(FORTUNE Magazine) – The Internet boom may have inspired some people to drop out of school, but it also spurred some to give a little back. And what better gift than some can't-miss--er, wasn't-supposed-to-miss--stock? Nine academic institutions, which in turn became insiders themselves, ended up with ICG shares. These schools, many of them in Pennsylvania, ranged from tony Main Line prep outfits--the Baldwin School and the Episcopal Academy--to institutions of higher education, such as Dartmouth, the University of Pennsylvania, and small liberal arts Ursinus College. The schools all declined to name names when it came to their stock donors. Indeed, trying to determine who gave them ICG shares was like trying to find a key to the SATs or crack the Swiss banking register. Still, it was easy to draw connections between alumni and ICG or its parent, Safeguard Scientifics. Some of the schools, like Penn and Lehigh, have myriad ties to ICG. (The link is less clear for recipients like the School for Language and Communication Development in Glen Cove, N.Y.) The moral is clear: It's never too late for a makeup assignment.

THOSE WHO CAN...TEACH

How do you get rich in academia? Really rich? Well, you get in on a stock like ICG early and then sell at the top. Tom Gerrity, 59, former dean of the Wharton School at the University of Pennsylvania and currently professor of management, did it half-right. An ICG board member, Gerrity had ICG holdings that at one point may have been worth more than $200 million. Alas, he registered to sell only $549,845 worth of shares. Not bad for a prof, but hardly the stuff of riches. (Penn, by the way, registered to sell $76,050 of its ICG holdings.) Notably, ICG and Wharton have also established an academic-industry partnership. According to ICG's most recent proxy, the company entered into an agreement with the University's trustees last November "pursuant to which the Company would provide an initial gift of $1,500,000 for the purpose of supporting faculty research and the development of new educational material focusing on e-business." ICG CEO Walter Buckley agreed to assume the company's obligation to provide the initial $1,500,000 gift. And what does Gerrity have to say about all this? Well, he had his assistant return our numerous calls: "He has been traveling.... He just left and will be traveling extensively. Um, he does decline to comment." --Andy Serwer

SIX DEGREES OF MATRICULATION

Since Lehigh University, in Bethlehem, Pa., is just down the road from ICG headquarters, it's no surprise that the university has sent a number of its alumni to work there--or that its endowment fund was stuffed with insider shares. Pete Musser, founder of Safeguard Scientifics (ICG's mother company), is at the center of this alum scrum. Graduating in 1949 with a degree in industrial engineering, he was head recruiter for his fraternity and has been an honorary trustee of the school since 1988. So what has he done with his wealth? Check out the Musser Center for Entrepreneurship or the Warren "Pete" Musser wing of the Lehigh gym. Go, Mountain Hawks! --Julia Boorstin

WITH ALUMS LIKE THESE...

Lehigh has many would-be donors, but according to a university statement, the school's endowment managers may also have made an investment or two in the company. Shares registered to be sold: 102,671 Value at filing:

Penn's Wharton B-school has buddied up with ICG on a big e-business initiative. Trace the tight relationship to former dean Tom Gerrity. Shares registered to be sold: 600 Value at filing:

"It was an anonymous gift," says a spokesman for Baldwin (at top right). Given the modest amount the shares generated, no wonder the donor didn't leave his name. Shares registered to be sold: 250 Value at filing: $3,031

Alum and ICG co-founder Walter Buckley says he has given $3 million to his dear old prep school (at bottom right) but says somebody else donated these 1,100 shares. Shares registered to be sold: 1,100 Value at filing:

Named after the 16th-century author of a catechism, Ursinus may not bring easy Internet money to mind. But even conservative theologians might welcome a $1 million gift. Shares registered to be sold: 34,224 Value at filing:

Leading donor suspects include ICG's former chief marketing officer, Karen Francis, who is both a Dartmouth alum (class of '84) and a trustee. Francis could not be reached for comment. Shares registered to be sold: 1,000 Value at filing: