March 24, 2016 6:30 pm
Published by Michael
More than 85 percent of the gifts the school gets come from a group of 100 or so benefactors virtually none of whom, by the way, is an alumnus.
To make matters considerably more challenging, Paul Smith’s gets by without the support of state funds (unlike any number of technical colleges), on a relatively small $27 million endowment. Sandy Weill, as he is known, was formerly CEO of Citigroup, and over the last few decades he has given so many hundreds of millions to so many causes, especially in New York City, that the Weill name has become virtually ineluctable. Though nobody in their family has studied there, in 2002 they set about donating more than $10 million to help the college build a new library and student center both of which were named for her and raised nearly $30 million more from other donors.
In 2015 the Weills pledged their largest gift yet, $20 million, to be spent at the discretion of the administration and trustees, on whose board Joan sits with a major condition attached: The entire college had to be renamed Joan Weill Paul Smith’s College. The school’s effort to redefine (or simply ignore) forever fell short, he wrote, “of showing that its name is holding the College back from being a shining success both in enrollment and in producing successful college graduates.”
And with that bit of bad news, the Weills rescinded their gift. (“She didn’t even have the humility to demand the name be changed to Paul Smith Joan Weill’s College,” he added.) One online commenter suggested the Weills deserved a prize “for the grossest pseudo-philanthropic act of the year.”
By this logic the only true philanthropy is anonymous, the kind that “sounds no trumpet,” as Jesus says in the Sermon on the Mount. (According to Titan, Ron Chernow’s biography of the co-founder of Standard Oil, Rockefeller also believed that plastering your name on a university, as fellow tycoons Carnegie and Leland Stanford had, fostered dependency.)
More recently, in 2014, Gert Boyle, the chair of Columbia Sportswear, was revealed as the secret patron behind a $100 million bequest to the Oregon Health & Science University, which seemed odd, since Boyle had given significant gifts before publicly. After Woodruff’s gift Nichols, who has written five books on fundraising, measured the number of $1 million and $5 million gifts in the same realm. “I want to give my money away rather than have somebody take it away,” Weill once told the New York Times.
Naming rights or, rather, renaming rights have become a touchy
issue in these gilded times, because the size of some gifts to established institutions can rival the amounts that that were required to build them in the first place. (Paul Smith’s College was initially endowed with a $2.5 million donation in 1937, which would be about $42 million today.) Nearly always the subtext is the brashness not merely of big money but of new money (what Apley called the “horsey and sporting set”). ‘Come on, though, it’s not WASPs giving Jews a bad name, it’s Jews giving Jews a bad name,’ one said.”
But if so much discomfort arises from Jews giving buildings Jewish names, plenty of people see the value of that struggle.