$6.1 Million Bequest for Scholarships from Alumna

The late Marilyn Walsh ’50, a native of Woodbine, Iowa, made a $6.1 million bequest establishing a scholarship fund for Iowa residents admitted to Grinnell College who have lived in Iowa for five or more years immediately prior to receiving the scholarship grant.

The gift came as a surprise to Eliza Willis, professor of political science, who was related to Walsh — Walsh and Willis’s father were first cousins. After Willis’ grandmother — Walsh’s aunt — died in 1983, the family lost track of Walsh, whose life was centered in New York. Willis had assumed Walsh died years ago.

“I think it’s fabulous that she left that gift,” says Willis, who’s been on the Grinnell faculty since 1991. “But I regret that we never got to talk about our experiences of Grinnell.

“Marilyn’s story loomed large in our family,” Willis adds. “My sisters and I found her to be an inspiration.”

After graduating from Grinnell with a major in history, Walsh moved to New York City. While working full time, she took night classes at New York University, earning her LL.B. in 1957, her LL.M. in taxation law in 1958, and her M.B.A. in 1963.

In 1964 Walsh interviewed for a position as a tax attorney with CBS. After the interview, she wrote to her interviewer: “You questioned whether I would be accepted because I am a woman. The real answer to this question is that I have been completely accepted by the partners and clients of one of the oldest Wall Street law firms. Their acceptance of me has been brought about by the fact that I have been able to answer their tax questions and in many instances have been able to show them how they could save taxes by rearranging their transactions.”

She got the job. Several years later Walsh became the first female vice president for CBS.

Among Walsh’s papers was a handwritten reflection, dated Nov. 24, 1995, on her professional accomplishments: “My main purpose in life — i.e., to pursue a career in tax/finance law in a creative manner to demonstrate that a woman could advance to a high level at a time when few women were doing that — has been accomplished.

“My parents were a major factor in creating the conditions for that success. They brought me up with the idea of having a professional career and to know that I was equal to anyone — man or woman.”

Grinnell College recognized Walsh’s accomplishments with an Alumni Award in 1970 and an honorary Doctor of Laws degree in 1979. In her honorary degree speech, Walsh told the graduating seniors: “Somehow our brains become magnetized with the dominating thoughts which we have in our minds and attract to us the forces, the people, the circumstances which enable us to achieve the goals which we hold as our dominating thoughts. If your thoughts are negative, you will fail. But if your dominating thoughts are positive and you put your energies behind your selected goal, you will succeed at whatever it is you want to accomplish.”

Walsh, who died Sept. 2, 2013, made her bequest in memory of her mother in appreciation for her advice, encouragement, and love.

Gift larger than previously announced

In the original announcement of the Marilyn Walsh gift, the estate released $4 million to Grinnell College. However, after final accounting and distribution was complete, the total gift to support scholarships eclipsed $6.1 million.