[PeterPrinciple]

they’ve demanded that the University return the money, including compounded interest, for a total of $51,000,000. Smith’s letter is seven pages long, but I’ve distilled the high points:

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I am willing to be corrected but a gift is a gift for deductible tax purposes, you can make requests with the gift or they may offer something to entice you to give.

But there is no contract.

But not following through on the informal agreement could and should stop future contributions.

We had farmers give farms to the university for certain purposes. The university decided to sell the farms and use the money for other purposes.

My understanding is contributions slowed down but then they began to find suckers again.

[NorthMountain]

deductible tax purposes

Not in 1890.

[Still Thinking]

If I were giving a donation large enough for something like that, there’d sure be a contract. My understanding is that that’s the norm in fact.

[hinckley buzzard]

When he made the donation in 1890 there was no income tax to be deducted from.

[Michael.SF.]

You make a good point. Let’s hope the family’s lawyer knows the answer to any stipulations made regarding the gift.