Advancing the vision
When making a choice on personal philanthropic priorities, there are many factors people take into consideration. Where will my money be best used? Whose mission matters most to me? Whose values align with mine? What affinity do I have with this organization?
Often, those are the same questions students ask during the college search. That’s why prioritizing giving to their alma maters is a natural fit for many people. After all, in most cases, a college is chosen because it’s the “right fit,” so over time, a continued investment may make perfect sense.
But for Rich Palmer, McDaniel College didn’t become a top benefactor of his philanthropy because he attended the college. In fact, Palmer graduated from Colgate University in Hamilton, New York, in 1966, and while he remains a consistent donor to his alma mater, he dedicates far more of his giving to McDaniel.
Palmer had scarcely heard of McDaniel College (then Western Maryland College) until the college became a client of his at Alex Brown Investment Management in 1989. But for the next two decades, he managed the endowment for the college and developed strong working relationships with staff and administrators on the Hill.
“That’s a very long time to have a client in the world of investments,” Palmer says. “I felt that the school had been extremely loyal to me, and I was very impressed with the top-level management of the college.”
During that time, he worked closely with Ethan Seidel, who was then vice president for administration and finance. “I really liked working with the people involved in the account, including Ethan Seidel, and always enjoyed going out to the campus and participating in our quarterly performance discussions,” Palmer says.
So, in 2008, when he was approached by a gift officer at the college to take the relationship from strictly professional to personal and philanthropic, he took them up on the offer. Citing the professional loyalty of the college as the main motivator, Palmer and his wife established The Richard W. and Susan Palmer Scholarship Fund.
For the past 15 years, the scholarship has been awarded annually to a deserving student from Baltimore City. Rich and Susan have continued to fund it, with their most recent gift of nearly $25,000 being given in June 2022. In total over this time, the Palmers have given more than $800,000 to their named endowed scholarship, the Fund for McDaniel, and the Roj Student Center renovation, where they named the Palmer Conference Room.
But Palmer’s investment in the college goes beyond financial support. From 2012 until 2018, he served on the Board of Trustees, and was named an honorary trustee upon his retirement. Like many others on the board, as a non-alum of the college, he brought a unique perspective that may have helped others see topics more objectively. While he humbly states that he doesn’t know how much he was able to bring to the table in that role, his impact has been long lasting.
“As good as he was at managing the college’s endowment, Rich has always made an even greater impression for the person he is,” Seidel says. “The returns he has provided McDaniel over the years go far beyond the financial gain. What started as a professional relationship has grown into one of dedication to and support for the college and its students.”
The most recent student to benefit from that loyalty and dedication is Simone Smith, a junior Social Work major from Baltimore. Smith’s sister, Ciera Smith ’22, came to the Hill before her, which greatly influenced her decision to join the Green Terror family. “I got to spend time on campus while I was in high school and I enjoyed it,” she says.
A tutor and a member of the Black Student Union, Smith works at Target Community and Educational Services as a caregiver, a role that will surely set her up for success in her career. After graduation, she plans to pursue clinical social work and eventually work in private practice with a focus on adolescent therapy.
“It makes us all very proud to see the difference the funds we’ve donated to the school have made.”
— Rich Palmer
“At Target, I work with individuals with developmental disabilities and assist them with daily living activities and take them out into the community,” Smith says. “It is a great correlation with my major as I get experience with behavioral therapy and vulnerable populations.”
But without the scholarship funded by Palmer, the education and professional experience she is receiving at McDaniel may not have been a possibility.
“McDaniel was the most affordable school for me in terms of the scholarships and financial aid I was offered,” Smith says. “By receiving this scholarship, I can graduate with a substantially lower amount of student loans compared to some of my other classmates.”
Since he has moved full time to Florida, Palmer hasn’t been able to attend the Scholarship Luncheon for several years, but he has fond memories of the ones he and his wife have attended in the past.
“It is absolutely fabulous to hear those kids get up and thank the people for making gifts to the school,” he says. “To hear their stories means the world. It makes us all very proud to see the difference the funds we’ve donated to the school have made.”
Palmer has continued to stay in touch with the college and plans to continue to contribute to their endowed scholarship — including a $250,000 bequest intention — for as long as he is able, a fact that gives Smith and other students like her greater opportunities for the future.
“I truly appreciate Richard and Susan and all other donors to McDaniel College, as they have allowed me to focus on my education and not be strapped with financial hardships,” Smith says. “I hope that others follow in their footsteps. Education is the bridge to opportunity that many kids who look like me do not get the chance to receive.”