Pillars by Darden School of Business

PIL L A RS U N I V ER S I T Y O F V I R G INIA | DARDE N SCH OOL OF BU SINE SS | ISSU E 22 | FALL 19

THIS IS OUR MOMENT

Darden’s Powered by Purpose campaign, in support of the University of Virginia’s Honor the Future campaign, launches. PAGE 3

LETTER FROM THE VICE PRESIDENT FOR ADVANCEMENT

arden has launched its ambitious fundraising campaign, Powered by Purpose, in support of the University of Virginia’s Honor the Future campaign. I am reminded daily that this is not just a campaign. It is a promise — a promise to secure the future of Darden, the School that has developed purpose-driven leaders and elevated so many professional and personal lives for more than 60 years. With this mindset, we recently asked several alumni of the Darden community to offer their advice for tomorrow’s purposedriven leaders. The end result was an authentic discussion on knowing oneself, volatility, empathy, leadership and giving back. • “Be open to new possibilities. Be open to new things.” — Carolyn Miles (MBA ’88), CEO of Save the Children • “Those who achieve the greatest amount of growth and personal achievement are those who are really obsessed with the growth and development of those around them.” — John Strangfeld (MBA ’77), former CEO, Prudential • “Philanthropy is a choice. To use that as a way to make a difference in the world or even in one person’s life matters.” — Nicole Lindsay (MBA ’99), Vice President, Mastercard Center for Inclusive Growth At the onset of the campaign, their messages serve as a reminder that no matter where you are in fulfilling your “why,” the Darden School of Business is the ultimate place for individuals from all walks of life to convene and advance passions and purposes together for a better world. You can watch a video of their advice on the homepage of our new website: giving.darden.virginia.edu. Within these pages of Pillars, freshly redesigned to document progress toward our ambitious $400 million campaign goal and the impact that philanthropy will make, you’ll read how your fellow alumni are already powering purpose through support for the campaign’s priorities (Page 3). I invite you to join them. As we embark on the campaign, Darden’s leadership looks forward to seeing the ways the campaign priorities connect with our community, the ideas that inspire new and loyal donors alike, and the gifts that make a transformational, collective impact on the School. We are excited to serve the School, advance the promise of Darden’s future and, above all, power the purposeful. On behalf of the campaign leadership and Dean Scott Beardsley, I invite you to learn more through this campaign publication, to reflect on your own purpose-driven ideals and how they connect to Darden, and to stay in touch with us as we unfold Powered by Purpose!

View your fellow alumni’s advice for future leaders at giving.darden.virginia.edu

Warm regards,

Kara Ramirez Mullins (TEP ’18) Vice President for Advancement Darden School of Business

ON THE COVER: Top Row: Lem Lewis (MBA ’72), whose philanthropy created the Lemuel E. Lewis Bicentennial Award for Global Leadership, and Bill Coogan (MBA ’82), whose philanthropy created the Coogan Family Bicentennial Professorship and Coogan Family Bicentennial Scholarship Middle: Elena Loutskina, Bank of America Associate Professor of Business Administration Bottom Row: Max Linden (Class of 2020), Darden Student Association president and William Michael Shermet Award recipient, and Allie Medack (Class of 2020), recipient of the 2019 Samuel Forrest Hyde Memorial Fellowship and a Jefferson Fellow (Photo: Stephanie Gross)

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Faculty Grounds Darden Faculty Grounds Darden

Scholarships Master Plan Annual Fund Scholarships Master Plan Annual Fund

$400 COVER STORY

— DEAN SCOTT C. BEARDSLEY

Honor the Future is rooted in the University’s founding ideals — truth, citizenship and the power of knowledge. Having embraced them for 200 years, the University is now ensuring that these principles continue to serve us, today and every day, in honor of the future. In honoring the future today, and with support through the campaign, the University pursues its public mission and stewards a legacy for higher education tomorrow.

MILLION

THIS IS OUR MOMENT

The University of Virginia’s $5 billion Honor the Future campaign is here. With it, the Darden School of Business is announcing a $400 million fundraising goal for our Powered by Purpose campaign in support of Honor the Future. This is what we have built toward, together, for more than 60 years. A successful campaign is our chance to position Darden among globally preeminent business schools for generations to come. This is our moment to power the purposeful.”

T O WA RD U VA ’ S T H I RD C E N T U RY

More Than Halfway: Progress Toward Purpose

$236M

59% As of 30 September 2019

$400 million by 30 June 2025

Darden’s Powered by Purpose Campaign Priorities: 1. Faculty, Thought Leadership & Curricular Innovation 2. Scholarships, Financial Aid & Student Experience 3. Grounds Master Plan, and Technology & Innovation 4. Darden Annual Fund

Darden’s progress toward achieving the full potential of those priorities will accelerate as the School advances toward its fundraising goal for the campaign.

