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2019 ANNUAL REPORT Leadership Transitions Heidi Anderson, Ph.D

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2019 ANNUAL REPORT Leadership Transitions Heidi Anderson, Ph.D 2019 ANNUAL REPORT Leadership Transitions Heidi Anderson, Ph.D. President, University of Maryland Eastern Shore Dr. Heidi Anderson became president of the University of Maryland Eastern Shore (UMES) in September 2018 after serving as provost and vice president for academic affairs at Texas A&M University– Kingsville. Dr. Anderson is committed to educating students, expanding research capacity, and strengthening UMES’s footprint in the community. Tom Gilbert Chief Financial Officer, University System of Maryland Foundation In January 2019, Tom Gilbert joined the Foundation as chief financial officer, having previously worked as audit senior manager at PricewaterhouseCoopers. Tom brings his experience in asset management, digital technologies, and regulatory issues to the business operations team at the Foundation. Timothy McDonough Vice Chancellor for Communications and Marketing, University System of Maryland Timothy McDonough joined the System in May. Previously, Tim served as vice president for government and public affairs at the Association of Governing Boards of Universities and Colleges. He brings with him a deep understanding of higher education. Jeff Neal Vice Chancellor for Communications and Marketing, University System of Maryland Jeff Neal stepped down in February. While at the System, Jeff led a complete redesign of print publications, increased its digital footprint significantly, and cultivated local and national press contacts to enhance the USM’s stature and reputation. Ralph Partlow Vice President and General Counsel, University System of Maryland Foundation Ralph Partlow joined the Foundation in February 2019 as associate Contents general counsel. He comes to the Foundation from M&T Bank where he served as administrative vice president and deputy gen- Letter from the President and Chair 1 eral counsel with a focus on institutional investment management. Letter from the Chancellor 2 Pamela Purcell Vice President of Finance and General Counsel, University System A Look Back on 40 Years 4 of Maryland Foundation Pamela Purcell retired to Uzès, France, after 21 years with the Report on Investments 8 University System of Maryland and the Foundation. While at the Foundation, she was instrumental in professionalizing the Founda- Financial Highlights 12 tion Board and re-engineering business operations. Financial Statements 13 Maria Thompson, Ph.D. President, Coppin State University Leadership 30 In June 2019, Dr. Maria Thompson stepped down as president to return to Nashville, Tennessee. She joined Coppin in 2015 as the school’s first female president and while in office was committed to academic excellence, community impact, and service. Letter from the President and Chair This year, we celebrated the 40th anniversary of the incorporation of the University System of Maryland (USM) Foundation. In 1979, a donation of 400 Black Angus cattle from Arthur A. Houghton, Jr., became the first gift to our Foundation, which was created to accept and hold this gift for the University of Maryland, College Park. As you can imagine, a lot has changed for the Foundation since, but throughout the years the USM Foundation has remained true to its original purpose: to support and strengthen students, faculty, staff, and campuses by building a culture of philanthropy. You can read more about the Foundation’s rich history starting on page four of this annual report. The past fiscal year was filled with important developments for the USM and the Foundation. Chancellor Robert Caret announced that he will step down from his position on June 30, 2020. Long a part of the USM family, Bob began his career Leonard R. Raley Bonnie B. Stein at Towson University as a faculty member and later served as dean, executive vice President and CEO Chair president, and provost, and then as president from 2003 to 2011. Prior to becoming president at Towson, Bob also served as president of San Jose State University from 1995 to 2003. He returned to the USM in 2015 as chancellor after serving as president of the University of Massachusetts System. During his USM tenure, Bob helped build the USM’s role as an economic engine for the state and oversaw efforts our policy benchmarks. The operating portfolio ended the fiscal year with a +3.1% that helped nearly 50 percent of undergraduate students graduate without debt. return. This favorable outperformance holds true for our three-, five-, and ten-year The USM Foundation unveiled its new strategic plan in June.Pioneers and returns for the endowment and operating portfolio against our policy benchmarks. Optimists: Strategic Plan 2024 outlines the USM Foundation’s plans to strengthen In fact, the portfolio had more positive performing months than major indexes partnerships to advance higher education in Maryland. The plan focuses on five (S&P 500, MSCI All Country World Index, and Barclay’s Aggregate Bond Index) main themes: Asset Management, Innovation and Entrepreneurship, Culture of for much of the last 36 