Back in July, Joan Weill, the wife of Citigroup billionaire Sandy Weill, announced that they would donate $20 million to a small, cash-strapped school called Paul Smith's College in New York's Adirondack Mountains with one big string attached: She insisted that the school would have to be renamed in her honor, to be known forever as Joan Weill-Paul Smith's College.
"I got a lot of wonderful letters that were sent to me personally by alums and students and of course members of the faculty and the board, understanding why this was happening," Weill says.
Weill is a former trustee of the school, which sits miles from the nearest town and specializes in forestry and hospitality programs. She's given big gifts in the past, and she argued that with her name given top billing, more donors around the country would open their wallets. Paul Smith's President Cathy Dove negotiated the name change in secret and announced the rebranding of the school to alumni as a done deal.
"I truly respect the wishes of the donor and in this case this was also a very complex issue, and yes, I think it was the appropriate thing to do, understanding that this would be a very emotional reaction," Dove says.
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In the case of Paul Smith's College, a state court judge ruled that the name change would violate terms of the original will and the original gift that established the school. Facing growing pressure from alumni and fearing a long court fight, the college decided not to appeal. With naming rights no longer on the table, the Weill family withdrew the $20 million gift.
Good call, Judge. Even though your decision was based upon not violating the original land rights (20,000 acres donated by the college's creators), the decision has more far reaching implications for colleges and other institutions.
Would you want to graduate from (or even apply to) Bill, Hillary & Chelsea Clinton University (formerly Salisbury University)?
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