FORWARD
Annual Report
Fiscal year 2023
VISION
IGNITING PASSION TO TRANSFORM LIVES.
MISSION
To inspire a community of UC and UC Health supporters through the power of philanthropy.
a letter from peter e. landgren
Your generosity gives us much to celebrate as we reflect on this year of unparalleled success. The University of Cincinnati and UC Health are on a national stage thanks to the power of your philanthropy.
It is an honor to share that we had another record-breaking year. I am especially proud of the $32.2 million raised for scholarships that go directly to student support. While the dollar number is impressive, it is the impact of your gifts that is truly distinctive. Across our campuses, you are changing lives, and building better futures for us all.
The stories in this annual report are a testament to this vision: UC entered the Big 12 Athletic Conference with our student-athletes poised to compete and win. The UC Medical Center opened an expanded, state-of-the-art emergency department to serve our region. The new Portman Center for Policy Solutions will foster bipartisan engagement for our campus and nation.
I am continually inspired by our community’s drive to seed excellence here at UC and UC Health. You have continued to create change through research, our renowned health care institutes and social justice initiatives.
On a personal note, in August, I announced my intent to retire. I want to take the opportunity to thank you for your desire to transform our university community through your generous investments. I have been fortunate to serve my alma mater for 12 years and the past six years as the president of the UC Foundation. I look forward to continuing my affiliation with UC as I return to my academic home, the College-Conservatory of Music, as a member of the tenured faculty.
As we enter the last year of the Next, Now campaign, I am certain you will propel our community onward—thank you for being future forward.
Peter E. Landgren President, University
of Cincinnati Foundation
Vice
President
for University Advancement, University of Cincinnati
a letter from rae A. mang
As a proud alumna and the chair of the UC Foundation Board of Trustees, I can attest that it’s a remarkable time to be a Bearcat. Your dedication and support are transforming lives throughout UC and UC Health.
I am consistently impressed by my fellow alumni, and those honored this past year by the UC Foundation and UC Alumni Association are exceptional.
This year’s Alumni Celebration award recipients were celebrated for their service to the university, their communities, and fields of endeavor. I encourage you to visit the mural showcasing their likenesses on Vine Street in Cincinnati’s Over-the-Rhine neighborhood.
The achievements of African American alumni, faculty, staff and students were recognized at the ninth annual Onyx & Ruby Gala. The UC African American Alumni Affiliate (4A) hosted this joyful event and raised scholarship donations.
Finally, it was a great privilege to attend the George Rieveschl Recognition Dinner and connect with those receiving the Outstanding Philanthropic Volunteer Awards this year. These individuals and groups receive the Foundation’s highest honor for their commitments to UC and UC Health.
I arrived at UC as a first-generation student who had never visited the city or campus. This leap of faith changed my life, and I am forever grateful. As I end my final year as chair, I want to say thank you for allowing me to serve my alma mater.
I would also like to use this opportunity to celebrate fellow UC alumnus, Peter Landgren, who is retiring from his role as UC Foundation President. Under Peter’s leadership, the Foundation launched Next, Now: The Campaign for Cincinnati, the largest campaign in our history. His service to our university community will leave a lasting impact on UC and UC Health.
On behalf of my fellow trustees, thank you for your tremendous support of UC and UC Health.
Rae A. Mang Chair, University of Cincinnati Foundation Board of Trustees
Ewaniki Moore-Hawkins, BBA ’02, MBA ’06, and Littisha Bates, PhD, Associate Dean for Inclusive Excellence and Community Partnerships, College of Arts and Sciences, at the ninth annual Onyx & Ruby Gala.
investment overview
Thanks to 50 years of innovation, the UC Health Emergency Medicine and Trauma teams saved the life of Buffalo Bills safety Damar Hamlin.
a letter from the chief investment officer
The UC investment team is pleased to report that the UC endowment generated a +5.2% gain in fiscal year 2023. This performance is outstanding in the context of the endowment’s investment performance in recent years— and adds to a long-term track record that all Bearcats can be proud of.
Stability has been a critical component
of UC’s investment success. Its senior
investment team has been pursuing the
same strategy for over a decade and has
benefited from a remarkably steadfast
(and devoted) investment committee.
