Estate gift endows faculty chair in business at Iowa Wesleyan College
Iowa Wesleyan College has established the Schmidt Chair in Business, in honor of alumnus and long-time friend Albert Schmidt.
Schmidt, who attended Iowa Wesleyan in the 1930s, passed away in August 20009. His will designated funds to endow the faculty chair at the College.
Schmidt attended Iowa Wesleyan College prior to World War II, then returned to his hometown of Winfield, Iowa, following the war. He initially joined his father and uncle at the Schmidt Meat Market, before being named the Postmaster of the Winfield Post Office, a position he held from 1948-1972. He became an early and frequent investor in the stock market and loved to talk with school classes regarding his passions: the stock market, hunting, fishing and collecting antique dishes.
His passion for following the stock market and success in making investments have resulted in the generous donation to Iowa Wesleyan.
Funded by a gift of $1.3 million to the Schmidt Trust, the Schmidt Chair in Business at Iowa Wesleyan College was established for the purpose of offering a course of instruction entitled “Aspects of Investing,” espousing the investing philosophy which had led to Schmidt’s financial success.
Dr. Herbert Schmidt was recently named as the inaugural holder of the Schmidt Chair.
“Herb Schmidt worked as a stock broker before pursuing his graduate degrees. That experience, along with the fact that he is the senior member of the Business faculty, made him a natural candidate for the Albert Schmidt Chair in Business,” said Iowa Wesleyan President Jay Simmons.
“His appointment to the Chair enhances an already strong business program by adding a new investment component to the curriculum,” he added.
Dr. Schmidt is not related to Albert Schmidt.
Herb Schmidt joined the Iowa Wesleyan College staff in 1986 as a transfer admissions counselor. After completion of his graduate studies, he was appointed an adjunct professor of business. He currently serves as a tenured professor of business.
Schmidt earned his Bachelor of Business Administration degree from Iowa State University, a Master of Business Administration degree from Western Illinois University and a Doctor of Business Administration degree from St. Ambrose University.
His research interests include organizational theory, organizational behavior, and college-level service learning. He recently presented research papers for the Institute of Behavioral and Applied Management and The Journal of Business & Economics Research.
Albert Schmidt’s love for Wesleyan did not stop with the endowment of a chair in businesses. The terms of his will also provided an additional gift to the college in excess of $600,000 to support the remodeling of the campus Chapel.
“We are extremely grateful to Albert Schmidt and to John and Doris Carty, Mr. Schmidt’s long-time friends, for making the Chair a reality and for supporting the College Chapel renovation,” Simmons said.