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DA R D E N VALU ES C R EAT E VA L U E : S EE H OW Visit the new Darden giving website to see the impact of the Darden community powering purpose-driven leaders and improving the world, and learn how you can amplify your impact through the Powered by Purpose campaign.

LE ADE RSHIP FOR A HISTO R IC FUNDRAISING CAM PA IG N The Powered by Purpose campaign will continue until 30 June 2025, a critical period in the history of the School that will position Darden as a preeminent global business school. The campaign will be led by the Campaign Cabinet. Chair

JAMES A. COOPER (MBA ’84)

giving.darden.virginia.edu

Vice Chairs

H. WILLIAM COOGAN JR. (MBA ’82) KIRSTI W. GOODWIN (MBA ’02) ELIZABETH H. LYNCH (MBA ’84)

This campaign is an opportunity for individuals to come together and be a part of a significant moment in Darden’s history. Powered by Purpose sets the stage for everyone — and anyone — to ensure the unique Darden experience endures for generations to come.”

Honorary Chair

GEORGE S. TAHIJA (MBA ’86)

Cabinet Members

J. ANDREW BUGAS (MBA ’86) ROBERT G. DOUMAR JR. (MBA ’88) JOHN D. FOWLER JR. (MBA/JD ’84) JOHN B. JUNG (MBA ’84) ROSEMARY B. KING (MBA ’91) MARK J. KINGTON (MBA ’88) LEMUEL E. LEWIS (MBA ’72) SHANNON G. SMITH (MBA ’90) WILLIAM P. UTT (MBA ’84) STEVEN C. VOORHEES (MBA ’80) BOB WOODWORTH (MBA ’73)

— Michael Woodfolk (tep ’05)

President, Darden School Foundation

P OW E R E D B Y P U R PO S E. P OW E R E D B Y U N MAT C H ED LE A D E R SH I P. Thanks to the generosity of incredible leaders who believe in Darden’s vision for the future, the Darden School of Business has surpassed 50 percent of its ambitious $400 million campaign goal. We gratefully acknowledge the following donors and their leadership gifts made during the silent phase of the Powered by Purpose campaign (1 July 2013–30 September 2019).

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* Membership as of 30 September 2019

$25M & Above Frank M. Sands Sr. ’63 David C. Walentas ’64 & Jane Z. Walentas $10M–24.9M The Batten Foundation $5M–9.9M Anonymous (2) H. William Coogan Jr. ’82 & Theresa M. Riddle James A. Cooper ’84 & Stacy L. Cooper Richard A. Mayo ’68 & Sara Page Mayo

$2.5M–4.9M In Honor of the Class of 1957 Kirsti W. Goodwin ’02 & Matthew T. Goodwin Robert J. Hugin ’85 & Kathleen Hugin Douglas R. Lebda ’14 & Megan Lebda Lemuel E. Lewis ’72 & Sandra W. Lewis Frank M. Sands ’94 John Robert Strangfeld ’77 $1M–2.49M Anonymous (2) Kirby C. Adams ’79 Stephen E. Bachand ’63 William D. Cannon Jr. ’68 & Nancy Cannon

Terrence D. Daniels ’70 & Courtnay S. Daniels William A. Dawson ’67 John D. Fowler Jr. ’84 & Corey Phillips Fowler Frank E. Genovese ’74 & Susan L. Genovese William H. Goodwin III ’95 & Crystal H. Goodwin William H. Goodwin Jr. ’66 & Alice T. Goodwin Peter M. Grant ’86 & Colleen J. Grant Robert D. Hardie ’95, ’99 & Molly G. Hardie Martina Hund-Mejean ’88 & Bruno Jean-Marie Mejean John B. Jung Jr. ’84 & Connie B. Jung Mark J. Kington ’88 & Ann A. Kington Mark C. Lamarre ’90 & Victoria K. Lamarre Elizabeth H. Lynch ’84 & Daniel S. Lynch ’84 McWane Inc. The Melville Foundation Clifford D. Moore III ’81 Donald E. Morel Jr. ’97 & Lauren Morel Michael E. O’Neill ’74 & Patricia J. O’Neill G. Ruffner Page Jr. ’86 & Virginia White Page Robert E. Reeve ’85 Douglas A. Scovanner ’79 & Mary M. Scovanner Shannon G. Smith ’90 T. Kent Smith ’84 & Mary L. Smith Jennifer O. Styslinger & Mark J. Styslinger Bruce R. Thompson ’90 Warren M. Thompson ’83 James W. Todd ’64 & Sharon K. Todd William P. Utt ’84 & Carolyn S. Utt Steven C. Voorhees ’80 & Celia Voorhees Donald M. Wilkinson ’66 Robert C. Woodworth ’73 & Joyce Woodworth $500K–999K Anonymous W.L. Lyons Brown III ’87 & Susanna S. Brown Mary Buckle Searle ’86 & Stewart A. Searle III John M. Camp III ’79 & Caren Camp Samuel M. Chappell III ’82 & Nancy B. Chappell The Chubb Corporation R. Scott Creighton ’82 Louis G. Elson ’90 William A. Hawkins III ’82 & Sharon Doyle Hawkins Margaret M. MacAvoy + & Thomas C. MacAvoy + John G. Macfarlane III ’79 & Dudley W. Macfarlane Albert N. Morgan Jr. ’72 & Carla H. Morgan Marshall N. Morton ’72 & Caroline Morton Estate of Paul A. Murphy Zhiyuan “Jerry” Peng ’03 & Ying Hu Ryan D. Rayborn ’10 & Jessica Rayborn Joyce E. Rothenberg ’85 & Mace Rothenberg John Calvin Vernon III ’91 & Jennie A. Vernon $250K–499K Scott C. Beardsley & Claire Dufournet Beardsley Richard E. Berry ’94 & Ana Maria Hernandez Berry Samuel E. Bodily & Jolene H. Bodily

