ANNUAL REPORT
FISCAL YEAR 2020
IMPACT NEXT EMPOWER RESEARCH TRANSFORM
EXPLORE DIVERSE INTELLIGENT COURAGEOUS MOMENTUM EMBRACE
The University of Cincinnati Foundation does not discriminate on the basis of disability, race, color, religion, national origin, ancestry, medical condition, genetic information, marital status, sex, age, sexual orientation, veteran status or gender identity and expression in its programs and activities. The complete Notice of Nondiscrimination can be found at uc.edu/about/policies/non-discrimination.
On the cover: Left, UC student Azaria Pittman-Carter and audience members at the November 2019 launch of Next, Now: The Campaign for Cincinnati and Bearcat Bicentennial Bash. Photo by Chris Radcliffe.
Right, a UC Health employee wearing personal protective equipment. Photo provided by UC Health.
At the University of Cincinnati and UC Health, we’re driven by next thinking bolder and dreaming bigger to create the tomorrow we envision, today.
With its focus on innovation and impact, Next, Now: The Campaign for Cincinnati is where ambition meets action.
Through this campaign, you can break new paths for students, and support discoveries and cures.
You can invest in world-class patient care, and propel the work that makes us uniquely (and globally) Cincinnati.
Let’s come together to unleash our limitless potential on the biggest stages.
And let’s show the world that we’re what’s next, now.
I LOOK BACK ON 200 YEARS WITH BOUNDLESS PRIDE AND SEE STORIES OF SACRIFICE, GENEROSITY AND CONNECTION. I LOOK FORWARD WITH A STRONG SENSE OF PURPOSE AND AM CERTAIN OUR BEARCATS FAMILY WILL BE ABLE TO ADDRESS THE CURRENT CHALLENGES SET BEFORE US, COMING OUT RESILIENT AND UNITED.
Neville G. Pinto, PhD PRESIDENT, UNIVERSITY OF CINCINNATI
THIS PAST YEAR WAS A MOMENTOUS ONE
for Bearcats as we closed out our Bicentennial, launched Next, Now: The Campaign for Cincinnati and thanks to you, marked a historic year. It has been a time of tremendous successes as well as challenges for our campus, our country and the world. As we settled into 2020, we found ourselves facing a global pandemic, an economic roller coaster, social and racial strife, causing uncertainty in many aspects of our lives.
One thing that has personally given me strength and courage is you, our supporters. Your unwavering devotion and the unity of our UC family have remained a constant during a period of radical change. You’ve remained steadfast, and your generosity continues to bring philanthropy to life.
The pages of this report echo the impact you’re making— whether it’s the transformational power of student scholarships or the advances in patient care made through research and innovation.
Thank you for keeping us steady and strong, and for being a part of the progress UC and UC Health are able to make through the power of your philanthropy. Together, we can shape tomorrow. Thank you for being a part of what’s Next, Now!
Peter E. Landgren PRESIDENT, UNIVERSITY OF CINCINNATI FOUNDATION VICE PRESIDENT FOR UNIVERSITY ADVANCEMENT, UNIVERSITY OF CINCINNATI
THERE ARE 46,388 STORIES THAT WE HAVE THE POWER TO TELL, LIVES THAT WE HAVE TO SHAPE AND FUTURES THAT WE HAVE THE OBLIGATION TO INVEST IN FOR THE BETTERMENT OF OUR SOCIETY. ISN’T IT OUR OUR COLLECTIVE OBLIGATION TO HARNESS THE MOMENTUM WE HAVE AND LET IT FUEL WHAT’S NEXT FOR THE UNIVERSITY AND OUR PEOPLE?
Chandler Rankin, A&S, LCOB ’20
UC STUDENT BODY PRESIDENT, 2019-2020
Courtyard view of the new Carl H. Lindner Hall, the new home of the Carl H. Lindner College of Business. It was funded in part by an $11 million gift, the largest in the college's history, from the Lindner family and American Financial Group.
AS I REFLECT ON THE PAST YEAR,
what stands out is the unifying message of the UC Foundation’s vision and mission.
Our vision—igniting passion to transform lives —was evident in the ways you invested in tomorrow. Our mission—inspiring a community of UC and UC Health supporters through the power of philanthropy —came to life through new scholarships, endowments and investments in visionary talent, innovation-driven programs and life-changing advances in patient care.
