You know when someone says they'll pick up the tab at dinner at a fancy restaurant and then stiffs you later claiming they don't have their credit card on them? Yeah, this is kind of like that.
The A. Eugene Brockman Charitable Trust originally announced a quarter billion dollar gift to the small, liberal arts Centre College in Kentucky. Then, for reasons largely unknown to Centre College, the trust withdrew the gift. Considering that Centre College's entire endowment as of 2012 was roughly $213 million, the withdrawal of a $250 million gift stings a wee bit.
Centre College had planned to use the money every year to offer full-ride tuition scholarships to forty students. That idea is now canceled.
A. Eugene Brockman is long dead, but his son had no comment to the AP about the alleged bait-and-switch from the trust. All that is reported is that a "significant capital event" placed pressure on the college to structure the gift in time, which apparently didn't happen.
The college states it is "not happy, in any shape or form," and that the gift was withdrawn "for reasons unknown to the college."
Meanwhile, the A. Eugene Brockman Charitable Trust said in a brief statement that "[T]his is between the trust and the college."
Sounds like a classic, American divorce story, minus the whole messy custody battle.
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