This afternoon, I am pleased to make a very important announcement in the history of Dickinson College. It is fitting that we gather in front of the portrait of the late Robert A. Waidner. As many of you know, Mr. Waidner was a distinguished alumnus and highly successful businessman. He graduated from Dickinson College in 1932 with a B.A. in English and received a J.D. from the University of Maryland in 1936. Mr. Waidner became a colonel in the Army Air Corps during World War II and continued to serve in China after the war. Following his military service, Mr. Waidner began his long-time involvement in the Baltimore corporate world. He first managed the only cast bell-producing foundry in this country and then moved on to insurance and guaranty companies. He later became president and CEO of Standard Fusee Corporation, the nation's largest manufacturer of highway, railway and ship flares.

Mr. Waidner was an ardent and devoted supporter of Dickinson College throughout his life. He was appointed to the Dickinson Board of Trustees in 1948 and served in this capacity until 1991, at which time he assumed emeritus status until his death in 1999. Dickinson presented Mr. Waidner with an honorary degree of Doctor of Finance in 1995 to recognize his professional accomplishments as well as his life-long dedication to the College. In the citation that was read upon the presentation of his honorary degree, Mr. Waidner was saluted "as a man who personifies and exemplifies the founders of the country and this College" and who serves as "a moving reminder that service, dedication, and philanthropy are deeply rooted in American society."

Mr. Waidner's commitment to Dickinson was reflected in his financial support of the Waidner Admissions House and the Waidner Library. It is of course, this same library-the Waidner-Spahr Library-that was recently named the number one library in the nation by the Princeton Review. We gather today, in part, to recognize once again Mr. Waidner's generosity to his alma mater, Dickinson College, which continues to serve as an aspirational goal for us all.

In keeping with the spirit of Mr. Waidner's life-time of devotion to the College, Dickinson College, GBMC Healthcare, Inc., the Baltimore Symphony Orchestra and John H. Somerville and Robert Sloan, trustees of the Robert A. Waidner Foundation, are pleased to announce they have come to an agreement that implements Mr. Waidner's intentions in a fair, reasonable and effective way and insures the duration of the Foundation for at least another 25 years. With this agreement, Dickinson will receive a multi-million dollar gift, the largest gift in the history of the College.

Under the agreement, upon the death of Mr. Waidner's widow, Elizabeth Reed Waidner, Dickinson and GBMC Healthcare, Inc. will receive a specified percentage share of the annual distributable amount of the Foundation. The remainder of the annual distributable amount is available to be given to the Baltimore Symphony Orchestra for the establishment of an instrumental chair and for distribution to other charities, in the discretion of the trustees.

All the beneficiaries acknowledge that the trustees engaged in no improper acts and did not exert any undue influence in connection with Mr. Waidner's estate planning. The beneficiaries look forward to working with the trustees to implement this agreement.

I know that you will join me in applauding this agreement. Thank you all for coming to the Waidner-Spahr library this afternoon for this historic announcement.