The challenges of 2020 did not deter you and your generosity. Your impact strengthens our community and allows us to embrace our next purpose.
As I close out my time as board chair, I want to express my gratitude to you for making so much possible. It was an honor to serve my beloved alma mater in this role. On behalf of my fellow trustees, thank you for your partnership and support of UC and UC Health.
w. troy neat CHAIR, UNIVERSITY OF CINCINNATI FOUNDATION BOARD OF TRUSTEES
Let's start now, and let's start here
next
by Azaria Pittman-Carter, CECH ’21
What’s Next?
Seems like a question we’re constantly asking. Well Next is bold—it may seem demanding, with an idea and mindset that is constantly racing and planning!
Next is intelligent and resilient, embracing new ideas and old.
Striving to remain consistent; consistent with the race, consistent with the mission!
Focused for a better future, always improvising and adding to the mission.
Like 2 and 2 make 4, double that, make it 8.
Next’s mind is like a calculator always adding new things, maybe even taking some away!
But Next is always running a race,
To empower the people who support it and even the critics along the mission.
Empowering those whose visions aren’t clear BUT still fight to pitch in!
To explore new ground, ways, different methods.
Methods that save lives. Methods that set precedents.
To embrace those unlike itself, respecting the plate they bring to the table, helping them with their stresses.
Next is very courageous, hoping the energy it spreads can one day become contagious.
To the young and old, the quiet and loud, the voices who are still struggling to make a sound.
Next welcomes new ideas and voices believing in the concept of choices!
Choices and different ways, different attitudes about things, different leaders and different days!
Believing in rest...
Next has to reside in a place of serenity, a comfortable asylum that supports its ideas and chemistry. A home that doesn’t hide its ways but adds to its personality. A home that is diverse with different welcome mats welcoming different backgrounds, different facts. Facts to be corrected, opinions to always be accepted. Although Next lives in a home that sculpts and nurtures its changes, Next is something that transforms and rearranges.
Transforming itself into the vision of NOW!
Now we must act, put forth the work that goes with the mission! Prove the facts!
Now we must give and WAIT to receive. Now we must believe and hope we can achieve. Now we must wait for ideas we shape and conjure to become clear!
Now we must fight but remember we live among multiple survivors!
Now know that you didn’t get here alone.
Now wait and be patient, patient for the next day, the next hour, the next minute.
What’s Next, starts Now. Let’s get with it!
UC student Azaria Pittman-Carter composed this spoken word poem for the November 2019 launch of the Next, Now Cam paign . Azaria and her mother, Margaret Pittman , are pictured above.
OUR LONG-TERM PLAN FOR UC HEALTH AND THE FUTURE OF PATIENT CARE IS MADE POSSIBLE BY GOOD FISCAL STEWARDSHIP, COMMUNITY PARTNERSHIPS AND EVER-GROWING PHILANTHROPIC SUPPORT. TAKING OUR COLLECTIVE MISSION TO THE NEXT LEVEL INCLUDES ACCELERATING CLINICAL CARE, RESEARCH AND EDUCATION, AND LEADING THE NEXT INNOVATION, DISCOVERY OR CURE THAT WILL DEFINE THE NEXT FRONTIER.
Richard P. Lofgren, MD, MPH, FACP PRESIDENT AND CEO, UC HEALTH
VISION
IGNITING PASSION TO TRANSFORM LIVES.
MISSION
To inspire a community of UC and UC Health supporters through the power of philanthropy.
Kalyaani Patel, A&S ’22, is a recipient of the Robert A. Toepfer and Mary Jane Miller Toepfer Family Scholarship Fund.
A LOOK BACK
Coming
together to shape tomorrow
EMPOWER OUR NEXT LEADERS
Next is intelligent and resilient, embracing new ideas and old.
Next is something that transforms and rearranges. Transforming itself into the vision of NOW!
It’s been an unforgettable year for our UC family. As we look back, we reflect on the joy of coming together to celebrate UC’s Bicentennial and launch Next, Now: The Campaign for Cincinnati, a fundraising campaign that will fuel a new era of innovation and impact at UC and UC Health. When circumstances shifted all of our lives, you rose to a new challenge to support students through emergency funds and advance our community’s response to COVID-19. You generously funded social justice initiatives. If this year taught us anything, it’s that each of us can make a difference in the lives of others through the power of philanthropy. Thank you.