This consistency has enabled the team
to focus on investment strategies
that require a consistent long-term
approach, providing financial backing to early-stage startup companies and
investing in out-of-favor real estate
assets. These long-term investments were the difference-makers to UC’s investment
performance and are poised to drive continued superior performance in future years.
The UC community has a lot to be proud of. We were in the national spotlight during UC Health’s heroic treatment of NFL player Damar Hamlin after a life-threatening, on-field accident. The nation celebrated Hamlin’s recovery and the extensive team of doctors and health care professionals that made it possible.
The following pages illustrate how UC Health’s breakthrough approach to emergency medicine led to an elevation of care. We also share how generous and steady endowment giving allows our emergency medicine physicians to embrace the future of emergency medicine.
Karl Scheer Chief Investment Officer, University of Cincinnati
How do you transform $2 million into nearly $10 million of support?
Patience. Structuring a gift as an endowment magnifies its impact—and can transform a $2 million donation into nearly $10 million of value for UC in just a few decades.
The discipline and endurance of UC’s investment program compounds gains and magnifies the impact of our donors’ endowment gifts. Each year, about 5% of each endowment is used to fund scholarships, research, professorships or programs designated by donors. The remaining capital, about 95%, is invested to replenish spending by generating investment gains.
This is carefully calibrated (and adjusted when necessary) to allow UC to spend the maximum sustainable amount so each endowment can provide the same support to its mission today and into the future. UC has proven the durability and power of endowments; it is still managing endowment capital donated 150 years ago.
What is perhaps most surprising and inspiring about the endowment approach is how dramatically a successful investment program can enhance endowment capital impact in as short a period as a few decades. Below you can see that since 1993, the
This analysis assumes UC’s historical 30-year 8.0% annualized investment return, the current 5.0% spending policy and 3.0% inflation. The actual (after-inflation) value of the endowment 30 years in the future would be modestly above the original $2 million donation, meaning that UC would have maintained the buying power of this endowment fund and would have achieved “intergenerational equity,” a guiding principle for how UC manages its endowment program.
UC Weighted Benchmark Inflation
UC A Pool produced compounded returns of 921%, outperformed a balanced portfolio of global stocks and bonds by 362% and outpaced inflation by over 800%. Three decades transforms solid annual outperformance (1.5% per year) into astronomical full-period outperformance.
Looking forward using UC’s 30-year track record and our current spending rate, a UC donor giving $2 million can expect that gift to provide $4.86 million in support over the next 30 years and grow principal to $4.90 million to fund future spending. The initial $2 million would be expected to deliver, in three short decades, $9.76 million of value.
Damar Hamlin’s care highlights 50 years of innovation
The care Damar Hamlin received from UC Health Emergency Medicine and Trauma teams after he suffered cardiac arrest during the Buffalo Bills and Cincinnati Bengals game in January 2023 highlights 50 years of innovation. UC created the first emergency medicine residency program in the early 1970s to train physicians specifically for emergency departments (EDs). It’s hard to imagine today, but before UC’s breakthrough approach to training doctors with the unique skills needed in emergencies, EDs were staffed by physicians borrowed temporarily, often reluctantly, from other specialties. Since EDs were often thought of as providing little more than first aid, any doctor was considered qualified. Units were plagued by long wait times, medical errors and poor service.
The growth of highly competent emergency medical professionals, trauma specialists and emergency networks was largely in the future—and UC saw that future first.
Damar Hamlin at the Chasing M’s event at UC Medical Center in July 2023.
Discovering possibilities in health care
When the UC Health team saved Damar Hamlin’s life in January 2023, it was the culmination of 50 years of visionary leaders, dedicated students and innovative generosity.
Emergency medicine’s local history dates to 1968, when UC physician Herbert Flessa, MD, created the idea of a training program for emergency medicine residents. His first recruit was Bruce Janiak, MD, who believed in the need for specialty training. In 1977, UC alumnus, Richard Levy, MD, took emergency medicine to the next level. He integrated the emergency medicine clinical and academic program, retained UC College of Medicine graduates and recruited gifted faculty from across the country. The UC Emergency
Medicine Residency program blossomed, research initiatives began and the quality of care for patients dramatically improved— it remains a top-ranked and sought-after program today.
Photos top to bottom: UC physician Herbert Flessa, MD. 2023 UC Emergency Medicine residents.
