Friday, October 23, 2015
Paul Smith's College of Art and Sciences has been in the news after they proposed changing the name of the school in order to receive a $20 million donation from Joan Weill, the wife of a former Citibank CEO. However, those plans hit a roadblock when a New York court ruled against the college for violating the original grant which called for the school's name to remain in place "forever." As a result, the donation from Weill fell through although the school acted graciously in thanking her for her years of previous financial support. However, a silver lining was found when the publicity from the case resulted in an increase in donations including a pledge from a family to match up to $5 million in donations over the next five years. Hopefully this new found support will allow the school to thrive and not fall victim to the financial difficulties that have shuttered several other liberal arts schools in recent years.
See, NY college won't get $20M gift since school can't be renamed, Associated Press, October 22, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.