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Under the agreement, which will be filed in Cayuga County Court and must be approved by a judge, Wells College will transfer archives, historical materials and records to Hobart and William Smith. Hobart and William Smith will assume Wells' $27.8 million endowment and the Minerva statue, which will be relocated from Aurora and, once repaired, displayed on the Geneva campus.

Hobart and William Smith will take other actions to honor Wells College's history, including naming the lawn of its Houghton House arts campus as the Wells Green and incorporating the Wells' Book Arts Center into the institution.

Two seats on Hobart and William Smith's board of trustees will be reserved for individuals affiliated with Wells College, while Hobart and William Smith's Office of Advancement will oversee Wells' alumni engagement activities.

"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," said Marie Chapman Carroll, chair of Wells College's board of trustees.

Chapman Carroll continued, "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."

The legacy agreement does not include the Aurora campus. Wells College is reviewing offers to buy the 127-acre campus, but it has not been sold.

When Wells announced its closure more than 13 months ago, a different legacy partner was identified. Manhattanville University, a private liberal arts college in Westchester County, was named as Wells' legacy institution.

In an email to alumni and a news release, Wells does not address why it is no longer partnering with Manhattanville. There was some opposition from alumni who felt Manhattanville was not the best choice as a legacy partner due to its downstate location.

Prior to the agreement, Wells College says its board of trustees held listening sessions with alumni on how to preserve the college's legacy. The board then worked with their counterparts at Hobart and William Smith to develop the legacy agreement.

Craig Stine, chair of the board of trustees at Hobart and William Smith, noted the institutions' "shared mission through the liberal arts."

"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," Stine said in a statement.