Discovering possibilities
in funding
Recently, the UC Emergency Medicine Department has taken a unique approach—
raising funds from within its ranks of physicians, faculty and administrators
Not only did UC Emergency Medicine and joined by program alumni—some innovators Flessa, Janiak and Levy create now leading in prominent emergency a groundbreaking way to train specialists departments nationwide. With this team with a unique set of skills, they also laid the of donors—all of whom share a passion for foundation for an innovative culture around emergency medicine and are inspired to the provision and protection of funding for donate their resources, large or small—an ongoing innovation. In 1994, Levy donated endowment fund is grown one gift at a time $2.5 million to create two new endowment until it reaches a level where it can be self- funds to guarantee a permanent source of sustaining. At this point, the team begins support for the program. In the intervening funding a new endowment. three decades, under the direction of subsequent department chairs W. Brian
An inspiring and visionary mentality has Gibler, MD, and Art Pancioli, MD, nearly developed within the Emergency Medicine a dozen additional Emergency Medicine- family—one of perpetual and innovative focused endowed funds have been created generosity. to further bolster and secure the program.
Innovative Generosity
Members of the UC Emergency Medicine Department have created a culture of giving. They collectively create endowments to support specific needs. Other creative ways to donate permanent capital to UC include:
Give to an existing celebrate your UC Build an endowment endowment fund graduating class fund
You don’t need to create Create an endowment Regular, long-term a new fund if there’s to celebrate graduation, donations can create an existing fund that anniversaries, honor permanent support, supports a mission that classmates who passed impacting generations. inspires you. away or support individual departments.
UC
partners with the Village Life Outreach Project, a nonprofit dedicated to fighting poverty and improving lives in Tanzania, East Africa. In May 2023, Marian Spencer Scholars traveled to the Rorya district of Tanzania for the first time.
Philanthropy’s impact can be
seen everywhere on our campus. State-of-the-art buildings, world-class research opportunities, an ever-growing student population and Big 12 athletics—all made possible through your generosity. Our upward trajectory makes it a special time to be a Bearcat.”
NEVILLE G. PINTO, PhD President University of Cincinnati
TOGETHER WE ARE PROPELLING OUR
A LOOK BACK
The momentum of your philanthropy 94
80 $6.7M
scholarship funds endowment funds to research established established funds
$66,774 $16.8M $100M
donated to Carl H. Lindner Day One Ready emergency funds College of Business campaign nears benefiting UC scholarship fundraising milestone students fundraising record supporting UC Student-Athletes
Empower
Our Next Leaders
Record-breaking year: 5,916 donors believing in student success give $32.2 million to scholarships.
176 corporate and foundation partners
donate $3.49 million to UC scholarships.
The Charles H. Dater Foundation marks a philanthropic milestone with UC. Since 1990, the foundation has given more than $1 million to university programs impacting children and youth.
Travis Kelce, two-time NFL Super Bowl winner and former Cincinnati Bearcat, announces the creation of the 87 and Running Student-Athlete Health and Wellness Endowment Fund. The fund, launched by Kelce’s foundation, supports the health and wellness of Bearcats student-athletes.
Ohio-based company LOTH, Inc. creates a scholarship for UC Carl H. Lindner College of Business students with a passion for selling.
A $1 million gift from Ray, BSCH ’83, and Connie Brooks creates the Ray and Connie Brooks Professorship in Sustainability and Renewable Energy Endowment Fund at the UC College of Engineering and Applied Science.
UC Foundation Trustee Arun Murthy, BBA ’95, makes a $250,000 gift to the UC Carl H. Lindner College of Business to help students manage costs associated with getting required certifications.
Brothers Mike and Jim Rodarte establish the Level Up Scholarship Fund for students in public school districts across
the region.
Explore Our Next Frontier
An estate gift from Patrick, BA ’63, and Malle Portway allocates $10 million for four endowed funds at the Center for Cyber Strategy and Policy in the UC College of Arts & Sciences.
A $1.25 million donation from PESI will allow researchers at the UC College of Medicine to explore therapies used for post-traumatic stress disorder.
The National Down Syndrome Society makes a $100,000 gift to the Timothy Freeman, MD, Center for Intellectual and Developmental Disabilities, created by the UC College of Medicine and UC Health.
