Q2 IMPACT REPORT Dec 2024 - Feb 2025
PREPARED FOR BRINT & AMANDA RYAN
For more information: Brandon Buzbee Vice President University Advancement 940-565-2010 brandon.buzbee@unt.edu Marilyn K. Wiley, Ph.D., CFA Dean G. Brint Ryan College of Business 940-565-3034 marilyn.wiley@unt.edu
Financial Overview
AS OF FEBRUARY 28, 2025
Date Gift(s)
FINANCIAL UPDATE
Gift
Investment Income 1
Foundation
Distributions
Received
Amount
Fees 2
to RCOB
Market Value
Provided by the UNT Foundation Inc.
G. Brint Ryan Endowed Chair in Taxation & Tax Research
04/30/2019
$ 2,000,000
$ 907,968
$ (109,323)
$ (416,882)
$ 2,381,763
G. Brint Ryan Endowed Chair
04/30/2019
2,000,000
907,968
(109,323)
(416,882)
2,381,763
in Entrepreneurship
G. Brint Ryan Endowed Chair
04/30/2019
2,000,000
907,968
(109,323)
(416,882)
2,381,763
in Finance
G. Brint Ryan Endowed Chair in Logistics & Supply Chain
01/31/2020
2,000,000
733,938
(92,422)
(180,501)
2,461,015
Management
G. Brint Ryan Doctoral Strategic
01/31/2020 10/25/2022
4,000,000
1,289,048
(122,326)
(598,842)
4,567,880
Research Excellence Quasi-Endowment
G. Brint Ryan Endowed Chair
03/29/2021 04/05/2022
2,000,000
304,332
(52,618)
(191,409)
2,060,305
in Accounting
G. Brint Ryan Strategic Initiatives 03/29/2021 in Faculty Research Excellence 10/25/2022 Quasi-Endowment
4,000,000
943,560
(98,077)
(414,563)
4,340,920
G. Brint Ryan Endowed Chair in Artificial Intelligence &
03/29/2021 04/05/2022
2,000,000
374,481
(66,315)
(238,815)
2,069,351
Cybersecurity
G. Brint Ryan Endowed Chair in Marketing & Consumer
02/28/2022
2,000,000
293,309
(49,856)
(186,899)
2,056,554
Behavior
G. Brint Ryan Endowed
04/13/2022 10/25/2022 TOTAL
8,000,000
1,935,485
(148,796)
(410,695)
9,375,994
Professorships
$ 30,000,000
$ 8,598,057
$ (958,379)
$ (3,472,370)
$ 34,167,308
PORTFOLIO ALLOCATION
SUMMARY
DETAIL
Growth Assets
Income Oriented
6.2
Growth Assets
9.4
33.2% U.S. Listed Equity 22.2% International Equity 9.4% Real Assets 6.2% Private Equity
33.2
29.0% 29.0
22.2
33.2
71.0
Income Oriented
71.0%
7.5
8.8
8.8% U.S. Aggregate 4.8% Active Duration 4.9% Unconstrained 3.0% Private Fixed Income 7.5% Cash
3.0
Asset Class Growth Assets Income Oriented
Allocation 1
Target 75.0% 25.0%
4.8
71.0% 29.0%
4.9
Endowment Overview
The UNT Foundation plays a crucial role as an essential strategic partner to the University of North Texas, managing and growing private assets through investment management to benefit the university’s mission. The Foundation ensures that the endowments adhere to our generous donors’ intent and remain sustainable for both current and future generations.
For the six months ended February 28, 2025, the portfolio is estimated to have increased by 2.0% . Portfolio performance was impacted by equities, which were up 2.3% and fixed income, up 1.0% . North American equities and international equities produced returns of 3.1% and 0.5% , respectively. The stock market, as defined by the S&P 500, was up 5.4% for the six months ended February 28, 2025. There were three distinct periods within those six months. First, the S&P 500 was down 4.3% through September 6, 2024. Unemployment was reported to be down, which was deemed to be inflationary. Second, the S&P 500 was up 13.6% through February 19, 2025 based on investor euphoria before and after the election. Third, the S&P 500 declined 3.1% through the remainder of February 2025 as investors became increasingly concerned about the impact of tariffs.
