Sherlock Hibbs, who graduated from the University of Missouri, gave his alma mater $5 million to teach free-market economics. Because MU did not honor his wishes for the donation, most of that money now will go to conservative Hillsdale College in Michigan.
Hibbs donated a multi-million-dollar sum to the University of Missouri in 2002 for the purpose of establishing a department dedicated to Austrian economics. Mizzou’s failure to meet the conditions of the grant was the subject of a lawsuit earlier this year.
According to a report by The College Fix, the University of Missouri has agreed to pay Hillsdale College $4.7 million over their failure to satisfy the conditions of a $5 million donation. Hibbs said that the funds should go to Hillsdale College if the University of Missouri should fail to satisfy the grant’s conditions.
The University of Missouri was sued earlier this year over its failure to uphold the grant’s conditions. Last week, it settled with Hillsdale College. As a result of the settlement, Hillsdale will receive $4.7 million of the grant’s total, which had grown to $9.2 million in investment accounts.
Although the University of Missouri failed to uphold the end of the arrangement with Hibbs, spokesperson Christian Basi said it will use their remaining portion of the donation to educate students about free markets.
Watch an intro to Hillsdale’s popular video series on the Constitution:
“This settlement keeps $4.7 million of the endowment at MU and will allow us to continue our work of educating students about free and open markets in our College of Business with professors who are strong proponents of such markets,” Basi said in a news release. “We also will use some of the proceeds from the gift to sponsor a biannual symposium on the MU campus that will focus on Austrian economics, which was of particular interest to Mr. Hibbs.”
–Alan Goforth | Metro Voice