Early gifts to the campaign include a transformative $9 million gift from Richard, Bus ’74, Hon ’09, and Cornelia Thornburgh for scholarships and other student support.
Former UC Football Captain Linwood Marshall, ASC ’82, makes a planned gift to the UC Football Development Fund.
Sandra Crawfis, CEAS ’83, endows a scholarship fund for UC College of Engineering and Applied Science students.
A $1 million gift from UC Foundation Trustee Andi Wiot, CON ’65, creates scholarships for UC College of Nursing students.
An endowment from Patrick Portway, A&S ’63, will assist future UC College of Arts & Sciences students.
EXPLORE OUR NEXT FRONTIER
A $3.8 million gift from the James J. and Joan A. Gardner Family Foundation funds an innovative 5,000-patient biomarker study of Parkinson’s disease and dementia.
A $1.5 million gift from the Turner Farm Foundation—and a $500,000 matching gift from the UC College of Medicine’s Hagins Family Matching Gift Program—establishes an endowed chair for the director of UC’s Center for Integrative Health and Wellness.
$40,000 from an anonymous donor establishes a research and innovation program at the UC James L. Winkle College of Pharmacy.
John and Carrie Hayden give $2 million to create an endowed chair of integrative oncology research at UC’s Center for Integrative Health and Wellness at the UC College of Medicine.
EMBRACE OUR NEXT PURPOSE
Peter, A&S ’09, MA ’14, PhD ’20, and Betsy, A&S ’11, Niehoff support the newly named Niehoff Center for Film and Media Studies at the UC College of Arts & Sciences with a $2.8 million gift.
New emergency funds support those impacted by COVID-19. UC Emergency Relief Funds raise $237,786 from 1,000 gifts to assist UC students. More than 1,000 supporters donate nearly $2.5 million to the UC Health crisis response fund for testing, PPE equipment and provider assistance. Significant gifts include a donation from former Cincinnati Bengal Andy Dalton and his wife JJ.
The Nathaniel R. Jones Center for Race, Gender, and Social Justice at the UC College of Law receives $200,000 from Bill Morelli, A&S ’74, JD ’78.
Due to the global pandemic, UC Day of Giving 2020 becomes #GivingTuesdayNow. Donors give 1,534 gifts totaling $325,383.
Mark and Rick Armstrong donate a piece of fabric from the Wright Flyer to UC’s College of Engineering and Applied Science Library. The 1.125-inch piece also went to the moon with their father, Neil Armstrong.
THE NEXT 200 YEARS
As UC’s Bicentennial year closed out 2019, Bearcats celebrate and launch the public phase of Next, Now: The Campaign for Cincinnati.
More than 196 corporate and foundation partners donate $17.6 million to UC scholarships.
The UC Foundation has a record fiscal year with a total of $113,223,433.18 in gifts.
Donors give $34,907,092 to scholarships in FY20, creating 101 new funds.
Abby Klare (left), the UC Board of Trustees' undergraduate student trustee, spoke about the importance of scholarships at the Next, Now Campaign launch. Abby is a Cincinnatus Presidential Scholar and a Carl H. Lindner Honors-PLUS Scholar.
Investment Overview
The Johnson Investment Counsel Investment Lab at Carl H. Lindner Hall. The creation of this interactive lab was made possible with a $5 million gift in 2016 from Tim and Janet Johnson.
AS UC LOOKS AHEAD TO ITS NEXT 200 YEARS,
its endowment is carefully navigating a transition in investment market cycles. The university’s internally-managed endowment pool declined 2% for the fiscal year. While we regard any negative return as a disappointment, this portfolio already has fully recovered and is generating terrific returns in fiscal 2021. Moreover, the portfolio outperformed most asset categories and our weighted benchmark for the year ended June 30, 2020. The total endowment declined to $1.4 billion (from $1.45 billion) in FY20 but reached a new all-time high of $1.48 billion in August.