The generosity of Shawn A. Ryan, MD, MBA ’11, supports the Emergency Medicine Endowed Chair to Benefit the Acute Treatment of Mental Health and Substance Use Disorder the UC College of Medicine.
Jerry Harris, JD ’72, and his family establish the Jerry and Carol Harris Family Scholar Award for Cancer Research at the UC College of Medicine.
Chipping Away at Parkinson’s raises more than $200,000 to benefit the James J. and Joan A. Gardner Family Center for Parkinson’s Disease and Movement Disorders at the UC Gardner Neuroscience Institute.
Embrace
Our Next Purpose
A gift of $5.25 million from the James J. and Joan A. Gardner Family Foundation will upgrade spaces within UC Health for patients needing the most specialized neurological care.
Craig and Frances Lindner commit $15 million in support of John Byrd, MD, and the future Blood Cancer Healing Center.
The sixth annual UC Day of Giving raises more than $2,470,000 from 3,800+ gifts in just 24 hours.
Ride Cincinnati marks $4 million in contributions to cancer research at the University of Cincinnati Cancer Center.
Lyle E. Shaw, BSIM ’67, MBA ’68, and Gretchen S. Shaw give $320,000 supporting the University of Cincinnati Cancer Center, UC Athletics, UC Carl H. Lindner College of Business and the
Gen-1 Program.
COMMUNITY FORWARD committed to social justice
More than 500 donors gave $1.85 million to funds related to diversity, equity and inclusion.
Bruce Besanko, BA ’82, establishes the Bruce Besanko Support Fund for the LGBTQ Center with $200,000.
Elizabeth Gatten, JD ’21, is the first Eichner Tom Sharp, BSEE ’84, MS ’92, PhD ’97, Research Fellow in Workforce Housing and the teams of NLign Analytics and Policy at the UC College of Law made Etegent Technologies create the Inclusive possible by a FY22 gift from Bruce Excellence Support Fund for Students Eichner, JD ’69. in Math and Science with a $100,000 gift. The fund supports students at the UC
David R. Rodrigo, BBA ’94, MS ’06, and Amy College of Education, Criminal Justice, and Corbin, BFA ’94, MDES ’98, create the Pedro Human Services.
Rodrigo’s American Dream Scholarship Endowment Fund for underrepresented An anonymous donor gifts $804,786 students at the UC Carl H. Lindner College to the Ohio Innocence Project at the of Business. UC College of Law. This support furthers the Ohio Innocence Project’s goal of freeing every innocent person in Ohio who has been convicted of a crime they didn’t commit.
Gary Simmons, BBA ’76, and Susan (Youngman) Simmons, BA ’76, establish the Gary and Susan Simmons Endowed Fund for Inclusive Leadership. This gift provides support for inclusive leadership programming at the Warren Bennis Leadership Institute at the UC Carl H. Lindner College of Business.
Philanthropic growth and “ community engagement are at the heart of UC Health. Your trust and belief in our mission, our care and our people inspire us each day. Our vision of becoming a world-class academic health care institution is enabled by your continued investment, and for that we thank you.”
CORY D. SHAW President & Chief Executive Officer UC Health
A NEW ERA OF BEARCAT CHAMPIONSHIPS
UC’s first day in the Big 12 conference was July 1, 2023.
Behind this momentous occasion are the 8,000 UC alumni, Greater Cincinnati leaders and dedicated Bearcats who have supported the Day One Ready Campaign.
This devotion to our 450-plus student-athletes resulted in topping $100 million ahead of the 2023 football season and the beginning of a new era as a Power 5 school.
Significant progress has been made toward the campaign’s top priorities to fuel support for student-athlete wellness, signature facilities and operational resources for championship readiness. Support includes:
• Larry and Rhonda Sheakley make the largest single gift in UC Athletics history, spearheading the game-changing, multi-million-dollar Indoor Practice Facility and Performance Center.
• Total Quality Logistics and UC create a long-term strategic partnership. This includes field level and stadium signage and logo assets for TQL as well as specific investment to the Indoor Practice Facility and Performance Center.
• Dave and Wendy Herche invest in the renovation of the men’s and women’s basketball locker rooms, the makeover of the practice gym and several major athletic department initiatives.
• Alumni Travis Kelce, BIS ’22, and Richard Kimbler, BBA ’73, MBA ’74, support student-athlete wellness. Students have access to resources and services related to both nutrition and mental health services.
