Foundation assets grew dramatically under Malecki’s fiscal leadership
Walt Malecki became Garrett College Foundation treasurer and chair of the Investment and Finance Committee in 2018 with one overarching goal: grow the Foundation’s investment trust.
Mission accomplished.
The Foundation’s trust account increased from $3,658,092 when Malecki became treasurer to $10,546,540 at the end of 2025. The 188 percent increase was sparked by three capital campaigns and effective oversight of the growing assets.
“For me, the highlight of my whole time being treasurer was that the financial strength of the Foundation got better and better every year,” said Malecki, who stepped down as treasurer and finance chair this summer.
Malecki said financially growing the Foundation was a means to an end.
“That growth has created so many more opportunities to work with the College and support our students,” said Malecki. “It’s incredible what we’ve been able to raise in a small community. The numbers reflect our community’s incredible charitable spirit and commitment to supporting others.”
Dr. Richard Midcap, Garrett College’s president, said Malecki has been “one of the driving forces” behind the Foundation’s dramatically improved financial position.
“Walt recognized early on that we had to work intentionally to solidify the Foundation’s financial position if the Foundation was to achieve its mission in supporting Garrett College and our students,” said Midcap. “The College and the Foundation owe Walt a debt of gratitude for his work and his financial acumen.”
“Walt’s service to the Board has been so valuable,” said Cherie Krug, the Garrett College Foundation’s executive director. “His knowledge of finance and higher education has been a huge bonus for us.”
Malecki served 17 years as the University of Maryland Baltimore’s fiscal officer, retiring in 2015. Under his leadership, UMB transitioned to a new, improved financial system and initially created its accounts payable department.
UMB was also ahead of the times in creating a pre-COVID, work-from-home option.
“We were able to rotate staff who worked from home and monitor the work being performed from the office,” explained Malecki, who said the system reduced the need for office space. “They scanned all of their work a, nd we could see the work-from-home productivity as it happened.”
Malecki – an accounting major who graduated from the University of Maryland College Park in 1973 – earned his Certified Public Accounting (CPA) in 1975. He worked at several accounting firms and served as vice president of finance for a real estate firm before becoming president of Walt Robbins, Inc., a family-owned real estate company.
Four years later, Malecki completely changed career fields. He bought a Howard County sporting goods business which he owned and operated for 7½ years.
“I absolutely loved it,” said Malecki, adding he eventually sold the business and took the University of Maryland Baltimore position based on his wife’s input.
“Karen said, ‘You know, it’d be nice to see you make money again,’ ” Malecki recalled with a laugh.
While Malecki’s career was centered in the Baltimore and central Maryland areas, he’s owned property in Garrett County since 1980. Malecki became a full-time Garrett County resident in 2015 after retiring from UMB.
Karen Malecki started working in Garrett County in 2008, eventually landing at First United Bank & Trust. She worked for FUBT executive Carissa Rodeheaver, who recommended Walt Malecki for a seat on the Garrett College Foundation Board of Directors after his retirement.
“Carissa was extremely concerned that I was going to be totally bored when I retired,” said the Swanton resident. “She talked to Cherie about me joining the Foundation Board.”
Malecki almost immediately began talking about strategies to grow the Foundation’s fiscal position so it could more positively impact Garrett College and the Garrett County community.
“Just to see the outpouring of the community and our ability to harness that energy to help support the College has been quite mind-boggling,” said Malecki, who continues to sit on the Foundation’s board of directors.
