Our readers keep us independent, beholden to no outside influence, and accessible to everyone whether they can afford to pay for news, or not. For fans of Harry Potter, in the prequel movie Fantastic Beasts: The Crimes of Grindelwald, Albus Dumbledore tells Newt Scamander the following: Do you know why I admire you, Newt? Receive all the latest news and events right to your inbox. The board has made some, and continues to explore, changes to reduce costs, including remote off-cycle committee meetings, remote attendance for trustees, moving the full board meeting to the Eric J. Barron Innovation Hub Building, limiting the number of administrators and staff who are working at meetings and changing streaming services from WPSU to Microsoft Teams managed by Penn State IT, DuBois said. (Action Item 7), [Amendments to the operating guidelines of the Boards subcommittee on compensation. Megan Swift is the editor-in-chief of The Daily Collegian. In the alumni election, the distribution of votes per candidate was as follows: Additionally, Donald Cairns was elected and incumbent Chris Hoffman was reelected by the delegates of agricultural societies, Robert Fenza and Mary Lee Schneider were reelected as trustees representing business and industry, Julie Anna Potts was reelected as an at-large trustee and Nicholas Rowland was elected as the boards academic trustee. The group made local news last week after allowing its fraternities to register State Pattys weekend social events for the first time since 2011. (State College) The Penn State Board of Trustees approved a salary increase for university employees on Thursday. To someone like myself, who works in the investment management field, considering other factors aside from pure financials is common and prudent. Check upcoming meeting dates or watch a recording of a previous meeting to find out what you missed. Matthew W. Schuyler (2023) Chief Brand Officer. Editor in Chief. So it is money thats going back to the university for those services.. Please, The Penn State Board of Trustees met Friday, February 17th 2023 at the Penn Stater to vote on eight agenda action items. Sent every Friday and Monday. But I am not an advocate for the prices we have paid for many of those projects. Share feedback on issues related to the Boards responsibility for governing and stewarding the University using an anonymous feedback form. region. SUMMARY OF THE BUDGET PLAN. Community Rules apply to all content you upload or otherwise submit to this site. The university described Spotlight PAs story as speculative. (Read the full exchange here.). Sign up today! A committee of the Board of Trustees, including many of its most influential leaders, has also come under scrutiny for regularly holding private meetings that potentially violate Pennsylvanias transparency law. Its members include the university's president, the Governor of the Commonwealth, and the state Secretaries of Agriculture, Conservation and Natural Resources, and Education, as well as a representative for the Governor. But this stake is not very large given the states current financial distributions to the university. Coming off a $127 million deficit last year, Penn State is under a blanket strategic hiring freeze until at least the summer of 2023 to help balance its budget. So if you're inheriting everything or almost everything in the trust, there's usually no reason to call some of the money a "fee"you'll only end up paying more tax than you have to. The expense reports show the trustees paid the Penn Stater more than $100,400 for Meals and Break Services during meetings there. There were 1,068 write-in ballots. Part 3: The proposal to appoint Randall E. Black, Barbara L. Doran, and Brandon D. Short, non-University employees, to membership (of the PSIC) with terms expiring in 2024, 2025 and 2026. Eric Hagarty, Acting Secretary, Department of Education, Abraham Amors (2024) Director of Operations, PA Municipal League, Daniel J. Delligatti (2023) President and Owner/Operator, M&J Management Corporation, J. Alex Hartzler (2022) Managing Partner & Founder, WCI Partners, LP, David M. Kleppinger (2022) Chairman Emeritus, McNees Wallace and Nurick, LLC (, Stanley I. Rapp (2023) Partner, Greenlee Partners, LLC, Governor's Non-Voting Representative: William S. Shipley, III, Chairman, Shipley Group. You have permission to edit this article. 201 Old Main exclusive reporting, plus the most important news and events from our The fine increases to $500 to $2,000 for subsequent offenses. President Neeli Bendapudi also implemented a sweeping 3% budget cut. Right now, we are not even close in fundraising. Especially in tighter economic times, people should not be forced to choose between the essentials, and essential news. Handling other people's money is a serious responsibility. We have no billionaire owner or shareholders to consider. The trustees, on the other hand, are the governance that sets the strategies and policies of Penn State. block. Note: The date in parentheses following each name indicates the year in which the term will expire. