Name: Maryland Institute College of Art
Assets Under Management: $217.4 Million (Source: Maryland Institute College of Art on 5/31/2008)
Portfolio Insights: “Maryland Institute College of Art (the College) is the oldest private college in the United States of America dedicated to the education of professional artists and the further advancement of art in the community. Investments in fixed income and marketable equity securities with readily determinable fair values are recorded at fair value based upon quoted market prices. Private equity and limited partnership interests, which include venture capital and hedge funds, are valued based on amounts estimated by the investment managers. Investments of endowment and similar funds are maintained in a pool under a trust agreement with a bank.” (Source)
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Top Maryland Institute College of Art Endowment Fund Headlines:
1) Maryland Institute College of Art said its endowment increased to $72 million as of May 31, up from $63 million on May 31, 2012. Its investments gained 15.4 percent over that period. (Source)
2) The Maryland Institute College of Art Board of Trustees today announced Samuel Hoi as the next president in the College’s 188-year history, effective July 1, 2014. Hoi is currently president of Otis College of Art and Design, in Los Angeles. He will succeed President Fred Lazarus IV, who will step down after a 36-year presidential tenure that is the longest in Maryland today. Hoi’s appointment follows a unanimous vote by the board.
“Samuel Hoi is the perfect choice to build on MICA’s legacy as the leader in art and design education and take us forward to greater heights,” said Neil Meyerhoff, chair of the Board of Trustees. “His 30 years of experience in launching visionary initiatives, developing community-based collaborations and empowering a world-class faculty and staff is completely aligned with the opportunities that await MICA at this moment in its history.”
Hoi will assume leadership at MICA following a period of unprecedented growth in the College’s reputation, programs, enrollment, financial strength and the endowment. MICA’s M.F.A. graduate programs are ranked in the top 10 nationally by U.S. News and World Report. Parade magazine recently listed MICA’s undergraduate studio arts programs collectively as one of the top two nationwide, and GDUSA named the institution one of the top 20 design schools. (Source)
3) MICA announces the appointment of Gwynne Keathley as MICA’s vice provost for research and graduate studies. Keathley brings to this position 15 years of experience with extensive knowledge and expertise in the creation of art and design curricula as well as the management of educational programs at colleges of art and design.
“I am excited to work with the vibrant community at MICA to strengthen graduate studies and research and advance the College’s position on the forefront of art and design education,” Keathley said. “Through transdisciplinary collaboration and partnerships, we have the opportunity to develop innovative programs and projects that respond to emerging issues and model new forms of creative practice. Together we can create a platform for students and faculty to further explore challenges facing Baltimore and society at large, and to respond to these conditions in ways that are both insightful and transformative.” (Source)
4) Apr 17, 2001 – The Maryland Institute College of Art has received a $6 million gift from Eddie and Sylvia Brown — the largest single gift in its 175-year history — for the construction of its first new academic building in nearly a century.
The gift, one of the largest ever made by an African-American businessman, grew out of the Browns’ experience as parents of a MICA student, their personal respect for and interest in the college’s vision for the future, and their longstanding commitment to the arts and the city of Baltimore.
Brown, founder and president of Baltimore-based Brown Capital Management, one of the country’s leading African American-owned investment-management firms, has been a regular panelist on the PBS program “Wall $treet Week with Louis Rukeyser” for the past twenty-two years and is active in community affairs, serving on the boards of numerous arts and charitable organizations. (Source)
5) The Maryland Institute College of Art has received a $10 million endowment gift from longtime trustee and benefactor George L. Bunting Jr. and his wife, Anne Bunting.
The gift is the largest in the 185-year-old school’s history, and will provide support for the expansion of the school’s graduate programs in art and design. It will also drive increased faculty-student research collaboration and engagement with visiting artists and community businesses.
George Bunting Jr. has spent more than 30 years on MICA’s board of trustees. He is also an honorary trustee of the Baltimore Community Foundation. He is the former CEO of Noxell Corp., a company acquired by Procter & Gamble in 1989 and is known for its Noxzema and CoverGirl products.
The Buntings’ previously provided support to renovate the building that became MICA’s Bunting Center, which houses student services, galleries, classrooms, academic offices and the library. Their son, Jeffrey G. Bunting, currently sits on the board. (Source)