Undergraduate Assembly | Why the UA passed its Investments Transparency Resolution

On Jan. 26, 2025, the Undergraduate Assembly passed the Investments Transparency Resolution, calling for the formal disclosure of all $22.3 billion in direct and commingled securities invested in and managed by the Penn Office of Investments. Additionally, the resolution calls for a formal, comprehensive review of all commingled securities held in externally managed funds by the managers of those funds. 

The UA is the elected governing body of Penn Student Government, serving as the primary liaison between undergraduates and administration. We represent undergraduate interests and advocate for university-wide change in the name of improving student life. One of our most significant powers is the ability to make formal recommendations to relevant administrators through resolutions — the highest form of student advocacy available to undergraduates at Penn. 

Passing this resolution was no small feat. The UA spent three months carefully drafting its language, ensuring it remained nonpartisan, unaffiliated with any student groups, and representative of all students’ interests in a broad, unbiased manner. We presented finalized versions to UA Steering, a committee of representatives from approximately 41 of the largest undergraduate student groups and umbrella organizations on campus. Additionally, we engaged in discussions with key administrators, including from the Office of the Executive Vice President, University Life, and Office of Student Affairs. After extensive deliberation, we voted on it as a body, solidifying our collective stance. 

Now that the resolution has passed, it sits on the desks of the Board of Trustees, within the Offices of the President and Provost, and at the Penn Office of Investments, awaiting a response. 

Undergraduates are more than just students — we are stakeholders of this University. Beyond paying tuition, we serve on committees, guide administrative policies, work for the University, and contribute in countless ways to Penn’s growth. Yet, despite our direct and ongoing investment in Penn’s future, we are often left in the dark about financial decisions that impact us. 

Because of our active role, we believe that the Board of Trustees should hold a fiduciary duty to the students — one that includes full transparency surrounding the University’s endowment. The endowment affects every aspect of student life, funding daily operations, long-term strategies, student financial aid, academic research, instructional programs, the University Health System, and much more. Transparency regarding Penn’s endowment isn’t just an abstract principle; it’s an obligation. 

Additionally, Penn undergraduates engage in discourse with and serve on committees for nearly every major University office except one — the Penn Office of Investments. This lack of access and communication creates an unnecessary gap between students and the decisions that shape the financial future of our university. This resolution would help establish a more transparent and integrated dialogue between students and the Office of Investments. Furthermore, as a global research institution, Penn has a responsibility to engage in conversations about how its financial choices reflect its values and responsibilities to the world. 

Regardless of this resolution’s outcome, we as student advocates aim to represent the needs and concerns of our peers, and refusing to speak up or act out of fear of failure would forfeit our ability to accomplish substantial progress. Our role as elected representatives is to address every cause the student body is passionate about, even when the outcome is uncertain. Accountability and transparency are what students have demanded of us, and it is our duty to deliver. 

Penn students have called for greater transparency in the University’s financial operations for decades. This demand has remained consistent through student-led movements, community organizing, and individual advocacy. The passing of this resolution is a historic step forward in a movement that has long sought to bring Penn’s financial decisions into the public eye. Resolutions like this push the needle forward in the pursuit of student interests and the demand for change across our University. Change is often a slow and challenging process, but it is built on pivotal moments like these. 

This resolution is more than just a document — it is a statement of principle, a declaration of student resolve, and a call for accountability. It signals that we will not stop advocating for the transparency we deserve. We have made our recommendations clear to the University, and now, we will advocate for Penn to uphold its commitment to the students — its most important stakeholders. 

THE UNDERGRADUATE ASSEMBLY is the elected governing body of Penn Student Government. For comments, please contact Hannah Liu at communications@pennua.org.