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Russell Sage College was founded in Troy, New York, in 1916 by Margaret Olivia Slocum Sage and named in honor of her late husband, who had left her his considerable fortune. With Eliza Kellas, head of the Emma Willard School, Mrs. Sage was active in the women's suffrage movement; in founding the new College, they proposed to offer women the means of independence through the combination of broad education in the liberal arts with preparation for specific professional careers. In 1995, the Sage Graduate School became authorized to grant degrees independently, the Sage Evening College became recognized as a separate administrative unit, and the institution was re-chartered by the Board of Regents of the state of New York as The Sage Colleges, often referred to for the sake of convenience as "Sage." The words "Russell Sage College" now refer only to the college for women. In 2001, the Sage Junior College of Albany and Sage Evening College were replaced by a single entity, Sage College of Albany.