Stacy H. Bolduc ’90 & John P. Bolduc ’90 J. Andrew Bugas ’86 & Maryann Horgan Bugas Susan Christian Coogan ’82 Franklin S. Edmonds Jr. ’95 & Pamela F. Edmonds HBM Holdings Bret W. Holden ’88 & Jeanne Marie Z. Holden A. Gibboney Huske ’97 William Irvin Huyett ’82 & Lauren M. Huyett Philip W. Knisely ’78 & Patricia Knisely Samuel Ashby Lewis + Garth Monroe ’05 Henry F. Skelsey ’84 & Susan W. Skelsey Robert W. Smith ’87 & Teresa Smith Robert E. Spekman & Susan K. Snyder Lilo Simmons Ukrop ’89 & R. Scott Ukrop ’89 Jianwei J. Yao ’01 & Wenjing Mao $100K–249K Anonymous 3M L. Bradford Armstrong ’74 Joseph P. Balog ’88 & Cheryl S. Balog Bank of America Private Bank R. David Banyard Jr. ’04 & Diane Banyard Frank Batten Jr. ’84 & Aimee C. Batten David A. Beach ’69 & Carolyn H. Beach John R. Belk ’86 & Kimberly D. Belk Donald R. Benson ’89 & Christine Benson Barbara M. Bruner ’90 & Robert F. Bruner Liane Burckhardt A. Hazen Burnet ’69 & Sarah M. Burnet Capital One Financial Corp. Kristin R. Carlock ’93 & Ronald C. Carlock Jr. ’93 J. Scott Carter ’99 & Ann B. Carter G. David Cheek ’79 & Katherine P. Cheek James S. Cheng ’87 & Jeanette Wang Cheng Robert K. Citrone ’90 T. Scott Coleman ’79 & Yasmine Z. Coleman Hugh M. Comer II ’91 & Debora R. Comer Corning Inc. Gordon Crawford ’71 & Dona Crawford Richard P. Dahling ’87 & Nancy L. Sanborn Danaher Corp. Michael A. DeCola ’77 & Lee F. DeCola Allison Cryor DiNardo ’88 & Robert B. DiNardo Discovery Capital Management LLC William H. Donner Foundation Robert G. Doumar Jr. ’88 & Noelle C. Doumar James K. Dunton ’62 & Nancy Hilton Dunton Eastman Ty W. Eggemeyer ’89 & Leslie F. Eggemeyer Robert William Emery Jr. + Lawton W. Fitt ’79 & James I. McLaren Catherine J. Friedman ’86 & Jon R. Duane Darren A. Fultz ’06 Frederic H. Garner IV ’90 &

