AURORA, N.Y. — Both schools have finalized a legacy agreement that makes Hobart and William Smith Colleges the legacy institution for Wells College, which closed in 2024, citing financial difficulties.

The agreement has been submitted to New York State Supreme Court in Cayuga County. It transfers stewardship of Wells’ records, endowment and some historical materials to Hobart and William Smith Colleges as the legacy institution, per an announcement on the website of the Geneva schools.

A legacy institution (sometimes called a repository, partner, or steward) retains the student, employee, and financial records of an institution that has closed. The legacy institution maintains, as possible, some specific material and cultural history of the closed college, as determined by the closed college’s board of trustees, per the announcement.

A legacy institution is not responsible for the closed institution’s financials or liabilities; does not own the closed college’s physical campus; and does not own the closed college’s charter or accreditation. The closed 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.”

“This agreement with Hobart and William Smith, an institution with which we share our core values, is deeply meaningful to both preserving our past and making certain our legacy is honored with integrity,” Marie Chapman Carroll, who chairs of the board of trustees at Wells College, said. “We are delighted with the support shown to Wells by Hobart and William Smith, as it welcomed nearly 70 former Wells students to its classrooms and community in the fall of 2024. Our histories have long been intertwined and now will be for perpetuity.”

Carroll is a 1975 graduate of Wells College.

The Wells College board of trustees conducted “many intensive” listening sessions and conversations with their graduates on how best to preserve and perpetuate the Wells legacy. Both institutions worked to develop this agreement, which has been approved by the respective boards of trustees of each institution.

The legacy agreement indicates that Hobart and William Smith will take steps to honor the Wells legacy at its Houghton House Arts Campus by naming a lawn, “The Wells Green.” HWS will also preserve and put on display the Minerva statue, a longstanding symbol of Wells’ mission and history. In addition, two Wells-affiliated candidates will join the Hobart and William Smith board of trustees.

“Hobart and William Smith and Wells have had a shared mission to educate students through the liberal arts, and we were proud to welcome so many transfer students to HWS from Wells last semester,” Craig Stine, who chairs of the board of trustees at Hobart and William Smith Colleges, said. “We are pleased to be in a position to honor the 156-year history of Wells College, to ensure safekeeping of vital institutional records, and to welcome Wells alumni into the HWS community.”