HISTORICAL RETURNS
Endowment
Policy Index
Strategic Benchmark
15%
12.4 12.7
9.8
9.7
10%
9.4
8.2
7.2% 7.3% 7.2 7.3
7.1 6.9
6.5% 6.5
5.0
5%
4.0
2.9
2.0
0%
FYTD
1 Year
3 Years
5 Years Annualized
10 Years Annualized
FYTD
1 Year
3 Year
Note 1 – The investment income and historical returns presented are net of individual investment manager fees, but gross of the foundation’s management fee. This method aligns with standard NACUBO reporting practices and ensures comparability to our peers. Our benchmark sets a high standard for performance at 75% equity and 25% fixed income. Note 2 – The management fee charged by the foundation encompasses accounting, internal investment management services and coordination with Advancement, college deans, donors and other university partners. Our fee remains competitive, being at or below the endowment management fees of our peers, as reported by NACUBO. Note 3 – The allocation to growth assets was 71% as of February 28, 2025. However, this percentage briefly deviated from approximately 75% for only one day. The deviation occurred because the foundation sold one equity fund on February 28, 2025, and purchased two others on the next business day, March 3, 2025.
Endowment Performance THE RYAN & COMPANY ENDOWED FUND TO SUPPORT THE DEPARTMENT OF ACCOUNTING
Supports various financial projects in the Department of Accounting. These include, but are not limited to, faculty salary and research support, scholarships for eligible students, the Accounting Internship Program and other advancement needs.
Balance as of 1/1/2024 Additions to Endowment 1 Net Investment Results 2
$47,403.20
$0.00
$3,863.62 ($1,681.91) $49,584.91
Distributions 3
Balance as of 12/31/2024
LESLIE VELA
THE HORACE BROCK ENDOWED MERIT SCHOLARSHIP IN ACCOUNTING Established in honor of Dr. Horace Brock to provide scholarships for one or more students in the Bachelor of Science or the Master of Science programs in accounting.
Balance as of 1/1/2024 Additions to Endowment 1 Net Investment Results 2
$85,714.64
$0.00
$6,986.15 ($3,041.22) $89,659.57
Distributions 3
Balance as of 12/31/2024
ALEX HOANG ANISH PRADHAN
ISAIAH L. PAREDES LE HAZEL NGUYEN NATALIE ROSE HUDNALL NOAH R. DANIEL THADDEUS BRIEN SERRANO
$500
Advancing Academic Excellence ENDOWED FACULTY CHAIRS AND PROFESSORSHIPS
G. BRINT RYAN ENDOWED PROFESSORSHIP IN ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES Danielle Cooper, Ph.D.
Notable Activities, Awards & Recognition • Speaker and panelist at the Academy of Management/Academy of Management Annals Idea Development Workshop, hosted by Fordham University in New York, NY. • Represented the Academy of Management Review on “Ask an Associate Editor” session, YouTube, https://www.youtube.com/watch?v=4eyXGWJFf2c. • Submitted research proposal with co-authors to FT 50 Journal (Journal of Management) . • Organized and moderated Teaching Enhancement seminar for doctoral students in the Ryan College of Business.
G. BRINT RYAN ENDOWED CHAIR IN AI AND CYBERSECURITY Gurpreet Dhillon, Ph.D.
Notable Activities, Awards & Recognition • Keynote speaker: “Ethics of Research,” International Workshop on Enhancing Research Efficiency. Akal University, India. February 25-27, 2025
• Speaker at Denton Economic Development Partnership, “Demystifying AI,” February 20, 2025. • Submitted research proposal with co-authors to FT 50 Journal (Journal of Management) . • Organized and moderated Teaching Enhancement seminar for doctoral students in the Ryan College of Business.
