https://pjmedia.com/trending/victory-mizzou-pays-hillsdale-4-7m-to-teach-free-market-economics/
This week, the University of Missouri agreed to pay $4.7 million to support the teaching of free-market Austrian economics at Hillsdale College, in order to honor the donor intent of the late Sherlock Hibbs. A Mizzou grad, Hibbs gave $5 million to his alma mater specifically to establish professorships on Austrian economics.
“The Hibbs case will have a resounding impact on higher education and giving,” Peter Herzog, lead trial counsel for Hillsdale College and partner at Wheeler Trigg O’Donnell, said in a statement. “Donors might reconsider or reevaluate institutions that are not like-minded in their missions and commitments. Colleges and universities will do what they want with your money unless you make sure they can’t.”
Hibbs, a 1926 University of Missouri graduate, made the bequest in his will before he died in 2002. He gave the money in order to establish three chairs, funded at $1.1 million each, and another three distinguished professorships, with two funded at $567,000 and another at $566,000. In each case, the professor must be a “dedicated and articulate disciple” of Austrian economics. Mizzou accepted the gift, yet more than a decade after his death, the express wishes of the bequest were not carried out, former Gov. Jay Nixon (D-Mo.) told PJ Media in July.