Consistent with the permanent lives of endowments, the UC Investment Office is squarely focused on long-term performance and became more conservative as the prior bull market set a new record for length. This portfolio positioning, designed to provide maximum flexibility and nimbleness, temporarily suppressed returns. Yet it afforded us the opportunity to pivot the portfolio to add meaningful investments in several of the world’s most elite managers and discounted investments that will power UC investment profits through the next decade.
In a year disrupted by a global pandemic, the UC endowment pool is directly supporting COVID-19 vaccine research both at UC and through its investment portfolio. More than a dozen UC endowment funds provide permanent and reliable funding to medical research, even in the middle of an unstable economic period. Moreover, UC is invested with leading biotech managers who are generating significant gains by investing with vaccine developers.
Karl Scheer CHIEF INVESTMENT OFFICER, UNIVERSITY OF CINCINNATI
THE PAST TEN YEARS… AND THE NEXT
Over the past decade, the internally-managed endowment generated an aggregate cumulative return of +100.6%, which amounted to more than $742 million in investment gains. Together with $401 million in new gifts and inflows, this allowed the overall endowment to simultaneously distribute $633 million of support to UC and increase the remaining pool’s value by $509 million (+57%). During this stretch, the internally-managed endowment pool produced annualized gains of +7.3% per year, strongly outperforming its weighted benchmark (+6.4% per year). Leading asset categories for the past decade—and also the largest categories—were public and private equity investments, which totaled $586 million (60% of the portfolio on June 30), generating annualized 10-year returns of +9.0% and +13.5% respectively.
During this same 10-year period, the UC Investment Office upgraded every aspect of the portfolio and program. Inside the portfolio, UC added a large number of longhorizon investments with outstanding return expectations over the next decade. As such, the portfolio has significant embedded value and resembles a loaded spring poised to generate exciting upside performance in coming years.
These enhancements will yield durable, repeatable investment success far into the future:
A reputation as a preferred investment partner with top investment managers and as a thought leader among institutional investment peers.
An efficient and effective investment process for allocating capital, sourcing and researching opportunities and executing investments.
A culture of collaboration and extreme transparency among all contributors to the program.
Portfolio and program enhancements build on a strong foundation and position UC to be among the country’s elite endowments far into the future.
1 Calculated by rolling up the benchmarks of
SPOTLIGHT ON THE ALICE W. AND MARK A. BROWN FUND A LEGACY OF SERVING SOCIETY THROUGH
MEDICINE
UC’s main endowment pool comprises more than 2,200 individual endowment funds, each of which was funded by a generous donor who wanted to create a permanent source of support to the university. The Alice W. and Mark A. Brown Fund, established in the late 1960s, today aids the fight against COVID-19.
Mark Brown, MD was a fourth-generation doctor who graduated from UC College of Medicine in 1894. He was appointed the City of Cincinnati health officer, and in 1908 established compulsory reporting of vital statistics and instituted procedures that helped establish a modern laboratory at the Cincinnati Health Department. In 1910, Dr. Brown joined the UC College of Medicine where he spent the rest of his career, passing away in 1947. After his wife Alice died in 1966, $1.75 million of their estate established the Alice W. and Mark A. Brown endowment. The Browns’ gift has provided steady, predictable, reliable contributions each year for more than half a century, totaling more than $6 million. With a current value of $3.2 million, the Brown Fund is primed to support UC’s work to address critical health challenges well into the future.
The fund also supports the Mark A. and Alice W. Brown Chair in Internal Medicine, held by R. Duncan Hite, MD, who joined UC in 2019 from the Cleveland Clinic. Dr. Hite is a professor at the College of Medicine Division of Pulmonary, Critical Care and Sleep Medicine and medical director of the Medical Intensive Care Unit at UC Medical Center. In addition to work in his laboratory developing new therapies, Dr. Hite is
principal investigator for multiple local, national and international clinical trials from Phase 1 thru 3, including several seeking to prevent and treat respiratory distress in patients with COVID-19.
“Among many attractions that convinced me to join the UC faculty, the Alice W. and Mark A. Brown endowment fund was a key,” Dr. Hite says. “It provides reliable support that guarantees time to dedicate my work to addressing key health challenges in critical care that highly impact our society including most recently the COVID-19 pandemic.”
Dr. Brown couldn’t have imagined the specifics of Dr. Hite’s essential COVID-19 research. But surely, he and Alice would be gratified to know that his alma mater is leveraging their generosity to address the key public health challenge facing the world today—126 years after Dr. Brown matriculated.
