"We were young and foolish, but we were also right," said one of the members of the group.
Gates also awarded medals to four faculty and community members who helped create the department.
In addition, Gates announced the creation of an annual prize to be given in honor of Ephraim Isaac, the department's first professor, who also attended the celebration.
Gates gave more informal nods to some of his colleagues, including popular Fletcher University Professor Cornel R. West '74.
"My main man, Cornel West: you're the best!" Gates told his friend.
At the opening event, Climenko Professor Charles J. Ogletree noted the lack of undergraduates in attendance.
In his remarks, Gates said the department now has a $40 million endowment and is assured of a strong future.
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