The Perils of Collegiate Philanthropy
Large donations to colleges and universities have a troubled history, but nothing compares with the legal battle between Princeton University and the Robertson family. This fight has important lessons for anyone who is contemplating a gift to an institution of higher education.
Here’s the background.
Charles Robertson was a Princeton graduate, class of 1926. His wife inherited a fortune through her grandfather, the founder of the A&P grocery chain. In 1961, the Robertsons created the Robertson Foundation and endowed it with $35 million worth of A&P stock. The certificate of incorporation stated the purposes of the Foundation:
“To establish or maintain and support, at Princeton University, and as a part of the Woodrow Wilson School, a Graduate School, where men and women dedicated to public service may prepare themselves for careers in government service, with particular emphasis on the education of such persons for careers in those areas of the Federal Government that are concerned with international relations and affairs….”