The Day One Ready Campaign is part of Next, Now: The Campaign for Cincinnati, the comprehensive fundraising campaign for UC and UC Health.
“When we talk to our student-athletes, we talk about the dedication of our donor base and how much effort, energy and resources have been put into building our university and our athletics department around the opportunity to be in the Big 12.”
John Cunningham uc Director of Athletics
Rendering of UC’s new Indoor Practice Facility and Performance Center.
fundraising report
fundraising highlights
fiscal year 2023 commitments *
$153,476,446 commitments by fund type, source and purpose
66.7 SOURCE
52.6 PURPOSE
Gift Bands
$1M+
$100K+
$83,283,930 - 54.26% of all dollars
25 Principal Gifts - 0.06% of all gifts
$38,798,120 - 25.28% of all dollars 152 Gifts - 0.35% of all gifts
$25K+
$10,338,493 - 6.74% of all dollars
261 Gifts - 0.6% of all gifts
$25Koverall giving
$21,055,903 - 13.72% of all dollars 43,318 Gifts - 98.99% of all gifts
43,756 total number of gifts
$67,254,259 gifts from alumni
financial highlights
$758,448,707 $707,676,393
$44,145,667
UC AND UC HEALTH LEADERS
Neville G. Pinto, PhD
President
Cory D. Shaw
President and Chief Executive Officer University of Cincinnati UC Health
UC FO UNDATIO N BOARD OF TRUSTEES
CHAIR
Rae A. Mang
PRESIDENT
PAST CHAIR
Peter E. Landgren W. Troy Neat Medfield, MA Cincinnati, OH Cincinnati, OH
TREASURER
Thomas D. Freeman
SECRETARY
Heather C. Ellison Cincinnati, OH Cincinnati, OH
UC FOUNDATION LEADERSHIP
Peter E. Landgren
President, UC Foundation
Vice President for University Advancement, UC
Jonathan Agree
Vice President, Development, Academic Medicine
Tammy R. Bennett
Vice President for Inclusive Excellence in Philanthropy
Linda E. Bledsoe
Vice President, Human Resources
Heather C. Ellison
Chief of Staff
Julie L. Engebrecht
Vice President, Strategic Communications
Thomas D. Freeman
Vice President and CFO, Administration and Finance
Jennifer L. Heisey
Vice President, Alumni and Donor Experience
Stephen A. Rosfeld Vice President, Development
Carrie E. White
Vice President, Technology, Information and Philanthropic Strategy
Caleb D. Whitted
Vice President, Principal Giving
Shakila T. Ahmad
Jerome C. Kathman
Covington, KY
Ruthie S. Keefe
EX-OFFICIO
Brian E. Hall* Alvin F. Roehr* TRUSTEES
Cleveland, OH Cincinnati, OH
TRUSTEES
Donald C. Harrison* James A. Schiff* Mason, OH Cincinnati, OH
Peter A. Alpaugh
Cara Baah-Binney Montgomery, OH Cincinnati, OH
Stephen E. Kimpel Cincinnati, OH
Carrie K. Hayden* James E. Schwab* Cincinnati, OH Hilliard, OH
Lori A. Beer
Flavia M. Bastos Steamboat Springs, CO Tucson, AZ
Rae A. Mang Covington, KY
Lynnette M. Heard* Tony L. Shipley* New York, NY Medfield, MA
John B. Berding
Thomas D. Cassady Houston, TX Cincinnati, OH
Darrell D. Miller Cincinnati, OH
Robert A. Heimann* Randall E. Smith* Cincinnati, OH Altadena, CA
Edwin L. Bowman
Phil D. Collins Cincinnati, OH Cincinnati, OH
Anndrea M. Moore Cincinnati, OH
Kathryn A. Hollister* John M. Tew* Suwanee, GA Los Angeles, CA
Jim Boyce
Heather C. Ellison Cincinnati, OH Cincinnati, OH
Shenan P. Murphy Cincinnati, OH
