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News

Colleges’ Deep Business Links With Trustees

March 14, 2010

A Chronicle investigation of 618 private colleges found that one-fourth of them have financial ties with trustees’ companies. Below are some examples of common business connections, based on disclosures that colleges made on their 2008 federal tax forms.

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A Chronicle investigation of 618 private colleges found that one-fourth of them have financial ties with trustees’ companies. Below are some examples of common business connections, based on disclosures that colleges made on their 2008 federal tax forms.

College Trustee, Company Financial Tie with Company
Investments
Bowdoin College (PDF) Sheldon M. Stone, a principal of Oaktree Capital Management College invested with Oaktree
Brown U. (PDF) Steven Rattner, a founding partner of the Quadrangle Group University invested with Quadrangle
Colgate U. (PDF) Unnamed trustees who are executives of financial firms University had $11-million in investments with those firms
Doane College (PDF) Earl L. Wright, CEO of AMG National Trust Bank Received $188,696 for investment services
Duke U. (PDF) Bruce A. Karsh, president and a co-founder of Oaktree Capital Management University invested with Oaktree
Mount Union College (PDF) Unnamed trustees who are executives of financial firms College had $59-million in investments with those firms
Wilmington U. (Del.) (PDF) David F. Marvin, chairman and portfolio manager of Marvin & Palmer Associates Manages university’s entire endowment
Trinity College (Conn.) (PDF) Two trustees who are executives at financial firms College had $69-million in investments with those firms
Construction and Architecture
Davidson College (PDF) Patricia A. Rodgers, president and CEO of Rodgers Builders Inc. Received $4.8-million; built $24-million Knobloch Campus Center
Husson U. (PDF) John M. Rohman, a principal of WBRC Architects/Engineers Received $743,619; designed; Donnell Commons
Lynchburg College (PDF) Robert L. Flint, president of L.G. Flint Inc. (building contractor) Received $429,970
Mount Mary College (Wis.) (PDF) Gary Jorgensen, a former principal and father of current executives of VJS Construction Services Received $1.1-million in 2007; built $6.3-million Gerhardinger Hall
National U. (Calif.) (PDF) Michael Wilkes, CEO of Delawie Wilkes Rodrigues Barker (architects) Received $370,633; designed academic-headquarters complex
St. Olaf College (PDF) Thomas J. Boldt, CEO of the Boldt Company (building contractors) Received $39.7-million; built $65-million Science Center
Vanderbilt U. (PDF) L. Hall Hardaway Jr., owner, Hardaway Construction Corp. Received $7-million in 2007; built $23-million School of Engineering complex
Various Potential Conflicts
Bucknell U. (PDF) Glenn D. Steele Jr., president and CEO of Geisinger Health System Received $2.7-million
Johnson & Wales U. (PDF) Dana H. Gaebe, senior partner in Gaebe & Kezirian (law firm) Received $148,313
Point Park U. (PDF) Michael J. Brunner, CEO of M.J. Brunner Inc. (advertising agency) Received $162,393 in 2007
Rochester Institute of Technology (PDF) Elizabeth D. Moore, partner in Nixon Peabody LLP (law firm) Received $517,678
Texas Christian U. (PDF) Robert J. Wright, owner of Business Jet Center Received $71,045
U. of Evansville (PDF) Niel C. Ellerbrook, chairman and CEO of Vectren Corporation (energy services) Received $1.6-million
Wartburg College (PDF) Fred W. Hagemann, president and CEO of State Bank & Trust Managed college’s investments while college’s president was on bank’s Board of Directors
A Snapshot: Hope College, in Michigan, does business with companies affiliated with several trustees (PDF)
James E. Hanson II, president and CEO of the Hampshire Companies Managed $5.6-million of college’s real-estate investments
Theodore S. Etheridge III, CEO of Steketee-Van Huis Inc. and the Printery Received $400,763 for printing of brochures, publications, etc.
Richard L. Postma, owner and chairman of RT London Revised $119,442 for furniture sales
Emilie D. Wierda, co-owner of Crown Motors Received $38,859 for vehicles and service supplies
Joel G. Bouwens, partner at Cunningham Dalman Revised $3,540 for legal services
Source: 2007-8 IRS form 990 tax filings; Chronicle reporting.
We welcome your thoughts and questions about this article. Please email the editors or submit a letter for publication.
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