Annual Fund Impact Report
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THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Annual Fund Impact Report 2019–20 Dear Alumni and Friends, The 2019–20 year brought great achievements and even • This year’s events highlighted the importance of connecting greater challenges for all of us—from the University of with each other. As a result, the Full-Time Class of 2020 Chicago Campaign: Inquiry and Impact, which closed in established the Young Alumni Connectivity Fund, which December, to the rapid spread of the coronavirus pandemic will help found new alumni programming that prioritizes that ushered all MBA programs to remote learning following diversity, equity, and inclusion. spring break. • In a difficult economic climate, alumni provided essential I am both humbled and impressed by the quick response support to Booth graduates, current students, and of the Booth community to the challenges we faced this prospective students. During the Spring Quarter, more year, and am incredibly proud to be a Booth alumna. Before than 110 alumni met with staff members to discuss hiring, sharing this year’s highlights of the Annual Fund, I would like conduct interviews, provide student support or review other to list a few examples of how, through a challenging year, the ways to engage with Booth. Additionally, alumni posted Booth community stepped up to support the school and each jobs and provided referrals to opportunities, resulting in an other—proving why Chicago Booth maintains its position as a increase of job postings by over 25 percent compared to top business school. this time last year. • The University of Chicago Campaign: Inquiry and Impact • In conversations on topics of race and social justice, Dean was an unprecedented success, with Chicago Booth raising Madhav Rajan shared an initial Plan of Action to strengthen $1.17 billion from nearly 29,000 donors, including Booth diversity and inclusion initiatives at Booth. These alumni and friends from 93 countries. ongoing efforts cover a broad range of areas, including student admissions, curriculum, faculty and staff, • As the pandemic evolved, Booth faculty served as thought communications, employer relations, and engagement. leaders on a global scale, including the invaluable findings from the research of Nicholas Epley, John Templeton Keller This is just a snapshot of how it is times like these our Professor of Behavioral Science and Neubauer Family genuine, collective support proves that we are stronger when Faculty Fellow, on maintaining social connection. we are together. Thank you for helping make 2019–20 an extraordinary year. Your gift is key in making it possible for • As social distancing changed daily life, students supported Booth to empower bold thinkers and inquisitive minds to dig each other on an individual level. 2021 MBA candidate, deeper, discover more, and shape the future. Thank you. Francisco Moya, wrote, “Although we are missing the social interaction and our friends in Chicago, we are really grateful for all the support we have received from them. Some Booth friends have offered to even help us to do our shopping.” Caroline Karr, ’88 Chief Advancement and Strategy Officer Annual Fund Impact The Chicago Booth Annual Fund ended fiscal year 2020 (July 1, 2019–June 30, 2020) with $11,076,509 in unrestricted funding—the second highest Annual Fund total in our history. December 2019 also marked the end of the University of Chicago Campaign: Inquiry and Impact, during which 84,481 gifts were made to the Chicago Booth Annual Fund. Your gifts to the Annual Fund made the following possible: • CURRICULAR INNOVATION: Chicago Booth announced • GLOBAL INITIATIVES: Chicago Booth’s new European its MBA program is fully STEM-certified for optional home for our renowned Executive MBA program and future practical training purposes, expanding its eligibility from alumni and student activities, finished construction in two concentrations to the entire degree. The expanded London in spring 2020. While the coronavirus pandemic designation reinforces Booth’s commitment to preparing prevented the community from immediately occupying its future leaders for the world’s most challenging business the space, it is ready for use when in-person courses problems by continuing to integrate technology and resume. Chicago Booth’s presence in the heart of London’s analytics into its already unparalleled curriculum. financial district strengthens our impact across the globe, and reflects our international approach to thinking about • FACULTY RESEARCH: Chicago Booth is a community of bold business and finance. thinkers and exceptional faculty who generate important thought leadership, especially during unprecedented • SCHOLARSHIPS: One of our key priorities is to attract times. For example, Marianne Bertrand, Chris P. Dialynas the best talent and enroll every student in whom we see Distinguised Service Professor of Economics and Willard great promise. Though an especially challenging year for Graham Faculty Scholar, along with the