B-CU looking into possible $150M donation
Gillum visits B-CU campus
photo by Augustinas Navickas
President Hubert Grimes will stay in his post as interim until a new leader is hired and
somewhere out west is an alumnus who is ready to put up $150 million to help save his or her
Both actions came at the end of a week of protest by students during the week of Oct. 15.
The protest, orchestrated by student government officials was in response to rumors that the
school's accreditation would disappear if Grimes was let go-a report that was later found to be
The possibility of a $150 million donation from an alumnus reportedly living in Texas was
revealed at the Board of Trustees meeting Oct. 19-the same meeting where a vote to fire
Grimes was defeated and a subsequent vow to work together between him and Michelle Carter-
Scott, chairwoman of the board of trustees, was announced.
Carter-Scott sent out a letter Oct. 22 that addressed the donation. In it she noted that David
Corbin, managing director for SMC Terminus Group, Inc., had been retained to review the
validity of the offer.
"If available those funds should be placed in an escrow account," she writes. "Once
verification is received, the board of trustees will convene and take action. As fiduciaries of
university assets, it is imperative that the board takes reasonable care and caution."
News of the proposed donation also suggested that the money would only be available if the
current board stepped down.
Corbin said the role of SMC Terminus Group, Inc is only to verify that the funds that have
been offered are available and that they don't come with any restrictions.
He declined to identify the donor but said the person does have a history with the university.
"An alumnus has suggested that they can provide the funds and want to make a contribution
to the institution," he said. "Our job is to verify that this is indeed possible and available."
SMC Terminus Group, Inc was founded in 2002 and its main service is to provide
comprehensive set of management consulting and financial advisory services to corporations
and governmental entities.
By Karen Romero