Katherine Dudley Garner Barbara A. Glynn & John W. Glynn Jr. Kenneth M. Good Jr. ’93 David W. Goodrich ’73 & Julie Houk Goodrich Gregory B. Graves ’89 Naren K. Gursahaney ’89 Estate Of Steven D. Hale W. Barnes Hauptfuhrer ’81 & Camilla R. Hauptfuhrer Robert L. Huffines ’92 & Lisa G. Huffines Claire C. Hyde ’80 & William L. Hyde Jr. J.P. Morgan & Company Inc. Margaret M. Jacobsen ’87 & Richard C. Jacobsen Jr. ’89 Johnson & Johnson David C. Johnson Jr. ’84 & Caroline D. Johnson David B. Kelso ’82 & Sara E. Kelso Virginia Kincaid Charitable Trust Rosemary B. King ’91 & Martin G. King ’91 Ryan P. Knauss ’00 & Christina M. Knauss Linwood A. Lacy Jr. ’69 & Constance C. Lacy Bruce R. Lauritzen ’67 George W. Logan ’71 & Helen B. Logan James C. Magill Jr. ’79 Todd R. Marin ’89 & Fiona Kotur Marin Massey Foundation William B. Massey Jr. & Randee Massey William E. Massey Jr. & Rebecca C. Massey E. Morgan Massey William G. McGowan Charitable Fund David L. Miller ’72 & Helen Miller E. Benjamin Mix III ’86 J. Byrne Murphy ’86 & Pamela Breslin Murphy L. Paul Nelson II ’77 & Lee Nelson Joseph Niehaus E. Mitchell Norville ’84 & Carla S. Norville John W. Parsons ’89 & Ellen T. Parsons Antonio U. Periquet Jr. ’90 & Martha I. Periquet G. Patrick Phillips ’73 & Deborah Phillips John A. Powell ’82 Scott A. Price ’90 & Shizuko M. Price Steven S Reinemund ’78 & Gail Timbers Reinemund Matthias D. Renner ’86 & Linda G. Renner James G. Rose Jr. ’85 & Margaret W. Rose Sands Capital Management Inc. Francine N. Shanfield ’87 & Robert J. Shanfield ’87 Allan W. Staats ’62 & Barbara G. Staats Mark B. Templeton ’78 & Yvonne Shuler-Templeton Thomas D. Tichenor ’11 James P. Totten ’85 & Josephine Totten Bradley J. Waitzer ’87 & Terry Waitzer Thomas R. Watjen ’81 & Nanette A. Watjen Nancy S. Webb ’77 & David N. Webb ’77 Roger L. Werner Jr. ’77 Elizabeth Kirk Weymouth ’94 & Philip B. Weymouth III ’93 Marietta Edmunds Zakas ’84 & Dennis L. Zakas + = Deceased

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FAC U LT Y

The campaign empowers Darden to nurture the outstanding faculty of the future and develop insights for leaders facing real-world business challenges.

T R A N S F O R M AT I O N A L L E A RN I N G , T U RB O C H A RG E D

How a Conversation About Lifelong Learning Led to the Record-Setting Gift Catalyzing Darden’s Faculty and Curricular Innovation

ENDOWED PROFESSORSHIPS POWER INSTITUTE WITH TOP FACULTY TALENT

BY DAVE HENDRICK

The gift that will dramatically increase the reach and impact of the Darden School and provide transformational education to learners across a lifetime began with a conversation. Dean Scott Beardsley and Frank Sands Sr. (MBA ’63) had grown to know each other over Beardsley’s first three years as dean and would occasionally discuss the School and its future. The Sands family had already proven instrumental in charting a more expansive course for Darden, providing the philanthropy that would enable the UVA Darden DC Metro launch in the Washington, D.C., area at the Sands Family Grounds. Today, the Sands Family Grounds is already the primary academic home to almost 300 students in the Executive MBA and Master of Science in business analytics programs. Sands believed more could be done. “It was a conversation that didn’t start with the answer; it started by exploring what kind of impact and difference Frank wanted to make,” said Beardsley. “He’s a lifelong learner and very curious. He believes that curiosity and learning are at the core of great investing, and also that Darden needs to find ways to grow itself. That conversation coalesced around this idea of a lifelong learning institute in which Darden is the place where you can always turn to increase your skillset throughout your life.” That idea resulted in the largest philanthropic gift in Darden history, a $68 million donation — which unlocked an additional $14 million in matching funds from UVA’s Bicentennial Professors Fund — that will build upon Darden’s strengths and markedly help the School grow its impact.

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The Institute for Lifelong Learning aspires to develop best practices for delivery of Darden teaching through new technology and formats.

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The gift accomplishes the goal through three areas of focus: the establishment of a new Sands Institute for Lifelong Learning that could fuel Darden’s reach in the classroom and in digital education, a historic investment in Darden faculty to develop and support the next generation of exceptional educators for lifelong learning, and the construction of the new UVA Inn at Darden and Conference Center for Lifelong Learning as a platform for future generations to come and study (Page 10). NEW INSTITUTE FORMS THE CORNERSTONE OF DARDEN’S LEADERSHIP IN LIFELONG LEARNING

“Lifelong learning is an increasingly important requirement for any business person,” said Beardsley. “With so much disruption, the need to be able to learn just in time, and to update your skill set as your career evolves, is becoming a necessity.” Beardsley envisions a near future where Darden remains the place students go for the best two-year MBA education in the world, but the School is also the go-to for skills-enhancing courses for the life of alumni and students in new, innovative offerings and programs.

The strength of the Darden faculty will serve as the bedrock on which much of the institute is built. The institute gift includes a historic investment of $35 million supporting 12 new faculty chairs that will advance the institute’s mission — including four distinguished professorship funds named in honor of Professors Bob Bruner, Yiorgos Allayannis, Bob Landel and John Forbes — as well as a wealth of new tools, from case writing support to online instructional design to resources for program development. Beardsley called it a “historic investment” in the faculty that also enables it to innovate and extend its reach. “We already have executive education. We already have a presence in Washington, D.C. We already have the Executive MBA program. And we have strong online elements and partnerships,” Beardsley said. “But this is really to turbocharge all of those and to create more positive returns.” For additional information on supporting the new Institute for Lifelong Learning or establishing endowed faculty chairs, please contact Howie Avery at AveryH@darden. virginia.edu or +1-434-982-2153.