The total UC Endowment grew by nearly 60% in the past decade while simultaneously providing substantial and stable support to UC, an amount well over $600 million.
INVESTMENT PERFORMANCE*
(As of June 30, 2020)
fundraising report
Fiscal year 2020 commitments are organized by purpose, fund type and source.
FISCAL YEAR 2020 COMMITMENTS*
$113,223,433 in Total Funds
FINANCIAL HIGHLIGHTS
UC Foundation and UC Health Foundation Combined*
UC & UC HEALTH LEADERS
NEVILLE G. PINTO, PHD
PRESIDENT, UNIVERSITY OF CINCINNATI
RICHARD P. LOFGREN, MD, MPH, FACP
PRESIDENT AND CEO, UC HEALTH
UC FOUNDATION BOARD OF TRUSTEES
CHAIR
W. TROY NEAT
Cincinnati, OH
PRESIDENT
PETER E. LANDGREN Cincinnati, OH
PAST CHAIR
ROBERT L. FEALY
Chicago, IL
TREASURER
THOMAS D. FREEMAN Cincinnati, OH
UC FOUNDATION LEADERSHIP
Peter E. Landgren
PRESIDENT, UC FOUNDATION
VICE PRESIDENT FOR UNIVERSITY ADVANCEMENT, UC
Linda E. Bledsoe
VICE PRESIDENT, HUMAN RESOURCES
Julie L. Engebrecht
ASSISTANT VICE PRESIDENT, STRATEGIC COMMUNICATIONS
Thomas D. Freeman
VICE PRESIDENT AND CFO
Jennifer L. Heisey
VICE PRESIDENT, ALUMNI & DONOR EXPERIENCE
Stephen A. Rosfeld
VICE PRESIDENT, DEVELOPMENT
Carrie E. White
SECRETARY
NAIMAH R. BILAL Cincinnati, OH
VICE PRESIDENT, ADVANCEMENT SERVICES
Caleb D. Whitted
ASSISTANT VICE PRESIDENT, PRINCIPAL GIVING
Michael D. Zenz
VICE PRESIDENT, DEVELOPMENT, ACADEMIC HEALTH CENTER & UC HEALTH
TRUSTEES
Shakila T. Ahmad Mason, OH
Peter A. Alpaugh Cincinnati, OH
Lori A. Beer New York, NY
John B. Berding Cincinnati, OH
Edwin L. Bowman lll Suwanee, GA
Eric C. Broyles, Esq. Washington, DC
Robert R. Buck Naples, FL
Kenneth V. Byers Jr. Cincinnati, OH
Phil D. Collins Cincinnati, OH
Sean P. Connell Oak Brook, IL
Alvin H. Crawford, MD Cincinnati, OH
William J. Davis Cincinnati, OH
Todd C. DeGarmo Washington, DC
Kimberlee J. Dobbs Cincinnati, OH
Dianne G. Dunkelman Cincinnati, OH
Timothy A. Elsbrock Cincinnati, OH
Robert L. Fealy Chicago, IL
Leigh R. Fox Cincinnati, OH
Jerry L. Fritz Bella Vista, AR
Brian E. Hall Cleveland, OH
Carrie K. Hayden Steamboat Springs, CO
Stuart G. Hoffman, PhD Pittsburgh, PA
Kathryn A. Hollister Cincinnati, OH
Gyan Jha Louisville, KY
Gary D. Johns Fairfield, OH
Laurence F. Jones III Fairfield Township, OH
Joseph P. Judge Potomac, MD
Jerry C. Kathman Covington, KY
Ruthie S. Keefe Cincinnati, OH
Stephen E. Kimpel Hilliard, OH
Robert J. King Jr. Cleveland, OH
Patricia L. Klingbiel Elmhurst, IL
Eva L. Maddox Chicago, IL
Rae A. Mang Medfield, MA
Darrell D. Miller, Esq. Los Angeles, CA
Joffre P. Moine II Mason, OH
Shenan P. Murphy Cincinnati, OH
Russell C. Myers Cincinnati, OH
Jacqueline C. Neumann Cincinnati, OH
Cora K. Ogle, PhD Cincinnati, OH
James F. Orr Cincinnati, OH
Michael J. Paxton Naples, FL
