Hobart and William Smith Colleges

Legacy Agreement with Wells College

Following the closure of Wells College in 2024, on June 11, 2025, Wells College and Hobart and William Smith Colleges announced that they had created a legacy agreement.

Frequently Asked Questions

What is a legacy institution?
A legacy institution retains the student, employee and financial records of an institution that has closed. The preferred institution maintains, as agreed, the closed college’s material and cultural history. A legacy institution does not own the closed college’s charter nor does it own its physical campus. A legacy institution is not responsible for the closed institution’s financials. The legacy institution and the closed college remain two separate legal entities and the closed college is eventually legally dissolved. A legacy agreement is not a merger.

Why does Wells have to create a legacy agreement with another college?
Wells College is required by New York State educational guidelines to responsibly wind down its operations and steward its assets in a manner that honors its mission, ensuring that any remaining funds are appropriately allocated to higher education.

What constitutes the legacy agreement between Wells and HWS?
The legacy agreement includes the transfer of historical records, some artwork/artifacts and the endowment from Wells College, which has closed, to Hobart and William Smith. HWS will name the Wells Green at Houghton House, create a library installation honoring Wells’ legacy, adapt the Wells Books Arts Center to the HWS campus, facilitate alumni engagement for graduates of Wells, and intends to welcome Wells-affiliated candidates for service on the HWS Board of Trustees.

What happens to the Wells College endowment?
The Wells College endowment will be transferred to Hobart and William Smith Colleges. Future fundraising and donor stewardship will reside at HWS. 

Will Hobart and William Smith take ownership of the Wells campus in Aurora?
No. The legacy agreement only pertains to the Wells College records, endowment and some historical materials. The campus will be sold by Wells to fulfill Wells’ financial and regulatory obligations related to the closure of the college. The international firm CBRE has been retained by Wells to manage the sale of the campus.

Who from the Wells community will be appointed to the HWS Board of Trustees?
Two members of the Wells community – either alumni or those with an affiliation with Wells – will be considered by the Hobart and William Smith Board of Trustees for a four-year term on the Board. Selection will follow HWS’ normal vetting processes. Appointed Wells trustees will be eligible for election for subsequent term(s) pursuant to the HWS Board’s policies and Practices.

What is Wells Green?
A greened area at the Houghton House arts campus will be named Wells Green and a dedication ceremony is being planned.  

What happened to Manhattanville University as a legacy partner?
Leaders at Wells College determined that deeper connections with Manhattanville University would not be in the best interest of the college’s future. Manhattanville remains a trusted teach-out partner serving numerous former Wells students as well as operating the Wells study abroad program in Florence, Italy.