Dean Scott Beardsley, left, and UVA President Jim Ryan, right, celebrate the generosity of Frank M. Sands Sr. (MBA ’63), center, at an event held in Sands’ honor in May 2019.

NE W PROF ESSO R SH IPS: A NE W FOU N DATIO N FO R FACULTY EX C EL L EN C E IN PE RPETU ITY Matching funds available through the UVA’s Bicentennial Professors Fund have created immense opportunities for donors to maximize their support of Darden faculty. In doing so, donors have created an incredible cadre of professorships funding new and established faculty members of the future who will carry forward Darden’s tradition of teaching excellence. The following list includes the new professorships created by Darden donors during the silent phase of the campaign, many accessing support from the UVA Bicentennial Professors Fund. Frank M. Sands Sr. (MBA ’63) Professorship (supports eight professorships) John D. Forbes Distinguished Professorship Robert D. Landel Distinguished Professorship Robert F. Bruner Distinguished Professorship Yiorgos Allayannis Distinguished Professorship Coogan Family Distinguished Professorship James A. and Stacy Cooper Distinguished Professorship ELENA LOUTSKINA is the Bank of America Associate Professor of Business Administration. Earlier this year, she received the Distinguished Professor Award from the UVA Alumni Association in recognition of her outstanding teaching, commitment to student success and significant contribution to the life of the University.

Donald and Lauren Morel Professorship Altec/Styslinger Foundation Bicentennial Professorship Bodily Bicentennial Professorship in Analytics Jung Family Professorship Lynch Family Professorship Peter M. Grant II Bicentennial Professorship Shannon G. Smith Bicentennial Professorship Samuel A. Lewis Sr. Faculty Fellowship

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SCHOLARSHIPS

Campaign support creates scholarships and an unmatched student experience that sparks a virtuous circle in which top student talent draws top faculty, top rankings and top resources.

ST U D E N T L E A D E R S S E L E C T A WA RD E E O F I N N O VAT I V E N EW S C H O L A R S H I P BY MARGARET Y. HANCOCK

“Begin with the end in mind.” It’s a habit Lem Lewis (MBA ’72) developed after reading Stephen Covey’s The 7 Habits of Highly Effective People, and it was his mindset when recently establishing the Lemuel E. Lewis Bicentennial Award for Global Leadership. The scholarship was made possible through $1.3 million in philanthropic support from Lewis and a dollar-fordollar match generated through UVA’s Bicentennial Scholars Fund. For Darden, Lewis is powering a higher level of inclusiveness, communication and understanding. As a Darden student, Lewis experienced the power of this himself as he sat in the classroom among what he describes as “smart, energetic and talented people.” Fast-forward to today, the addition of more international students creates highly diverse classes — enhanced by the discussion-based curriculum of the case method — that prepare students for the future. “Over my career, I had the opportunity to travel internationally, and it afforded me the chance to meet different people, see different cultures and gain a better perspective,” said Lewis. “I also learned that you don’t have to agree with others to understand and appreciate what they are saying. We are all very different, but we all have something we can share.” For Lewis, this was an experience he wanted to provide to others, as well. With the pending Powered by Purpose campaign and the matching funds available through the bicentennial fund, Lewis determined it was the right time to establish a scholarship that aligns with his dedication to diverse perspectives. The Lemuel E. Lewis Bicentennial Award for Global Leadership provides a full scholarship to a Second Year Darden student who demonstrates, promotes, and fosters a global perspective and deep understanding of other beliefs and cultures, including the religious, political, economic and social context in which they exist. STUDENT-CENTERED APPROACH TO AWARDING A SCHOLARSHIP

The determination of the scholarship’s recipient supports the concept of “beginning at the end.” Interested students apply and submit an essay that speaks to their approach

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Lem Lewis (MBA ’72)

to inclusivity and global leadership. Then, along with the help of faculty adviser Martin Davidson, senior associate dean and chief diversity officer at Darden, student leaders themselves select the awardee. For Lewis, this student-driven process accomplishes a multitude of goals. First, it involves the students in support of each other and encourages working together and getting to know each other at a deeper level. Second, it sets up dialogue around contributions to the Darden community and its global perspective. And third, the selection committee provides an invigorating, challenging opportunity for Darden students. The inaugural recipient of the scholarship, Meti Aberra (Class of 2020) serves as president of the Darden African Business Organization and is honored by the scholarship she earned from among 45 applicants. Lewis envisions the scholarship, established in perpetuity, contributing to the Darden community as an everlasting enhancement of case discussions that he found so important during his days at Darden. In his words, “Facts are always the facts. But with diversity, you get different analyses and an emergence of different solutions.” Such an innovative and inclusive problem-solving approach from diverse Darden students is certainly the end as envisioned by Lewis. His philanthropy is an incredible beginning. For additional information about creating a scholarship, please contact Howie Avery at AveryH@darden.virginia.edu or +1-434-982-2153.