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). Quentin E. Wood, Retired Chairman of the Board and Chief Executive Officer, This page was last edited on 4 February 2023, at 07:49. Sign up for This will provide the best opportunity for the university to be responsive to the desires of its lifeblood those who are and were educated by Penn State. STATE COLLEGE (MCT) - Two candidates for Penn State board of trustees in the crowded field have dropped out of the race. But the point was that I felt I was engaged and making reasonably good choices. President, A.P. In partnership with the president, the board seeks to advance the institution while acting in the best interests of the University community. William Schreyer -- a Penn State trustee whose daughter is a longtime board member of The Second . They usually have or formerly had other careers and are happy to provide their expertise to a charitable organization. The struggle continued for three long years and finally in 2012 a newly established IOB bank close to his business unit lent him INR 24,000 which he successfully repaid. Trustee spending peaked over the past decade during fiscal year 2015-16, when the board spent more than $415,000 on meetings, according to older financial reports. So there we have all our criteria. PHILADELPHIA (AP) - Penn State's board of trustees is dominated by a few wealthy and well-connected insiders, demands permanent secrecy, silences dissent and is in dire need of reform,. Under state law, fees are usually calculated either as a percentage of the total value of trust assets or a percentage of the transactions you make (the money that goes in and out of the trust). Approval of Subcommittee on Compensation Operating Guidelines. ), Proposed Purchase of Property at 131-151 Mendels Way, Benner Township, Centre County (Action Item 5), [This purchase will provide real estate to further Penn States Agricultural Research efforts.]. The COVID-19 Operations Control Center at Penn State released its plans for coronavirus mitigation, which will be in effect during May and the. Penn State trustees ratify request for major boost in state aid, Penn State trustees approve beer sales to general fan base during home football games. In an internal memo obtained by Spotlight PA, the university declares it is time to recalibrate the relationships involved so the pendulum moves toward chapter self-governance, and away from University monitoring and intervention., According to the document, Penn State plans to end the regular monitoring of chapter houses, allow first-semester recruitment, and help Greek organizations that want to reestablish themselves at the university. In 2015, the university suspended a fraternity for violations that included members posting pictures of nude women, who were possibly unconscious, on a private Facebook page. But considering a more robust set of factors, including the consideration that TESLA might become a future market leader in a rapidly growing business, or that TESLAs leadership team had a strong track record of successful innovation a prudent investment manager might very well have made that investment. It could get very expensive with regard to damaging the endowments investment performance - and all the fallout that entails. Wyatt Massey of Spotlight PA State College, creation of a new vice president position, regularly holding private meetings that potentially violate Pennsylvanias transparency law, Unequal election policies disenfranchised Pennsylvania voters in 2022, by Kate Huangpu of Spotlight PA and Carter Walker of Votebeat, How anxiety came to dominate the big business of medical marijuana cards in Pennsylvania, Thousands of Pa. homeowners feel stuck in a high-stakes game of telephone with their homes, vital utilities on the line, What the public can and cant know about Four Diamonds, beneficiary of Penn State THONs fundraising, Grudges, tribalism, and infighting rife in Pennsylvania borough that hired the cop who killed Tamir Rice, by Min Xian of Spotlight PA State College, A complete guide and amendment tracker for proposed changes to Pennsylvanias Constitution, Penn State distances itself from past diversity proposals while launching similar efforts, by Wyatt Massey of Spotlight PA State College, Penn State trustees heard universitys diversity plan in secret 2021 gathering. Error! Including a plethora of interpretations/viewpoints that would significantly restrict investment options in the Penn State Endowment for non-financial reasons. Penn State currently recognizes more than 60 Greek-letter organizations, grouped under four governing councils, and lists eight suspended fraternities on its website. What happened to the arrest, use of force data Penn State police promised to release? Salary ranges can vary widely depending on the city and many other important factors, including education, certifications, additional skills, the number of years you have spent in your profession. This leads us to the question