Endowment Helps Psych Dept.

Teaching can be a very rewarding profession. Two weeks ago, the College received a gift of $2.1 million dollars to establish an endowed chair in the name of psychology professor Norm Henderson. Michael Marks, OC '73, donated the money to honor his former teacher and long-time friend.

"Norm and I have been friends for a long time, he had a big influence on my life and I was in a position to return the favor," said Marks, CEO of Flextronics in California. "It's really that simple," he added.

At Oberlin, Marks was a Psychology major when Henderson was head of the department. Henderson taught him statistics and the two worked together on a year-long project.

Marks was not interested in a gift bearing his own name, and described his decision as "a long-term thank-you to Norm for the influence he's had on my life."

The Norm Henderson endowed chair will be held by a professor in the Psychology department. Henderson was offered the position but declined. The first recipient will be named following Henderson's retirement.

"This position once it's filled will be a highly coveted position," Assistant Director of Major Gifts Ernie Iseminger said. It could attract quality faculty from the outside, or be offered as incentive to Oberlin professors whom the College wants to keep.

To donate an endowed chair, a donor must give at least $1.5 million dollars. Marks gave a number of company shares, and policy requires the college to sell upon receiving a gift of stock. The value of Marks' gift is estimated at $2.1 million dollars. The Board of Trustees will decide the pay-out rate, but it is expected to be about five percent a year. This translates into the contribution of approximately $100,000 dollars into the Psychology department budget each year.

"[The chair] has a huge impact. It will make a huge difference," Iseminger said, adding, "This is one of the largest single all time outright cash gifts in the history of the College." He explained that the donation is a "budget relieving" contribution, so the Psychology department's budget may stay virtually the same, but there will be more money in the College's budget which Iseminger described as currently "stretched very tight."

Iseminger said his job, which includes asking a lot of people for money, "isn't hard if you really believe that this is a great place. The hardest part with this gift was getting the door open. It took me almost a year." Last January, President Nancy Dye, Iseminger, and Marks went out for dinner in California.

"Nancy Dye and Michael Marks had a great conversation about the College, about what we're doing and where we're goingŠand I pitched the idea of an endowed chair that first night and he laughed at me and said no way. Finally, he sent me an e-mail one day and said ŒI'll endow a chair.' And that's how it happened." Iseminger said.

Iseminger thought that the perception of Oberlin grads not being financially successful was a myth. "Maybe in terms of percentage, compared to Amherst or WilliamsŠmaybe we do have more people that go into the social sector. But in terms of real numbers, because our college is much larger than our competitors by anywhere from a 1000 to 1500 students, I'm convinced that we are as successful financially as anybody else," he said.

After graduating from Oberlin, Marks went to business school and then was involved in several businesses before Flextronics. He said his success was the result of "a series of lucky opportunities with some preparation."

Iseminger noted that because of Marks' age, not yet 50, his gift "sends a very powerful message to our younger alums in the high-tech world," as well as setting "an incredible example for our other alumni."

Marks hopes his gift will influence other alumni. "I hope a bunch of people get excited and give gifts, that'd be great," he said.

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