Capital thoughts
 

The Campaign for Penn has raised over $1.2 billion dollars for the University and we all appreciate the efforts made by trustees, alumni and friends of the University to build the University's endowment.  At the same time that we rejoice in the success of the campaign we also note that there remain many important projects that are unfunded or underfunded.  The list that follows is not meant to be exhaustive.  It arises, in part, from various Senate and Council reports and is biased toward undergraduate needs and the non-health schools.  In particular, I have focused on construction needs although I am know that most, if not all, of the schools in the University are under endowed.  I invite others to supplement my list.  My intention is to begin to articulate the University's needs so that President-elect Rodin and the trustees can establish priorities for fund raising in the decade to come. Undergraduate needs The report of the Senate Committee on Students and Educational Policy that appears in this issue presents a plan for enhancing the intellectual and social life of undergraduates.  Fundamental to that plan is the renovation of the existing residential into smaller living/learning units and the construction of new facilities so that all freshman and sophomores can live on campus.  Estimated cost $200 million. The University Council Committee on Admissions and Financial Aid has been discussing the need to continue need-blind admissions.  More importantly the cost of Financial Aid has been a drain on the resources of the schools with undergraduate programs.  At peer universities much of the funding for undergraduate financial aid comes from endowment.  The current campaign has a goal of $50 million for undergraduate financial aid,  This is a beginning but only a beginning.  The amount of endowment needed for student aid is estimated to be $600 million. Revlon Center: The need for a new Campus Center has been discussed elsewhere.  Over $10 million has been raised toward construction.  The estimated amount  for completion is $30 million  Relocation of the Bookstore: Estimated cost $10 million Diversifying Locust Walk: Estimated cost $7 million Library endowment: As reported by the Council Committee on the Library, our expenditures on the library rank well below those of the schools we think of as our peers.  The average expenditure on library of the U.S. ARL libraries was 3.03% of the University budget.  At Penn we spend 2.48% of the budget.  The amount of endowment required to support an annual budget equal to 3.03% is estimated at $145 million. Deferred Maintenance and Renovations: Deferred maintenance: Estimated cost $120 million Interior Logan Hall renovations: Estimated cost $7.5 million Interior Bennet Hall renovations: Estimated cost $7.5 million Houston Hall interior renovations: Estimated cost $10 million Law School Renovations; Estimated cost $9 million Engineering laboratory renovations including space for Cognitive Science: Estimated cost $2.5 million MBA Living/Learning Center: estimated cost $20 million Research Infrastructure: Institute for Advanced Science and Technology: Additional funding needed for construction: $50 million Psychology Office Building: $12 million Academic Development Center:  I wrote earlier of the need for a center to support innovative programs that transcend existing structures.  To endow such a program and provide a building for the center will require $80 million.  I have focused on the non-health schools.  Certainly there are prodigious needs in Medicine and the other health schools.  I can not begin to estimate those costs and will leave it to others to supply the numbers. Academic excellence does not come cheaply.  To attract and retain the best students and faculty, we need first rate learning, living and research facilities.  The need for fund raising will not go away.  Now that we have demonstrated that we can raise substantial funds we can not rest on our laurels. It is not too early to set priorities for fundraising for the next decade to ensure that Penn will lead the way.