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 by Stephen Collins '74
As The Campaign for Colby and William R. Cotter's presidency both headed down the home stretch last year, Larry Pugh '56 and others decided that Linda and Bill Cotter's contributions to the College needed to be recognized with something enduring. So, backed by a lead gift from the Oak Foundation, Pugh circulated at a trustees' meeting with his yellow legal pad, buttonholing trustees and scribbling figures. Such was the genesis of an extraordinary outpouring of good will for the Cotters. With financial commitments from trustees and contributions from almost 1,000 alumni and friends of the College, the initiative created the William R. Cotter Distinguished Teaching Professorship and the Linda K. Cotter Fund for Internships, both announced at the campaign's October celebration. The effort to honor both Cotters produced $2.3 million in contributions, considerably more than Pugh and Vice President for Development and Alumni Relations Randy Helm had anticipated. Three-quarters of a million dollars was used to endow the Linda Cotter internship fund. Each year in perpetuity, the investment income from the fund will permit up to 50 Colby students to receive stipends so that they can afford to perform unpaid internships at nonprofit organizations or government agencies. The fund recognizes Mrs. Cotter's work building a network of businesses and organizations that offer internships and a system for placing students in them. "That [having an endowed fund in her name] is hard to get used to--it's an enormous honor for me," she said. Mrs. Cotter called it gratifying that the endowment recognizes the importance of the area on which she worked so hard. An anonymous gift in 1998 was the nucleus of the Linda Cotter fund. It provided enough money last year for a pilot program that funded stipends for 17 students. The pilot program proved so popular that discretionary funds had to be added to cover the initial demand. Another $1.25 million from the funds raised endowed the Cotter chair, Colby's 31st fully endowed faculty position. "It's just very moving," Bill Cotter said. "It's the highest honor because it's at the center of our mission--to have first-rate faculty who will attract first-rate students." "Endowed chairs allow you to recruit and keep the very best faculty," Helm said. Investment income from the $1.25-million endowment provides compensation for the chair holder as well as a research fund. A named professorship provides the highest prestige available to teaching faculty members who have already achieved the rank of full professor. |
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