C O M PA N Y H O N O R S RET I RI N G C E O’ S L E G A C Y W I T H S C H O L A R S H I P AT DA RD E N

Mike DeCola (MBA ’77), former CEO, HBM Holdings

We are excited by this opportunity to empower future Darden students and show our gratitude for Mike’s many contributions.” — Margaret Mathews Jenks, member of the Mathews family of HBM Holdings

t Darden, the positive impact of the School’s strong relationships with corporations on the student experience is undeniable. Each year, C-suite executives share expertise as guest lecturers, companies recruit Darden talent and corporate support fuels the next generation of purpose-driven leaders. Recently, HBM Holdings made a philanthropic gift to Darden, which generated additional support through UVA’s Bicentennial Scholars Fund, to establish the Mike and Lee DeCola Family Scholarship Fund. This gift honors the longstanding service of Mike DeCola (MBA ’77) as president and CEO of HBM Holdings, while supporting a scholarship for students at Darden. DeCola has served as a member of the Darden School

Foundation Board of Trustees and is an annual supporter of the School. Margaret Mathews Jenks, alongside additional company owners and employees, presented DeCola with the scholarship for his MBA alma mater at his retirement celebration in July. “The Mathews family of HBM Holdings is proud to support the Darden School of Business through the Mike and Lee DeCola Family Scholarship Fund,” she said. “Mike has made a tremendous impact on our company through his leadership, which reflects business acumen and ideals fueled by his Darden experience. We are excited by this opportunity to empower future Darden students and show our gratitude for Mike’s many contributions.” The Mike and Lee DeCola Family Scholarship is especially exciting for Darden, as it supports MBA students — with a preference for those who have backgrounds in manufacturing organizations — and honors one of the School’s distinguished alumni.

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GROUNDS

The campaign allows Darden’s Grounds to set the standard for world-class business education and uniquely reflect the School’s values, interests and purpose.

$20 MILLION IN SUPPORT OF NEW INN AND CONFEREN CE CEN T ER C ATALYZES DARDEN ’S VISION

BY DAVE HENDRICK

ith $20 million of his record-setting $68 million gift allocated to jumpstart the construction of a new inn and conference center on Darden Grounds, the transformational generosity of Frank M. Sands Sr. (MBA ’63) will ensure that visitors’ first physical impression of the Darden School will be an impressive and inspiring one. The current Inn at Darden has served the School and UVA community well, but parts of the 180-room structure were built more than 40 years ago, and the aging facility’s capabilities are no longer meeting the needs of the School’s growing suite of programs and events. The new inn, to be called the Frank M. Sands Sr. UVA Inn at Darden and Conference Center for Lifelong Learning, will

replace the current inn, which will be demolished beginning in spring 2020. The Sands gift is catalyzing construction of the new facilities and concurrent renovation of the C. Ray Smith Alumni Hall building, a connected wing of the existing inn that today houses hotel rooms, office space, meeting rooms and the Darden Exchange bookstore. With $7.2 million of the Sands gift earmarked as a match to spur the additional $7 million needed for a full renovation of the Smith building, the space named in honor of Dean Emeritus C. Ray Smith (MBA ’58) will eventually have dramatically improved office, administrative and program space.

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The five-acre arboretum and botanical garden behind the new inn and conference center will feature global-themed gardens and connect the Darden School with the UVA Law School.

Smith was a mentor and is a longtime friend of Sands. OPENING DOORS FOR LIFELONG LEARNERS KEY TO UNLOCK LONG-TERM SUCCESS

Beardsley and Darden leadership see the new and improved lifelong learning facilities as a key ingredient in the School’s long-term growth and success. “When we welcome back our alumni or we bring corporations here or host executive education programming here, having a great facility where people stay that is competitive and modern and meets the needs of our stakeholders is critical,” said Beardsley. “Frank Sands Sr. has helped ensure Darden’s ability to offer a world-class lifelong learning and executive education program.” The new inn and Smith building will advance lifelong learning in a variety of capacities, making Darden a more attractive location for executive education clients, Executive MBA and Master of Science in business analytics students, and other Darden guests, while also generating new

resources for the Darden School Foundation to support the School. The facilities will create new academic and office space, further beautify Grounds already considered to be some of the most attractive in graduate business education, and generally burnish the image of the School. The new inn and conference center will feature 199 hotel rooms, up to 12,000 square feet of meeting and learning space, a ballroom, a sports bar and café, and a high-end restaurant and lounge. Landscaped botanical gardens and an arboretum will spread out behind the inn, increasing connectivity between Darden and the UVA School of Law and potentially adding outdoor classroom space. Pending final approvals and financing, construction is slated to begin in 2020 and the new facility is expected to open in 2022. For additional information on supporting the new Inn at Darden or accessing the Sands match to spur renovation of Smith Alumni Hall, please contact Howie Avery at AveryH@darden. virginia.edu or +1-434-982-2153.

