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Letter from the President
Dear Friends and Colleagues,
As we wind down another successful academic year, we wanted to  share a few highlights with you.
First, I wish to congratulate six of our investment office interns who graduated this spring, as well as three others who graduated a bit earlier. Read more about and the jobs they have secured in this newsletter.
Last year, the Foundation formed the Ad Hoc Committee for Socially Responsible Investing, headed by Board Director Joe Bowen, to evaluate a proposal to divest from fossil fuels put forth by the student group Fossil Free Maryland.
After considerable deliberation and consultation with the students and with national thought leaders on this topic, the committee made five recommendations, which were approved by the Executive Committee and the Investment Committee.The full statement can be viewed here.
I want to thank Joe Bowen and the committee, as well as staff member Pam Purcell, for their time spent in crafting this important statement. Chris Ingram (see below) in our Investment Office will help us meet the spirit of the statement in his new role as senior sustainability and public markets investment analyst.
We have seen leadership changes over the past few months. This spring we were happy to welcome Ron Nowalczyk as president of Frostburg State University. He has hit the ground running, and we look forward to working with him for many years to come. I would like to thank Tom Bowling for his dedicated service as interim president. Frostburg was in capable hands with him at the helm, and we are glad to see him continue on in his previous role as Frostburg State's Vice President for Student Affairs.
We are sad to announce the upcoming retirement of Gary Rubin and departure of Mickey Dowdy. Both of these men have done much to enhance education at Towson and UMB, respectively, and we are grateful for their service. As you are probably aware, Gary has many interests, including a side career as a jazz vocalist. Mickey is looking forward to seeing his grandchildren more after he begins a new position at Virginia Commonwealth University in Richmond. It goes without saying that we wish them well and will miss each of them.
Here at the office, we saw the departure of Ralph Amos, USMF Vice President for Alumni Relations, who was appointed to the position of President and CEO of the Purdue University alumni association. Alumni relations is becoming more central to operation of our universities, as institutions tap the data resources and relationships cultivated in this profession. Ralph did much to help us think about how to take advantage of this trend and modernize our operations. He was especially helpful in organizing our System-wide Alumni Relations Council, which has created working relationships among our alumni leaders across the state as they move forward with their day-to-day and visionary tasks. Notably, he brought to our attention the fact that in 2016, the combined System-wide number of living alumni eclipsed 1 million people. We wish him well as he leads the alumni efforts for the Boilermakers.
Last, but not least, we welcomed a new Vice Chancellor for Economic Development, Tom Sadowski, this spring to the System staff. I knew Tom from his work at the Economic Alliance for Greater Baltimore, and we are eager to collaborate with him, along with Chancellor Caret and the Board of Regents, in their efforts to leverage our institutions' research and programs for the benefit of business in Maryland.
I wish you a fun-filled and safe summer season. A
s always, please contact me at
[email protected]
or 301-445-1941 with any questions or comments.
Sincerely,
Leonard R. Raley
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Investment Office Update
Chris Ingram has been named Senior Sustainability and Public Market Investments Analyst for the USM Foundation. Chris joined the Foundation in the summer of 2013 as an investment intern and became a full-time investment associate in charge of the team's macroeconomic and capital markets research after earning his MBA in the spring of 2014. In his new role, Ingram will pursue investment strategies that have excellent risk-return characteristics, as the impact of regulation/taxation on carbon emissions will have meaningful impact on company valuations. He will regularly attend ESG investment conferences and will continue diligence on managers offering sustainable investment platforms, with the goal of seeking investments that utilize ESG screening processes to provide enhanced risk/return possibilities.
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USM Bids Farewell to Two Advancement Vice Presidents
 University of Maryland, Baltimore Chief Development Officer and Vice President
Michael B. (Mickey) Dowdy, MBA will be stepping down this month to become Executive Director and Chief Development Officer for School of Engineering Foundation at Virginia Commonwealth University. Dowdy, who came to UMB in 2013, has been responsible for the overall fundraising for the System's professional schools at UMB; plus creating and overseeing development standards policies, metrics, and best practices, and management and administration of the University's development activities. A search for Dowdy's replacement is currently underway.
Towson University Vice President for University Advancement and Towson alumnus
Gary  N. Rubin, PhD has announced his retirement.
Rubin, who joined Towson in 2001, has 27 years of experience in higher education, both as a professor and administrator and an equal number of years as executive director of non-profit agencies focusing on administration and fund raising. His leadership has resulted in nearly $100 million in philanthropic gifts to TU, including the largest gift in TU history.
In a statement released this Spring, Towson President Kim Schatzel wrote, "Under his leadership, the university's endowment has grown by 500 percent, and the last capital campaign exceeded its $50 million goal. In the last two years, the Annual Campaign's newly created #GoldandBlackGivingBack initiative has kick started an exciting culture of philanthropy among our TU students. Building a culture of philanthropy, preparing for the launch of a capital campaign, and re-engaging the amazing alumni are major priorities for Towson University. I will begin the search for the next leader of the Division of Advancement in the fall of 2016. The plan is to have the national search completed by late January 2017. Beginning September 1, 2016, Associate Vice President for Development Mike Cather '93 will serve as interim vice president for Advancement while the search is conducted. I know we will all support him in this important leadership role."
