University will succeed the Bank of America

By Veronica Burns
Following the resignation, two years ago, of the Bank of America as corporate trustee of the Ellen Battell Stoeckel estate, it has recently been announced that Yale University will step into that role. “We needed to find a good, reliable corporate trustee,” says Bill Gridley, one of two individual trustees for the estate, “Yale is also the main beneficiary of the estate. We approached them and they were receptive. We are delighted to have such good, strong support.”

Yale University takes on the role of trustee of the Battell Stoeckel estate, following the resignation of the Bank of America.

The university has had a long relationship with Norfolk and has been responsible for the academic and artistic content of the programs, but until now, has never been involved in the administration of the campus or of the trust. As stipulated in the will of Ellen Battell Stoeckel, the trust must have three trustees, two individuals and one corporate. “With this arrangement,” says Gridley, “Yale will manage the estate and will also be fiduciary manager on investments.” Both the Attorney General’s office and the Northwest Corner Probate Court approved the change.
Many university endowments have taken a hit during the recent economic downturn including Yale’s, which has been down over 25 per cent. The critical issue for the Battell Stoeckel estate is balancing the “physical and the fiscal,” says Gridley. The trustees have been supporting the programs to the tune of $450,000 to $500,000 annually while also worrying about the upkeep of the 20 buildings on the estate. “It’s the dreaded deferred maintenance scenario” is how Gridley describes it. When asked to become the corporate trustee in 2008, Yale commissioned an engineering report that concluded that more than $15 million would be necessary to reach just the minimal standards for students, faculty, artists and the public. The trust’s current assets are insufficient to meet such a challenge.
Representing the university on the board of trustees is Provost Peter Salovey. In his statement accepting the appointment, Salovey made it clear that although Yale “cannot possibly commit to the infusion of such an enormous sum into the Norfolk campus and programs in the present economic environment, it can bring its considerable resources for fund-raising and facilities management to the table.” He added that Yale was reaffirming its commitment to the arts in Litchfield County. The university’s fund-raising talent is considered especially welcome. “It will be very helpful,” says Gridley, “to have such expertise.”
Paul Hawkshaw and Sam Messer, directors of the Summer Schools of Music and Art respectively, echo the sentiment. “We are in it for the long haul,” they agree, “and we are really looking forward to working with the community to keep Norfolk as one of the most important art and music destinations in the northeast for many more years to come.”

Photo ByKatherine Griswold