Judy L. Pershern, Esq. Cincinnati, OH
Ellen Rieveschl Covington, KY
Ryan M. Rybolt Cincinnati, OH
James A. Schiff, PhD Cincinnati, OH
Richard C. Seal Cincinnati, OH
Shimul A. Shah, MD Cincinnati, OH
Randall "Randy" E. Smith Cincinnati, OH
John M. Tew Jr., MD Cincinnati, OH
Sandra S. Wiesmann Bethesda, MD
Andi K. Wiot Cincinnati, OH
Andrea I. Zahumensky Louisville, KY
EX-OFFICIO TRUSTEES
Robert F. Ambach, MPA Cincinnati, OH
Jeffrey C. Bauer, DBA Cincinnati, OH
Naimah R. Bilal Cincinnati, OH
Ronald D. Brown Cincinnati, OH
Andrew T. Filak Jr., MD Cincinnati, OH
Thomas D. Freeman Cincinnati, OH
Richard J. Harknett, PhD West Chester, OH
Sandra W. Heimann Cincinnati, OH
Lawrence J. Johnson, PhD Lawrenceburg, IN
Peter E. Landgren Cincinnati, OH
Richard P. Lofgren, MD, MPH, FACP Cincinnati, OH
Kristi A. Nelson, PhD Cincinnati, OH
Neville G. Pinto, PhD Cincinnati, OH
Gregory W. Rouan, MD Cincinnati, OH
Daniel Keating Cincinnati, OH
Chase Morris Monroe, OH
Margarita I. Stringfellow Cincinnati, OH
TRUSTEES EMERITI
Eugene R. Allspach* Bellaire, TX
James E. Blakeney* Dayton, OH
Elroy E. Bourgraf* Naples, FL
Jack E. Brown* Cincinnati, OH
Otto M. Budig Jr.* Cincinnati, OH
Daniel P. Carmichael* Carmel, IN
Thomas E. Dewey* Montgomery, OH
David B. Dillon* Mission Hills, KS
John S. Domaschko* Covington, KY
John B. Goering* Cincinnati, OH
Nancy R. Hamant, EdD* Cincinnati, OH
Donald C. Harrison, MD* Montgomery, OH
Lynnette M. Heard* Fulshear, TX
Robert A. Heimann* Cincinnati, OH
Thomas H. Humes Jr.* Cincinnati, OH
Timothy E. Johnson, PhD* Cincinnati, OH
Barbara W. Kellar* Cincinnati, OH
Marvin P. Kolodzik* Cincinnati, OH
David M. Lance* Blue Ash, OH
Louis H. Lauch Jr.* Batavia, OH
Jerry P. Leamon* Cos Cob, CT
Doloris F. Learmonth, Esq.* Cincinnati, OH
William E. Lower* Cincinnati, OH
Eva L. Maddox* Chicago, IL
John M. Mang* Medfield, MA
Thomas E. Mischell* Cincinnati, OH
William B. Monnig, MD*
Ryland Heights, KY
Jerome P. Montopoli* Covington, KY
Marjorie Motch* Cincinnati, OH
Valerie L. Newell* Covington, KY
H.C. "Buck" Niehoff* Cincinnati, OH
Yvonne C. Robertson* Cincinnati, OH
Alvin F. Roehr Jr.* Cincinnati, OH
James E. Schwab* Mercer Island, WA
Tony L. Shipley* Cincinnati, OH
S. Jay Stewart Naples, FL
J. Clay Stinnett Bellevue, KY
Richard "Dick" E. Thornburgh* Palm Beach, FL
Woodrow "Woody" H. Uible* Cincinnati, OH
Myron E. Ullman III* Montrose, CO
Margaret "Peg" K. Valentine* Cincinnati, OH
Michael D. Valentine* Cincinnati, OH
Jeffrey P. Williams* New Canaan, CT
Steven A. Wilson* Cincinnati, OH
Frank C. Woodside lll, MD, JD* Cincinnati, OH
Jeffrey L. Wyler* Milford, OH
Wilbert L. Ziegler* Crestview Hills, KY
Anthony Zingale* Los Gatos, CA
*Denotes Herschede Society as of June 30, 2020
