Endowed funds allow UBalt to

As a self-sustaining source of funding, The University of Baltimore Foundation’s endowment funds continue to grow and provide predictable financial support for the University in perpetuity. Your support of these funds ensures the strength and stability of UBalt for future generations of students.

The University of Baltimore Foundation’s Investment Committee works with seasoned financial managers to strategically build an investment portfolio for the University’s endowed funds. Once vested, the spendable income earned from these investments is disbursed to the University annually (through scholarships and awards, for example) to create an immediate impact, while the remaining principal and additional earnings are reinvested so they can continue to generate revenue for the fund.

An endowment is a lasting legacy that pays tribute to your values and memories, and your desire to make a positive impact throughout the UBalt community and beyond. Safeguarding these legacies is the Foundation’s greatest honor, and we are grateful to all our donors for building a permanent culture of philanthropy at the University of Baltimore.

A Message from Michael Curry, B.S. ’77, Secretary of the University of Baltimore Foundation and member of the Investment Committee

The University of Baltimore Investment Committee is dedicated to the prudent management of the UBF’s assets. Working closely with our investment managers, I am proud of our collective commitment to protecting the stability of the UBF’s entire portfolio. These investments are critical to providing valuable funding to help The University of Baltimore grow and thrive.

The UBF maintained a robust financial presence during the fiscal year 2023 and was able to extend substantial support to the students and faculty. Regular meetings of the Investment Committee are held to oversee investments made with the Foundation’s endowment, which are carefully structured in accordance with the Foundation’s Investment Policy Statement. Despite challenging market conditions, this diversified, balanced portfolio yielded attractive returns during the first half of the fiscal year. The portfolio’s performance of 9.21 percent for the full fiscal year exceeded that of its benchmark, resulting in asset growth of more than $5 million. The portfolio’s design not only ensures resilience amid varying economic cycles, but also promotes diversification across global equities, fixed income and alternative investments. Notably, the portfolio has appreciated about 6 percent annually over the past five years, outperforming the returns outlined in the Investment Policy Statement.

I am honored to continue serving on a committee that has been so steadfastly loyal in its commitment to the Foundation and the University. With sincere gratitude, we acknowledge the continued and generous support of UBalt donors and partners, whose contributions make an everlasting impact on the University, faculty and students.


Tracey A. DuBree, B.S. ’02, Chair
Michael L. Curry, B.S. ’77
Marianne Schmitt Hellauer, J.D. ’80
Debra Roberts, B.S. ’81
Kurt Schmoke, ex-officio
Stuart J. Silberg, B.S. ’71
Marie Van Deusen, Esq., J.D. ’89
Hutch Vernon



Beloved School of Law Professor Emeritus Byron L. Warnken, J.D. ’77 established the Virginia Renee Warnken Scholarship in Criminal Law in 1998 to recognize his mother’s lifelong commitment to providing financial assistance to her family to ensure their educational opportunities and success. It is awarded annually to an incoming third- or fourth-year law student based on a combination of demonstrated interest and accomplishments in the area of law enforcement and criminal law, as well as their financial need.


Market value as of June 30, 2023: $67,037,841

Total number of individual endowments: 343

Spending Policy: Currently the approved spending formula calls for an annual distribution of 4 percent of the previous 12-quarter rolling market value average of the endowment.

Distribution: The University of Baltimore endowment distributed $2,462,575 to support campus priorities in the fiscal year ending June 30, 2023.


Current Allocations Policy Target
U.S. Equity 31% 30%
International Equity 15% 15%
Emerging Markets 6% 6%
Fixed Income 23% 24%
Alternatives 25% 25%


UBalt Foundation Portfolio 9.04% 8.48% 6.09% 6.50%
Benchmarks 9.14% 5.92% 5.11% 5.88%

As a military spouse, The Bob Parsons Veterans Center has made a huge impact on my student life at The University of Baltimore. The Center is committed to promoting the success and well-being of its military and military-affiliated students and has created an environment for students to relax, socialize and focus on achieving academic success. The staff at the Center have helped me understand my GI benefits and financial aid opportunities, and have connected me with student involvement services at the University. The Center’s core value is veteran advocacy, and they continue to serve our veteran community through collaborations with the Maryland Center for Veterans Education and Training, as well as with campus support through our UBalt chapter of Student Veterans of America. I have made some of my closest friends at the University through the Veteran Center, and regardless of branch of service, we are all one UBalt family.”