months, further displaying our portfolio’s durability. Philanthropy, Sustaining a Great Foundation, and Communication and Advocacy, We are pleased with the defensive nature of our portfolio protecting capital during and features an ambitious goal to grow endowment to $2 billion by 2027. Our moments of market uncertainty while also participating in rising markets. Of thanks to all of you who helped us envision this new strategic plan. particular note, as of December 31, 2018, the endowment earned a positive +2.5% Sadly, we lost a great friend and leader this past year. Walter Fatzinger passed away 2018 calendar year return, when markets came under stress in the fourth quarter in November 2018. He served on our Board for 23 years, and was our Board Chair of 2018, with most global and domestic equity markets posting negative calendar from 2006 to 2010. Walter was an influential member of the trust and investment year results. banking community and he served on a number of corporate and non-profit boards We would like to thank our Foundation Board members, our staff, and the USM’s throughout the region. Many of us regard Walter as the architect of the current-day generous donors for their engagement, advocacy, and support. Thanks to you, we USM Foundation, in particular our asset management model. can build on our rich history and continue to support the USM and its institutions. Our investment portfolio continued its strong and consistent performance, with After reflecting on the 40 years since the Foundation’s incorporation, we are ready the endowment portfolio ending the fiscal year with a +6.8% return, well above to embrace the next chapter for the Foundation and our partners. www.usmf.org 1 I am pleased to report on another year of progress and success for the University System of Maryland. This past Letter from the Chancellor year we markedly advanced our priorities of providing affordable access to high-quality higher education, graduating more students, and enhancing our overall workforce and economic development impact. As we build on this progress during my final year as chancellor, I want to reiterate that working with the USM Foundation has been an absolute pleasure. Your efforts help drive higher levels of giving and engagement across the USM, create a network of advocates to embrace the USM’s role as an educator and economic engine, and grow a sustainable culture of philanthropy Systemwide. I appreciate your commitment and dedication. I would also like to note that thanks to our team in Annapolis, the USM enjoyed another productive legislative session, particularly in terms of our budgets. USM’s operating budget of $1.49 billion in state support is an increase of $100 million—or 7%—over the FY 2019 revised budget. The budget will allow the USM to limit our tuition increase for in-state, undergraduate students to a modest 2%, and funds a number of critical initiatives. The capital budget provides $178 million for academic and research facilities across the USM, including numerous STEM facilities that fuel innovation and advance economic development. The legislature, with the support of the USM, also approved some significant changes to the composition and operation of the Board of Regents. The Board will expand, adding the Secretary of Commerce as anex officio member, a second student regent, and new members appointed by legislative leaders. The Board will add individuals with expertise in finance, diversity and workplace inclusion, as well as higher education administration. There are also requirements for video streaming of meetings, enhanced financial disclosure, and more. All of this is in alignment with the priorities of good governance and increased transparency that Linda Gooden established Robert L. Caret immediately after being named chair of the Board of Regents. Chancellor Last year also brought sad news. With the passing of Clifford Kendall and Donald Langenberg, we lost two true friends to higher education and the USM. Former Board of Regents Chair Cliff Kendall’s impact on higher education in Maryland is unsurpassed. His dedicated service to both the USM Board of Regents and the USM Foundation, as well as his incredible generosity to the University of Maryland, College Park and the Universities at Shady Grove underscore his commitment. Don—who served as chancellor from 1990 to 2002—helped to make the USM what it is today, driven by his efforts to delegate authority to the individual campuses, demand a high degree of accountability, and embrace the best principles of shared governance. Their intellect, warmth, and fundamental decency will be missed. As I have noted before, throughout my years as chancellor I have been impressed by the dedication and hard work of the USM Foundation. The Foundation has had a profound impact across the USM. Of course, there are significant challenges ahead. As I step down from my role, I am confident that the next USM chancellor—in partnership with the Foundation Board and staff—will help build the relationships and attract resources needed to support the USM’s federated capital campaign and grow the USM Foundation endowment to $2 billion by 2027.
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