Richard R. Schmaltz ’62

When Dick Schmaltz realized Colby was the place for him, he let go of his Annapolis appointment and changed course. That decision is one Dick has never regretted. Broad course offerings, a caring and involved faculty, and a vibrant social scene made for four formative years. Better still, he met his wife Joan Dignam Schmaltz ’63 at Colby.

After graduating with a degree in economics and beginning a career in investment management, Dick felt strongly about giving back. A scholarship had helped him attend Colby, and he wanted to ensure that others could have the same chance. “As a financial aid recipient I recognized how important a role endowment plays in enabling many students to have a private college experience,” explained Dick, whose affection for the College rubbed off on his daughter, Heide Schmaltz Lasher ’87. “I think two of the more important things we can do for society are to support education and to support health care. I chose the education route.”

Besides endowing the Schmaltz Family Scholarship, contributing the post office lobby in Cotter Union, and having Foss Dining Hall named for them in recognition of their support, the Schmaltzes established a charitable lead annuity trust. The trust was funded with tax-exempt bonds, and Colby received the interest on those bonds and returned the principal when the 10-year term was up. A charitable lead annuity trust made sense, said Dick, “because I got a tax deduction, I got the principal back, and we made a charitable gift to Colby.”

“Financial assistance for education is so important. I think if we can do more for education we’ll have a better world,” he said.
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