Spelman College to Cosby -- We Don't Want Your Money Any More

Spelman College, one of the most prestigious African American colleges in the country has dropped Bill Cosby in a stunning way.

A college official says The William and Camille Olivia Hanks Cosby Endowed Professorship will be discontinued and all remaining funds returned.

Cosby was a big supporter of the all women's college over the years and the school acknowledged his contribution by honoring him at various times.