of how many total Trustees should Penn State have? Penn State operated at a $166 million deficit the last academic year, using its central reserves to off-set the shortfall, with Thorndike acknowledging such a practice is not sustainable. Spotlight PA is funded by foundations and readers like you who are committed to accountability and public-service journalism that gets results. The board also paid $61,700 for Purchased University Services, though the reports offer limited details about those services. They are the ones whose association with the university is affected the most by what happens to and at Penn State both positive or negative. Army Veteran, 20+ year Law Enforcement Investigator, Private Investigator, and Digital Forensics Examiner driven to uncover the truth and find answers for challenges of all shapes and sizes . The Town Hall, held via ZOOM session, was put together by PS4RS - and is available at the link below. Photo by Michael Tauriello | Onward State. Stay up to date on the boards activities and get involved. The board uses The Penn Stater Hotel & Conference Center which the university owns but is expected to sell this fall for some of its meetings at University Park. Penn State distances itself from past diversity proposals while launching similar efforts, Penn State trustees heard universitys diversity plan in secret 2021 gathering. The board's Subcommittee on Compensation said his salary got bumped . SUPPORT THIS JOURNALISM and help us reinvigorate local news in north-central Pennsylvania at spotlightpa.org/statecollege. Penn State's Board of Trustees elects, appoints incumbent trustees, new members, Sarah Pellis & Lindsey Sauerhaft | The Daily Collegian, Penn States Board of Trustees approves new engineering building, demolition of Hammond Building, Penn State releases May, summer semester coronavirus mitigation plan, New Interim Vice President of Student Affairs Andrea Dowhower leads evidence-based, student-centered approach, Our reflection on spring semester 2023 so far | Been There, Done That. In partnership with the president, the board seeks to advance the institution while acting in the best interests of the University community. Johns University, Executive Director and Portfolio Manager,PGIM Real Estate, National Healthcare Business Leader, Siemens Industry, Inc. Smart Infrastructure Division, CEO and President,First Citizens Community Bank, Senior Vice President,Senior Commercial Banker,Reliance Bank, Retired Chief Operating Officer, Liberty Property Trust, Retired President,CEO and Director,ADT Corporation, Retired Chief Executive Officer, Prologis, Former Project Manager,The Vanguard Group, President and CEO, North American Meat Institute, Chief Brand Officer, Hilton(Chair of theBoard of Trustees), College of the Liberal Arts, Penn State University, Professor of Sociology,Penn State Altoona, Assistant General Counsel, Buzzfeed, Inc.; Immediate Past President, Penn State Alumni Association, Office of the Board of Trustees Hundreds of Penn State faculty are publicly and privately questioning university leadership. Members represent various entities including, but not limited to, Pennsylvania county agricultural societies, business and industry, students, and faculty. Our journalism is produced to serve the public interest not profit motives. Because the alumni-elected members only constitute one-quarter of the voting members of the board it appears to me that the opinions of those alumni members could easily be ignored or minimized, regardless of the worth of those opinions. And I am quite sure, those types of considerations have taken place within Penn States investment management. And because as trustee, you're in control of those assets, that means you're in charge of paying yourself. But we have fallen well short of the mark in the last decade. The memo also states the policies put in place following Piazzas death were never intended to be permanent and were clearly presented at the time as necessary, yet temporary, actions. The university declined to provide Spotlight PA with examples of statements that showed the rules were not meant to be lasting. Penn States recent spending comes during a university-wide effort to tighten its belt and a recent tuition hike. Before you move on, I was hoping you would consider taking the step of supporting Spotlight PAs journalism either one time, or with a monthly gift. spotlightpa.org/donate. Because alumni and current students are the largest stakeholders, with the most to gain or lose from the universitys good or bad fortunes, lets have alumni and student-elected members comprise 80% of the board. In July, the board voted to raise tuition by 5%-6% to help increase revenue. Randolph B. Houston, Jr. (2023) Assistant General Counsel, Charles C. Brosius, Retired President, Marlboro Mushrooms, Walter J. Conti, Retired Owner, Cross Keys Inn/Pipersville Inn, Donald M. Cook, Jr., Retired President, SEMCOR, Incorporated, Marian U. Barash Coppersmith, Retired Chairman of the Board, The Barash Group.