Dean Emeritus C. Ray Smith (MBA â&#x20AC;&#x2122;58)

$7.2 million of the Sands gift is earmarked as a match for the renovation of the C. Ray Smith Alumni Hall. Dean Emeritus Smith is a mentor and longtime friend of Sands. Please consider participating in the matching gift to make Darden more competitive, advance lifelong learning and further cement Smithâ&#x20AC;&#x2122;s legacy.

The inn and conference center will feature state-of-the-art meeting and event spaces among its many amenities.

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ANNUAL FUND

DA RD E N A N N UA L FUND DONOR S P OT L I G H T : JIM COOPER (MBA ’84) How the Annual Fund Powers Darden’s Nimble Response to Emerging Priorities

Campaign support for the annual fund enables the School to remain innovative, invest in top strategic priorities and respond nimbly to emerging opportunities.

s chair of the Powered by Purpose campaign, Jim Cooper (MBA ’84) demonstrates his support of the campaign through leadership, advocacy and philanthropy, including a five-year pledge in support of the Darden Annual Fund. Learn more about the Darden Annual Fund and Cooper’s meaningful support of this campaign priority.

BY MARGARET Y. HANCOCK

Why did you choose to designate a campaign gift in support of the Darden Annual Fund? The annual fund is the most flexible way for the School to immediately invest in emerging priorities and necessary operating costs. It must be funded at the proper level for Darden to move forward, to maintain the quality of the School, to grow its offerings and to ultimately invest in the other three campaign priorities.

Why is the Darden Annual Fund so important to the Powered by Purpose campaign? A whole lot of people doing something can produce the right result. That’s the best thing about the Darden Annual Fund. It can be successful with lots of smaller donations, and it allows everyone to invest in the campaign. Additionally, not everyone who makes a campaign gift will want to specifically support buildings or faculty or scholarships, but the impact of the annual fund on the Darden experience is wide-reaching.

What do you envision for the Darden Annual Fund in the campaign? Each donor, whether a recent graduate or longtime member of the Darden community, can connect with the impact of the Darden Annual Fund and its importance on a day-to-day basis. I am encouraged by the recent graduates and their participation rates in the annual fund (99 percent for the Class of 2019). Greater involvement from donors at any level is a success, and my fellow campaign leaders and I look forward to seeing those participation rates continue to grow during the Powered by Purpose campaign. How would you describe the Darden Annual Fund in one word? Vital. Having unrestricted, readily available funds is a vital function of the School. That necessity is why I have always supported the Darden Annual Fund — and why I always will.

A whole lot of people doing something can produce the right result. That’s the best thing about the Darden Annual Fund.”

To learn more about the Darden Annual Fund and make your gift or pledge today, contact Renee

— Jim Cooper (MBA ’84)

Bush at BushR@darden.virginia.edu or +1-434-297-6305 or visit giving.darden.virginia.edu.

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PLANNED

Current Gift Annuity Rates

GIVING

W H E N P H I L A N T H RO P I C G I V I N G G I V ES B A C K Gifts to Darden Can Provide Guaranteed Lifetime Income

BY DAVE HENDRICK

mid the many highlights in the Darden School’s record year for philanthropy, planned giving stands out for its remarkable

growth. The Darden School recorded 20 planned gifts with commitments totaling roughly $10.7 million in the fiscal year ending 30 June, with a variety of alumni opting to include Darden in their wills or long-term financial planning. Part of the growth can be attributed to the relative youth of the School’s alumni base. As a historically smaller School founded in 1955, the largest concentration of Darden alumni skew young, as classes averaged about 100 students until the mid-1970s. As the School’s alumni base ages and members consider their legacy and relationship to the School, there is growing evidence that planned giving is increasingly on the minds of the School’s supporters. In addition to securing a legacy and giving back to a place alumni hold dear, there are attractive financial incentives leading some toward planned gifts. A COMPELLING VALUE PROPOSITION

Dick Crawford (MBA ’74)

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Longtime Darden lecturer Dick Crawford (MBA ’74), a triple ‘Hoo with undergraduate and law degrees alongside his MBA, has stayed close to Darden in a variety of capacities for years and has authored multiple books with Professor Emeritus Bill Sihler. In giving back to the School, Crawford has chosen a pragmatic approach, opting to give Darden an appreciated asset in return for a charitable gift annuity. The gift will allow Crawford and his wife to both give to Darden and receive a guaranteed lifetime income stream at a fixed rate. It just makes sense, says Crawford. “For a lot of people, as they get into their

AGE

RATE

65 70 75 80 85 90+

5.1%* 5.6% 6.2% 7.3% 8.3% 9.5%

*Note: Rates are slightly lower when the annuity is for two persons.