G. BRINT RYAN ENDOWED PROFESSORSHIP IN SPORT ENTERTAINMENT MANAGEMENT Bob Heere, Ph.D.
Notable Activities, Awards & Recognition • Launched second edition of STIB-US program in partnership with the Netherlands Consulate in Miami. Funded for $20,000. As part of the grant, Dr. Heere visited the Netherlands to co-host the pitch competition at the Royal Dutch Soccer Federation Headquarters, where 12 Dutch sport tech companies pitched to compete for five spots at the second annual World Cup Innovation Summit, DFW, in May. • Undertook an economic impact study of the Dallas Cup, an ATP tennis tournament held at the Star in Frisco. Funded for $5,000. Dr. Heere facilitated the conversations between UNT and the Dallas Open executives. M.B.A. students collected data as part of their SENM Venue and Event Operations course, which they will analyze. Dr. Matthew Walker will compile their findings in a professional consultancy report and help them build the survey instrument. • Taught SENM 4230 (International brand strategies for the sport entertainment industry) where B.B.A. students work with five Dutch sport tech companies to develop a brand strategy in the U.S. market. UNT students collaborate with students from Fontys University in the Netherlands via six one-hour Zoom meetings and once in person when the Dutch students are visiting. • Participated in the Plug and Play Sports Tech Accelerator selection day (February 12, 2025) as a judge and met with five sports tech companies who were hoping to join this coming cohort. • Met with analytics team of the US Soccer Federation and developed a hackathon competition for students to coincide with the World Cup Innovation Summit which we co-host with Plug and Play on May 19-20. Publications, Citations & References Jara-Pazmino, E.S., & Heere, B. (2024). Measuring coach onboarding strategy and university athlete performance: A scale development study. Asian Journal of Sport and Exercise Psychology , 4(3), 124-131.
G. BRINT RYAN ENDOWED CHAIR IN MARKETING Blair Kidwell, Ph.D.
Notable Activities, Awards & Recognition • Presented a research paper in February at the prestigious Society of Consumer Psychology national conference. • Received invited revisions for two articles for the Journal of Business Research and another at the International Journal of Consumer Studies .
• Received invitations for talks at Virginia Tech, West Virginia and Indiana. • Conducted 10+ studies on numerous projects in the last two months.
G. BRINT RYAN ENDOWED CHAIR IN ACCOUNTING Chad Proell, Ph.D.
Notable Activities, Awards & Recognition • Submitted a paper to The Accounting Review , a top-six accounting journal. • Received a reward and recognition from Contemporary Accounting Research , a top six accounting journal. • Attended international auditing conference (auditing section of AAA).
G. BRINT RYAN ENDOWED CHAIR IN TAXATION AND TAX RESEARCH Casey Schwab, Ph.D.
Notable Activities, Awards & Recognition • Received the 2024 American Accounting Association’s Notable Contribution to the Accounting Literature award for his co-authored paper, “How Do IRS Resources Affect the Corporate Audit Process?” published in The Accounting Review . This annual award recognizes high-quality academic research that enhances knowledge in the field of accounting. • Continued as co-coordinator of the UNT Accounting Research Conference. This year’s event will feature presentations by four Ph.D. students from respected universities. Each student will be accompanied by a faculty member from their institution. • Continued as organizer of the DFW Tax Group, consisting of tax faculty from UNT, TCU, SMU and UT Arlington. Leading tax scholars present their research in virtual workshops and receive feedback from the group. • Served as the vice president-finance for the American Taxation Association (ATA). Responsible for fundraising and added the first new ATA sponsor (Andersen Tax). • Participated in UNT’s 2024 Great Conversations event. Discussed research and attempts by tax watchdog groups to discourage corporate tax avoidance through public shaming of corporations. Publications, Citations & References • “U.S. Multinational Corporations’ Foreign Cash Holdings: An Empirical Estimate and the Impact of the Tax Cuts and Jobs Act of 2017” was accepted for publication in Review of Accounting Studies . • “The Effect of Corporate Tax Rates on the CEO Turnover-Performance Relation” received an invitation from The Accounting Review to revise and resubmit the manuscript.
