Attending Ridley 1891 and 1892, Gooderham would spend a lifetime in dedicated service to the school. When he died in 1951, he was president of the Manufacturer's Life Company, a director of the Canada Permanent Trust Company and of the Consumers' Gas Company, and president of the Board of Governors of Ridley College. Throughout his life, he gave generously of both time and money to the school. In 1920, he was elected to the Board of Governors and in 1921, he and his brother, George presented Ridley with Gooderham House. In 1943, he became the fifth president of Ridley—the first Old Boy to occupy this position.