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One additional thing. Alan reiterated that Dr. Assanis had committed $50m to the building which will hold the Center/Library/Biden School and another $50m in programmatic expenses. However, after year five of the Biden Center the Biden Center would no longer have a dedicated budget and would be part of the budget of the entities in that building.


Eric D. Schwerin
Rosemont Seneca Advisors, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com <x-msg://59/eschwerin@obblaw.com>
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> On Aug 9, 2016, at 1:32 PM, Eric Schwerin <eschwerin@rosemontseneca.com> wrote:
>
> I just got off the phone with Alan at UD. I was doing some follow up with him per our last call. Few things we discussed.
>
> 1) To confirm, the budget for the Biden Center is $2.5m a year for five years. For a total of $12.5m over the five years. I know there was some question about that.
>
> 2) They are happy on their end to have consulting contracts for the employees of the Center. They have cleared that on their end. The consulting contracts can begin once we finalize the MOU and then the clock will begin ticking on the $2.5m budget for year one. So, it is up to us how much the consulting contract is for as long as it is within budget and can be justified vis a vis other consulting contracts.
>
> 3) That $2.5m budget include salaries, benefits and operational expenses. So, if the Biden Center wants to put together a series of seminars, the funding for those seminars would come out of the $2.5m. The Biden Center can get sponsors to defray some costs, but we should keep in mind that the whole $2.5m can’t be spent on salaries. We need to start thinking programmatically what the Biden Center would do in year one and how much it might cost. Then we’ll know what we are left with for salaries/consulting contracts.
>
> 4) The counter-party to the MOU in UD’s mind would not be the VP personally but could be the Biden Foundation or potentially a family member signing on behalf of the VP (Hunter or Val?). We should discuss who we want it to be.
>
> 5) Alan again raised the issue of Penn’s requirement that the VP only be a professor at Penn. He asked what that meant and whether there was wiggle room. I told him I didn’t think there was wiggle room and suggested they put together a list of what they would like the VP’s title to be and we can see if any of those titles are problematic. We thought that something like “Chair of the Biden Center” would work though. I think the Biden School would like him to be a Professor but I think the University itself would be comfortable otherwise.
>
> 6) I told Alan that Alex would be reaching out directly to schedule the visit to the space and that at a minimum it would be Alex and Val that would be visiting.
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> Let me know if you have any questions.
>
>
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> Eric D. Schwerin
> Rosemont Seneca Advisors, LLC
> 1010 Wisconsin Ave., NW
> Suite 705
> Washington, DC 20007
> (202) 333-1880
> eschwerin@rosemontseneca.com <x-msg://59/eschwerin@obblaw.com>
> P Consider the environment before printing this email.
>