The University of Baltimore Foundation is charged with the fiduciary responsibility for preserving and augmenting the value of the endowment, thereby sustaining its ability to generate support for both current and future programs and initiatives. It is the Foundation’s obligation to serve as a responsible steward of all contributions received by preserving the original value of each gift, while at the same time enabling funds to accumulate adequate interest to increase their value and impact.

The Foundation pursues a thoughtful implementation of investment strategies and vigilant risk management in achieving these objectives. The Investment Committee allocates a portion of returns annually to support the overall operations of the University and the actual management of the funds. To achieve its investment objectives the University of Baltimore Foundation retains independent investment managers with the discretion and opportunity to manage the assets in each portfolio to best achieve these investment objectives. The return earned by the endowment is expected to exceed the performance of a passively invested portfolio over rolling five- and 10-year time periods in order to maintain a long-term focus in managing the assets.

The investment horizon of the endowment is perpetuity, and its investment objective is to serve as a vehicle for donors and others to contribute to the continuing achievement of one of life’s most valuable accomplishments: a higher education.


Market value as of July 1, 2022: The marketable value of all investments that support the account on the date specified. This figure fluctuates with the financial markets.
Contributions and Additions: New gifts and additions to the account during this time period.
Investment Gains and Losses: The change in value of the account attributed to investment activity.
Transfers to Distribution Account: This amount represents the UBalt Foundation’s distribution rate (currently 4 percent), which has been transferred to the corollary expendable account, therefore shown as a withdrawal indicated by parentheses.
UBF Administrative Fee: The Foundation’s annual endowment fee expenditures, therefore shown as a withdrawal indicated by parentheses.
Market Value as of June 30, 2023: The marketable value of all investments that support the account on the date specified. This figure fluctuates with the financial markets.

Balance as of July 1, 2022: The marketable value of funds available for expenditure on the date specified.
Contributions and Additions: Additional contributions received for distribution during the fiscal year.
Transfers from Endowment Account: This amount represents the UBalt Foundation’s distribution rate (currently 4 percent), which has been transferred to the corollary expendable account.
Distributions for Fund Purpose: Expenditures made from the account in the fiscal year, therefore shown as a withdrawal indicated by parentheses.
Balance as of June 30, 2023: The marketable value of funds available for expenditure on the date specified.


Image of Dick and Rosalee DavisonThe University of Baltimore mourned the loss of two of its longtime supporters, friends and neighbors in 2023. Richard Samuel “Dick” Davison and his wife, Rosalee (née Cohen), were married 71 years until her death in June 2023, followed by his passing, less than two months later, in August.

Together, the philanthropist couple made an indelible mark on Baltimore by supporting numerous educational, cultural and social organizations, including several fellow Midtown anchor institutions, such as the Maryland Institute College of Art, Baltimore Symphony Orchestra, the Walters Art Museum and the Associated Jewish Federation of Baltimore.

Dick Davison joined the Mount Royal neighborhood community as a business owner in 1955; served his first of several terms on The University of Baltimore Foundation Board of Directors, over the course of 40 years, in 1979; and was presented with an Honorary Alumni Award by our Alumni Association in 2000.

However, Davison’s connection to UBalt began long before he founded Mt. Royal Management Company in what is now Midtown. It began with his father-in-law, Ben Cohen, a Baltimore entrepreneur, who attended the Baltimore College of Commerce that later merged with UBalt. In 1995, Dick and Rosalee (Cohen’s daughter), endowed the Ben Cohen Scholarship Fund at the Merrick School of Business in his honor.

Since their first gift to the Fund for Excellence was made in 1982, the Davisons supported many endeavors across campus in addition to the Cohen Scholarship, including considerable support for the University’s Endowment—the 1925 Fund. They also made significant capital contributions to the building of the current John and Frances Angelos Law Center and Robert L. Bogomolny Library, as well as the Student Center, where the Ben and Zelda Cohen Green Room was named in honor of Rosalee’s parents.

Dick and Rosalee Davison’s legacy of generosity will enable the University of Baltimore to honor their memories and continue to celebrate their commitment to our shared community for years to come.