Thomas H. Humes* Richard E. Thornburgh* Indianapolis, IN Cincinnati, OH Cincinnati, OH Palm Beach, FL
Eric C. Broyles
Thomas D. Freeman
Arun C. Murthy Cincinnati, OH
Timothy E. Johnson* Woodrow H. Uible* Fort Washington, MD Flower Mound, TX
Ken V. Byers
Kiley Gawronski Cincinnati, OH Cincinnati, OH
Russell C. Myers Cincinnati, OH
Barbara W. Kellar* Myron E. Ullman* Cincinnati, OH Cincinnati, OH
Patrick A. Kowalski Cincinnati, OH Montrose, CO
Thomas B. Carleton W. Troy Neat Cincinnati, OH
Robert J. King* Margaret K. Valentine* Loveland, OH Montgomery, OH
Sean P. Connell
Peter E. Landgren Cleveland, OH Cincinnati, OH
Jacqueline C. Neumann Cincinnati, OH
Patricia L. Klingbiel* Michael D. Valentine* Oak Brook, IL Cincinnati, OH
Alvin H. Crawford
Robin M. Lightner Elmhurst, IL Cincinnati, OH
Cora K. Ogle Fort Thomas, KY
Marvin P. Kolodzik* Sandra S. Wiesmann* Cincinnati, OH Cincinnati, OH
Cory D. Shaw Cincinnati, OH Bethesda, MD
William J. Davis Kirk L. Perry Cincinnati, OH
David M. Lance* Jeffrey P. Williams* Cincinnati, OH Cincinnati, OH Warsaw, KY New Canaan, CT
Kimberlee J. Dobbs
Judy L. Pershern
Louis H. Lauch* Steven A. Wilson* Cincinnati, OH Cincinnati, OH
Timothy A. Elsbrock
Ryan M. Rybolt
TRUSTEES
EMERITI
Naples, FL Cincinnati, OH
Jerry P. Leamon* Frank C. Woodside* Cincinnati, OH Cincinnati, OH Cos Cob, CT Cincinnati, OH
Barbara Fant
Richard C. Seal
Eugene R. Allspach*
Doloris F. Learmonth* Jeffrey L. Wyler* Houston, TX Cincinnati, OH Cincinnati. OH Cincinnati, OH Milford, OH
Leigh R. Fox
Shimul A. Shah
Elroy E. Bourgraf*
William E. Lower* Wilbert L. Ziegler* Naples, FL Cincinnati, OH Cincinnati, OH Cincinnati, OH Crestview Hills, KY
Jack E. Brown*
Jerry L. Fritz
Christopher J. Van Pelt
Eva L. Maddox* Anthony Zingale* Cincinnati, OH Bella Vista, AR Loveland, OH Chicago, IL Los Gatos, CA
Paul D. Green
Amanda L. Wait
Otto M. Budig*
John M. Mang* Cincinnati, OH Cincinnati, OH Arlington, VA Medfield, MA
Daniel P. Carmichael* Lourdes J. Harshe Andi K. Wiot
Thomas E. Mischell* Carmel, IN Huntington Beach, CA Cincinnati, OH Cincinnati, OH
Phil D. Collins*
Anil D. Hinduja
Andrea I. Zahumensky
Joffre P. Moine* Cincinnati, OH Bethesda, MD Chicago, IL Mason, OH
Todd C. DeGarmo*
Stuart G. Hoffman
Jerome P. Montopoli* Washington, DC Pittsburgh, PA Naples, FL
Gyan Jha
Thomas E. Dewey*
Valerie L. Newell* Montgomery, OH Louisville, KY Covington, KY
David B. Dillon*
Gary D. Johns
H. C. B. Niehoff* Mission Hills, KS Fairfield, OH Cincinnati, OH
John S. Domaschko*
Laurence F. Jones
Michael J. Paxton* Covington, KY Fairfield Township, OH Naples, FL
Joseph P. Judge
Dianne G. Dunkelman*
Ellen Rieveschl* Cincinnati, OH Washington, DC
Covington, KY
Bob L. Fealy* Yvonne C. Robertson* Chicago, IL
Cincinnati, OH
* Herschede Society as of June 30, 2023
UC Foundation Trustee list as of June 30, 2023
Photos left to right: Larry and Rhonda Sheakley at the groundbreaking of the Indoor Practice Facility and Performance Center. Their gift, the largest in UC Athletics history, spearheaded the project. A UC student in psychology class at the new Clifton Court Hall. UC Health celebrates the updated UC Medical Center entrance and lobby.