G. BRINT RYAN ENDOWED CHAIR IN ENTREPRENEURSHIP Jeremy Short, Ph.D.
Notable Activities, Awards & Recognition • Students in social entrepreneurship class raised over $10,000 with crowdfunding. • Guest editor for two issues of Forbes magazine. • Editorial board member for four FT 50 journals and three A or A* journals. • Among the top 2% of the 2024 list of most cited researchers. • Research mentioned in Forbes magazine. https://www.forbes.com/sites/martingutmann/ 2025/02/03/why-humble-leadership-is-a-superpower-now-more-than-ever/ Publications, Citations & References McKenny, A.F., Fischer, G. Short, J.C., Ketchen, D.J., & Allison, T.A. (2024), Communicating during societal crises: How entrepreneurs’ interactions with backers affect fundraising via crowdfunding.” Entrepreneurship Theory and Practice . “Having A Way with Words: Innovations and Improvements in Text Analysis Methods.” Organization Research Methods (A*-level journal). “Understanding the Entrepreneurial Motivations, Dynamics, and Outcomes of First Fridays, Festivals, Farmer's Markets and other Community Events.” Journal of Business Venturing Insights (A journal).
FT 50 Entrepreneurship Article (on TCU Global Entrepreneurship List).
G. BRINT RYAN ENDOWED PROFESSORSHIP IN FINANCE, INSURANCE, REAL ESTATE AND LAW (FIREL) Stuart Gillan, Ph.D.
Notable Activities, Awards & Recognition • Listed in Stanford University’s top 2% of most cited researchers for 2024. • Serve on the College Faculty Research Committee.
• Assisted with ongoing development of research seminar series, setting expectations regarding faculty involvement and providing guidance to seminar coordinators on selection of external speakers. • Introduced extended academic guest speaker visits with high quality researchers to both present in the seminar series and meet with faculty and students to discuss research (Alan Crane, David Ikenberry, Jeff Coles). • Arranged a two-month visit for Professor Kam-Ming Wan to share research experience and insights with UNT faculty and research students. • Continued to oversee current (and potential acquisition of) FIREL research databases. • Mentored junior tenure track and clinical faculty on research. • Developed the initial "big idea" proposal for a research center to promote research and elevate FIREL research activities and provide stronger connections between industry and UNT. Publications, Citations & References • Guest editor for Journal of Corporate Finance, Special Issue with full editorial oversight of nine papers. • Paper referee for Journal of Corporate Finance, Journal of Financial and Quantitative Analysis, Contemporary Accounting Research, Financial Management, Global Finance Journal, The Financial Review, Journal of Behavioral and Experimental Finance, PRI Academic Network Conference, SFS Cavalcade, Journal of Corporate Finance Special Issue Conference .
G. BRINT RYAN ENDOWED PROFESSORSHIP IN ENTREPRENEURSHIP Marcus Wolfe, Ph.D.
Notable Activities, Awards & Recognition • Guest editor for special issues of two trade journals: “Understanding the
entrepreneurial motivations, dynamics, and outcomes of first Fridays, festivals, farmer’s markets and other community events,” Journal of Business Insights and “Is entrepreneurship healthy or unhealthy? Contemporary Venturing on health and well-being in entrepreneurial contexts,” International Journal of Entrepreneurial Behavior & Research . • Associate editor for Journal of Business Venturing Insights (A-level journal). • Assisted in development and served as guest instructor for multiple sessions of new STEM startup course geared toward facilitating commercialization of UNT intellectual property. • Founding member of Faculty Innovation Network, a new initiative to further promote new venture development based upon UNT IP. • Helped organize Spring Innovate UNT pitch competition, providing $35,000 in awards for new venture concepts developed by UNT students. • Recognized by the Journal of Small Business Management as being among the top 10 most impactful papers published in 2024. Publications, Citations & References Marvel, M. R., Wolfe, M. T., Neubert, E., Kurtatko, D. F., and Bacq, S. (forthcoming). “Female entrepreneurs’ thirst for knowledge and the dark side of customer learning actions,” Entrepreneurship Theory and Practice. Patel, P. C., and Wolfe, M. T. (forthcoming). “Friends for richer or poorer: Economic connectedness, regional social capital, and county entrepreneurial activity,” Journal of Small Business Management .
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