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Frostburg State Welcomes Ronald Nowaczyk as President
Ronald Nowaczyk has been appointed president of Frostburg State University by the USM Board of Regents effective May 9th. Nowaczyk was previously provost and vice president for academic affairs at Clarion University in Pennsylvania.
Before joining Clarion, Nowaczyk served in leadership positions at the University of New Haven and East Carolina University, and he was on the faculty of Clemson University's Department of Psychology. He has served as a visiting scientist at the Institute for Computer Applications in Science and Engineering at NASA Langley Research Center in Hampton, VA, and as a visiting human factors research consultant at AT&T Bell Laboratories in Lincroft, NJ.
Nowaczyk earned his doctoral and master's degrees from Miami University of Ohio and his bachelor's degree from Northwestern University, all three in psychology.
Since July 1, 2015, Tom Bowling has served as FSU's interim president, following Jonathan Gibralter's departure to join Wells College (NY) as president. Bowling has returned to his former position as vice president for student affairs.
Hear President Nowalczyk in his video introduction:
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University of Maryland School of Pharmacy Alumna, Chair Ellen Yankellow Commits $500,000 Scholarship Gift
 In celebration of the School's 175th anniversary,
Ellen H. Yankellow, PharmD '96, BSP '73 has committed a gift of $500,000 to the University of Maryland School of Pharmacy. The gift - for which Yankellow contributed $200,000 that was matched by both an anonymous donor and the Scholarship Matching Program under the University of Maryland, Baltimore Foundation, Inc. - will provide a full year of financial support for a fellow in the
Ellen H. Yankellow Health Outcomes Fellowship, as well as
a full year of tuition assistance for a graduate student enrolled in either the School's online
MS in Regulatory Science
or
MS in Pharmacometrics program. Yankellow's gift follows an
earlier $1.1 million
gift t
hat she committed during the School's most recent capital campaign. Yankellow is President and Chief Executive Officer of Correct Rx Pharmacy Services and Chair of the
Board of Visitors
at the University of Maryland School of Pharmacy. More
here.
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Regent Frank Kelly Named to Baltimore Sun Business and Civic Hall of Fame
Francis X. (Frank) Kelly, Jr. has been named to the inaugural class of
 The Baltimore Sun's Business and Civic Hall of Fame. Kelly, who started Kelly & Associates in the basement of his home in Timonium in 1976, now employs 450 at its Hunt Valley headquarters and regional offices, making it one of the region's top health insurance brokers and administrators, with thousands of corporate clients. A dedicated public servant, he served as a senator in the Maryland General Assembly and worked closely with the University of Maryland Medical System, particularly the R Adams Cowley Shock Trauma Center. In addition, Kelly serves on the USM Board of Regents and has been a fundraiser and advocate for numerous worthy causes in the Baltimore region. See the Sun
article for the full story.
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J. Thomas (Tom) Sadowski has been named USM Vice Chancellor for Economic Development. Sadowski previously had been President and CEO of the Baltimore Economic Development Alliance since 2008.
More.
The University System of Maryland announced this month a plan to establish a
$25 million fund to invest in startup companies created by students, faculty and graduates. The fund would require the system to invest $10 million over the next four years, and the remainder would be raised from venture funds, state funds and other sources. That fund is intended to offer investments between $50,000 and $500,000.
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Staff Member News
USM Foundation President and CEO
Leonard R. Raley is one of 14 professionals with diverse expertise in business, economic development and marketing named by Governor Larry Hogan to the Maryland Public-Private Partnership (P3) Marketing Corporation, a new organization that will help drive Maryland's branding and marketing efforts to attract businesses, create jobs and grow the state's economy.
Read more.
This spring, USM Vice President for Alumni Relations Ralph Amos took the position of President and CEO Purdue Alumni Association in Lafayette, Ind. In his new role, Amos is responsible for setting strategy and direction for the participation, engagement and connectedness of Purdue University's more than 440,000 alumni.
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Investment Office Intern News
The following University of Maryland graduates who interned in the Investment Office have secured permanent positions in the investment world:
John Esposito '16 (B.S. Finance) is an Analyst - Mergers & Acquisitions at Deutsche Bank in New York, NY.
Stefan Iacono '14 (B.S. Finance, B.S. Accounting) is an Analyst, High Yield Credit at Nomura Securities in New York, NY (per LinkedIn).
James Luddy '16 (B.S. Finance, B.S. Information Systems) is a Federal Technology Consultant at Deloitte & Touche LLP in Washington, D.C.
Nikhal Mathur '15 (B.S. Economics) is a Product Analyst at Hamilton Lane in Philadelphia, PA.
Maria Mesa '16 (B.S. Finance - International Business) is an Investment Banking Analyst at RBC Capital Markets in New York, NY.
Jessica Manzione '16 (B.S. Finance, B.S. Accounting) is a Product Manager at Sageworks in Raleigh, NC.
Harsha Neerchal '16 (B.S. Finance) is an Analyst at JMI Equity in Baltimore, MD.
Pavan Rangachar '15 (B.S. Finance) is a Special Assets Group Analyst at Goldman Sachs in New York, NY.
Austin Russell '16 (B.S. Accounting, B.S. Finance) is an Analyst at Cornerstone Research in Washington, D.C.
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