharton School's undergraduate division, private offices, and classrooms. The funding would come from donations or existing Wharton funds.

The University's endowment is currently at $14.7 billion, after a consistent average growth rate of about 9.7% over the past 10 years.

Administrators also proposed that Penn contracts the delivery of solar-generated electricity, which would be a significant step towards Penn's commitment to having a neutral carbon footprint by 2042. The solar-generated electricity would reduce approximately 75% of Penn's annual carbon emissions, and the contract would be for 20-25 years. 

The committee also heard updates on current and upcoming University-wide technology projects. Penn plans to contract with Amazon Web Services, a provider of on-demand cloud computing platforms, to provide protection and better manage cloud computing services across campus.

The Board of Trustees full board meetings are scheduled for three times a year. The fall meeting involving the entire board took place Friday, while a series of Trustees committee meetings took place a day earlier.