'The Cosby Show' star, 77, who received a master's degree and a doctorate in education from the University of Massachusetts Amherst in the 1970s, agreed to step down from his position as a leading fundraiser for the school, reported Ace Showbiz.
Ed Blaguszewski, a spokesman for the institution, said, "Bill Cosby has agreed to resign as an honorary co-chair... He no longer has any affiliation with the campaign nor does he serve in any other capacity for the university."
Cosby has dominated headlines around the world over the last few weeks after a number of women, including actresses and models, went public with allegations of sexual assault.
The funnyman's lawyer has dismissed the claims as false.