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Hobart and William Smith Colleges has received the largest gift in its history: $70 million from the late Thomas Melly, an alum and former board chair, and his wife, Judith Hershey Melly.
The gift will establish an endowed fund for need-based financial aid, supporting up to 100 students a year with a scholarship of $10,000 each, according to a press release from the college. It will also create the Melly Strategic Innovation Fund to seed initiatives that enhance campus culture, operations and professional development. And it will bolster HWS’s academic programs, including by establishing the Melly Institute for Business, Design and Leadership.
“It is my hope that this gift will make the future bright for Hobart and William Smith,” Tom Melly said in an interview in December, after the agreement was reached and shortly before he died. “I want to put this money to good use to benefit students who need it.”
Melly, a student athlete who played football and lacrosse, graduated from HWS in 1952 with a degree in economics. He served in the Marine Corps and received an M.B.A. from New York University before joining Goldman Sachs, from which he retired in 1984.
He joined the HWS Board of Trustees in 1981 and served as chair for a decade, eventually becoming the first and only person in the institution's history to earn the title Trustee Chair Emeritus.
“In a sea of accomplishments and a lifetime of service, what inspired me most about Tom was his ambition for Hobart and William Smith,” said President Mark Gearan. “He urged me to ‘think big’ and prepare the Colleges for the future. He wanted our students to enjoy the opportunities he had as a result of his education. On behalf of our entire community, I thank Tom and Judy for their investment in our future.”
