“case raises many questions about how a university — or any institution for that matter — honors (or doesn’t) the intent of a donor’s gift”
This was an interesting case. You can read the back story here.
The Detroit News reports:
Hillsdale College receives $4.6M after it sues Mizzou for ignoring donor’s wishes
Months before Sherlock Hibbs died in 2002 at the age of 98, he drafted his will, laying out his wish to invest in the economic principles that had shaped his life.
Hibbs’ success in finance had introduced him to the Austrian economists — and as his legacy, he hoped to leave new generations with the knowledge that had influenced him.
Prior to embarking on a business career in New York City, Hibbs graduated from the University of Missouri in 1926. He then joined the Navy in early 1942, and during World War II, he fought in North Africa, Italy, France and the Pacific. He was awarded the Bronze Star.
Hibbs didn’t have children, so in his will, he left millions to three Midwest colleges, including his alma mater, the University of Missouri, and Michigan’s Hillsdale College — a small liberal arts school that has achieved renown in part for eschewing government funding (Hillsdale is my alma mater).
Many years after Hibbs’ death, those two schools became entwined in a legal battle that found resolution this week. The case raises many questions about how a university — or any institution for that matter — honors (or doesn’t) the intent of a donor’s gift.
In Hibbs’ case, Mizzou accepted the $5 million gift from him, and then never honored the terms.
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