University Times

Leading into Pitt’s fall 2017 Board of Trustees meeting held on Sept. 27, the board’s various committees met to discuss University business and procedures, including the approval of five new construction projects and the 2017 audited financial statements.

The Property and Facilities Committee approved construction projects within five Pitt facilities.

Details of the University’s approved projects include:

• Construction of a 23,400 gross-square-foot addition to the Thomas Boulevard facility. The project will expand the facility’s high-density storage to accommodate an additional 2.5 million books for the University Library System.
• Renovation of an existing 10,800 square-foot facility in Pittsburgh’s Homewood neighborhood, for the establishment of a Pitt-sponsored Community Engagement Center. Interior renovations will be made to accommodate classrooms, conference rooms, gathering spaces, offices, a chemistry lab and a kitchen and gallery space. There will also be installation of new mechanical, electrical and plumbing systems.
• Renovation of approximately 24,000 gross square feet of space on the ground, first and third floors of Thackeray Hall. The project includes creation of a new payment center for Student Financial Services, improved conference and office space for staff and a welcome center for Financial Aid.
• Renovation of approximately 5,500 gross square feet of space on the first floor of the Learning Research and Development Center to create a new magnetic resonance imaging research scanning facility for the Neuroscience Imaging Center.
• Renovation of Parran Hall, Phases 2A and 2B.

In addition to approving the five construction projects, the committee approved one lease agreement. Pitt will lease 43,125 square feet of space in the Murdoch Office Building, located at the corner of Forbes Avenue and Coltart Street in Oakland, for a term of 15 years.

In other news, the Audit Committee of the Board of Trustees moved to renew KPMG LLP as Pitt’s independent auditor and tax adviser and approved the University’s 2017 audited financial statements as well as the internal audit department charter.

For fiscal year 2017, which ended June 30, Pitt’s total operating revenues grew to $2.16 billion, exceeding 2016’s revenues by nearly 3 percent.

The University’s total operating expenses increased to $2.08 billion, a four percent increase over the prior year. The largest driver of this increase was compensation, which comprises roughly 60 percent of the University’s operating expenses.

Contact:
Anthony M. Moore, amm114@pitt.edu, 412-624-8252