Preparation for Transfer of Wells Endowment
The WLS is grateful to see Hobart and William Smith Colleges (HWS) named as the "best suited institution to use the Wells endowed funds in a manner that is consistent with the intentions of the donors... because HWS is party to the Teach-Out Agreement, the Legacy Partner Agreement, operates based on the same values and goals, is in the same geographic region and is committed to preserving the legacy of Wells,” as detailed in a recent petition to court. (And— hooray! — HWS is Not Manhattanville.)
If you or your family endowed a named, donor restricted fund at Wells College for scholarships, library acquisitions, faculty support, concerts and lectures, etc., you should have received this letter in June. (Information on the named funds and their planned disposition are in the Schedules appended here.)
The college stated in their petition that they were unable to contact a handful of these donors. The Wells Legacy Society has heard from several who said they were not contacted.
The contact letter’s purpose was to give donors an “an opportunity to be heard” regarding the transfer of endowment funds to HWS, where they will be used for purposes substantially similar to the original intention. (More information may be seen here, particularly in paragraphs 34.-37.)
If you are such a donor and were not contacted, and wish to try to designate a different existing institution as the recipient of your donor restricted fund, you should get legal advice asap. Have your attorney write on your behalf to the Cayuga County Supreme Court before August 27 regarding case E2025-0580. (Please note that the Attorney General’s office agreed that only those who had contributed $5,000 or more to a donor restricted fund would be notified about the planned transfer.)
Those not in this situation might appreciate looking through the many beloved Names of Wells honored with endowed gifts over the years, knowing that their memory and educational interests will be sustained at HWS.