EXAMPLE OF A CHARITABLE GIFT ANNUITY IN PRACTICE A 72-year-old would receive an annuity rate of 5.8 percent on a charitable gift annuity. A gift of $25,000 in the form of a gift annuity would result in a quarterly check of $363, of which $248, or 68.3 percent, is tax-free. The donor is also eligible for a charitable income tax deduction of $10,638. After the donor’s death, the money left in the annuity would go to Darden in the manner designated in the gift agreement.

retirement years, they start to wonder how to get out of assets and convert them into a guaranteed income,” said Crawford. “That’s where the charitable gift annuity really plays a role.” For example, selling a property outright could involve a substantial tax liability, and the route many people take — simply holding a piece of property until death, offers no useful appeal, said Crawford. CORNERSTONE OF DARDEN’S POWERED BY PURPOSE CAMPAIGN

Planned giving will be a critical part of fulfilling Darden’s aspirations for the Powered by Purpose campaign, and Crawford suggests there is a compelling case to be made for charitable gift annuities, which can be created with cash or an appreciated asset, stock or real estate. For example, there are tax advantages, as capital gains are not realized in the year of sale. The minimum age to establish an immediate gift annuity is 55. For more information on planned giving or an obligation-free illustration of a charitable gift annuity, please contact Corley Raileanu at +1-434-243-4825 or RaileanuC@darden. virginia.edu.

P R IN C IPA L DONORS SO C IET Y’S G ROW I NG RA N K S D R I V E E A RLY CA M PA IG N S UCCE S S

The Principal Donors Society, founded in 2003, is Darden’s highest designation for lifetime giving, commemorating members who have supported the School through philanthropic support of $1 million or more. As the Powered by Purpose campaign creates new opportunities for aligning donors’ passions with Darden’s priorities, new and longstanding members of the Principal Donors Society continue to step forward. This year, 11 loyal donors helped set the stage for early campaign success through new giving that allowed them to join the society at the Colonnade level or elevate their standing on the society’s giving level tiers. We honor this extraordinary philanthropy through special recognition, with the following Principal Donors commemorated at these distinguished levels: Jefferson Level | $25M & above

Six Principal Donors rose to a higher level on the society’s giving tiers through new philanthropy.

Frank M. Sands Sr. (mba ’63) & Marjorie R. Sands David C. Walentas (mba ’64) & Jane Z. Walentas Monroe Level | $5–$9.9 million

H. William Coogan Jr. (mba ’82)* & Theresa Kost Riddle James A. Cooper (mba ’84)* & Stacy Cooper Frank E. Genovese (mba ’74) & Susan L. Genovese Rotunda Level | $2.5–$4.9 million

Michael E. O’Neill (mba ’74) & Patricia J. O’Neill Colonnade Level | $1–$2.49 million

Five donors became new Principal Donors in 2019.

Altec/Styslinger Foundation Stephen E. Bachand (mba ’63) & Phyllis Bachand Daniel S. Lynch (mba ’84) & Elizabeth H. Lynch (MBA ’84)* Donald E. Morel Jr. (tep ’97) & Lauren Morel Albert N. Morgan Jr. (mba ’72) & Carla H. Morgan * Powered by Purpose Campaign Cabinet members

The Darden Campaign in Support of Honor the Future, the Campaign for the University of Virginia

Pillars is published by the Darden School Foundation, a nonprofit organization that supports the Darden School by promoting philanthropic support from alumni, friends and corporations; managing endowment funds for the School’s exclusive benefit; and operating Darden’s top-ranked Executive Education program, the Inn at Darden and Abbott Center hospitality.

Vice President for Advancement: Kara Ramirez Mullins

Questions, comments and address changes should be directed to: advancement@darden.virginia.edu or Darden School Foundation, Office of Advancement P.O. Box 7726, Charlottesville, Virginia 22906-7726 USA

Photography: Tom Cogill, Ashley Florence, Eli Meir Kaplan, Stephanie Gross, Sam Levitan, Andrew Shurtleff

Chief Marketing and Communications Officer: Juliet K. Daum Editor: Jay Hodgkins Writers: Margaret Y. Hancock, Dave Hendrick Copy Editor: Camille Weaver Smith Design and Art Direction: Journey Group, Susan Wormington

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P. O. Box 7726 Charlottesville, Virginia 22906-7726 USA

Meti Aberra (Class of 2020), the inaugural recipient of the Lemuel E. Lewis Bicentennial Award for Global Leadership, and Scott Steever (Class of 2020)