A Grade III event open to three-year-old horses and up, it is contested on dirt over a distance of 1+1⁄8 miles (nine furlongs).
The race was named in honor of former Maryland Governor and industry advocate William Donald Schaefer (1921-2011).
Schaefer was an American politician who served in public office for 50 years at both the state and local level in Maryland.
[1] The William Donald Schaefer Handicap became an American graded stakes race in 2001.
In 2007, the race was won by West Point Thoroughbred's Flashy Bull a multiple grade one winner including a win in the Stephen Foster Handicap.