University of students, scholarship recipient and 2021 MBA candidate Chicago Poverty Lab and the Rustandy Center for Social Julia Boserup, was appreciative of the Booth community’s Sector Innovation, launched a series of research projects support. She shared, “From the day I was admitted, I have studying the impact of the coronavirus crisis on small felt like a part of a community that supports and challenges businesses and households. one another.” ANNUAL FUND PROGRESS 2013–14 2014–15 2015–16 2016–17 2017–18 2018–19 2019–20 Dollars (in millions) $6.00 $6.30 $7.70 $8.98 $11.10 $10.74 $11.07 Donors 8,129 8,393 7,998 8,437 8,101 8,167 7,637 Campaign Challenge The Campaign Challenge donors helped Chicago Booth finish the university’s comprehensive A special thanks to the alumni sponsors who made this challenge possible: fundraising campaign on a high note and booked the best December 31 finish yet for the Chicago Nick Alexos, ’88, EVP and CFO, Univar Solutions Booth Annual Fund. All gifts made between Barry Banker, ’75, CEO, Stewart Home & School December 1 and December 31, 2019 helped Steve Czech, ’98, Managing Partner, Czech Asset Management, LP unlock $500,000 in additional funding for William Fitzgerald, ’88, Founder, Fitzgerald Asset Management the school. Tim George, ’75, Vice Chairman, Investment Banking, Lazard Tony Golobic, ’71, Chairman and CEO, GreatAmerica Financial Services The challenge inspired an incredible number of John Joliet, ’97, Partner, American Discovery Capital donors, thus surpassing campaign goals. The Lawrence Kemp, ’87, Managing Director, BlackRock number of gifts to the Chicago Booth Annual Fund Jay Kern, MBA ’95, JD ’95, General Partner, Kern Whelan Capital is evidence of the value and strength of the Chicago Jack McCarthy, ’96, Managing Director, Alvarez & Marsal Booth degree and network. Roy Rong, ’00, Board Member, Independent Director, MOGU Five for the Future The Five for the Future Challenge builds up to the 125th anniversary in 2023 of the University of Chicago Booth School of Business. Amy Wallman, ’75, and Richard Wallman, ’74, generously gave $5 million to the Annual Fund with a challenge to inspire the school’s next generation of alumni leaders. The challenge matches 1:1 all Annual Fund donors who make a five-year pledge of $2,500 or more. Since the challenge launched in October 2018, more than $4.1 million dollars have been pledged from 321 donors. The incredible number of commitments already made demonstrates that the challenge will likely meet its goal before the school’s 125th anniversary. Dollars Pledged (millions) $4,154,507 $0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 68.8% 59 166 of Five for the Future donors increased donors celebrating a 2020 reunion donors joined the challenge in the their annual giving to participate in stepped up to participate in the 2019-20 fiscal year—the most in a the challenge, contributing more than match this year—another 35 single fiscal year. $563,000 in additional funds each reunion alumni set up their pledge year of their pledges. the year prior. Booth Student Support Fund During the spring quarter, more than 30 students across all MBA programs reached out to school leadership for support and guidance through the significant and unexpected changes brought on by the coronavirus pandemic. Incredibly, alumni made gifts to the Booth Student Support Fund to provide relief to our students in real time. The Booth Student Support Fund helped students in need of financial assistance related to travel expenses, technology investments, and career search disruption. For instance, when Amy Xiao, ’20, arrived in Istanbul on March 1, she had planned to stay for two weeks. But when COVID-19 began its march around the world, forcing her to remain in Turkey for more than three months, the Booth Student Support Fund came to her rescue. “I WANTED CHICAGO BOOTH STUDENTS TO KNOW THE ALUMNI ARE THERE TO SUPPORT THEM.” —NICHOLAS W. ALEXOS, ’88, Booth Student Support Fund donor We anticipate continued need for funds throughout 2020 due to restrictions on travel, disrupted careers, health expenses, and technology needs for remote learning. The fund raised a total of $54,344 from more than 178 donors in the 2020 fiscal year. However, Chicago Booth students will continue to need help to navigate through this unforeseen situation and receive additional assistance in real time. UCHICAGO TOGETHER Since the beginning of the pandemic, the worldwide UChicago community united together to support students, faculty, staff, health-care workers, the university’s neighbors, and each other. The broader University of Chicago community gathered to connect virutally and support various emergency funds on May 5, 2020 through UChicago Together. During this 24-hour event, the community raised more than $2.2 million for 165 funds across the university. Reconnect 2020 In light of the rapidly evolving situation relating to the coronavirus pandemic, Chicago Booth decided (for the safety of our community) to postpone Reconnect 2020, originally scheduled for April 23– 25, 2020.