ATLANTA (AP) — The Arthur M. Blank Family Foundation on Monday announced a $50 million gift to historically black Atlanta colleges and universities aimed at filling financial aid gaps that may prevent students from completing their degrees.
The funding will support approximately 10,000 students with “gap scholarships” who are nearing graduation in good academic standing and have exhausted all other financial support. The goal is to increase graduation rates at Clark Atlanta University, Morehouse College, Morris Brown College and Spelman College, the foundation said in a statement.
“These grants are a material investment in hope,” said Foundation Board Chair Faye Twersky.
The 10-year commitment was announced just days after the Trump administration announced it. Approximately $500 million redirected Federal funding as a one-time investment for HBCUs and tribal colleges. Similar amounts would be cut from colleges with large enrollments of Hispanics and other minorities. movement to eliminate the program promote Diversity in higher education.
Arthur Blank Net Worth His wealth has grown to more than $11 billion since he left his post as co-founder of Home Depot in 2001 to become owner of the city’s professional football and soccer teams, the Atlanta Falcons and Atlanta United, according to the Forbes list.
Mr. Blank has committed to giving away at least half of his fortune by signing the Giving Pledge, and his family foundation has donated more than $1.5 billion to date, with demonstrated philanthropy in hospitals, schools, museums, stadiums, the arts, and more.
This gift is the foundation’s largest gift to an HBCU in Georgia to date, and follows previous gifts of $10 million for an innovation lab at Spelman College and $6 million for athletic field renovations at Clark Atlanta, Albany State, Miles College and Savannah State.
The funds were well spent because Atlanta’s HBCUs have an annual economic impact of $1 billion for the region, and HBCUs are better than any other educational institution at moving students from the bottom 40 percent of household incomes to the top 60 percent, the foundation’s statement said.
“Our hope is to invest in cycles of opportunity that will benefit youth and their families in communities in Atlanta and across the country for years to come by helping more students earn degrees, launch successful careers, and become contributing graduates,” the foundation said.
Leaders from the four schools praised the foundation for meeting an important need.
“This monumental investment will allow our students to stay focused on their studies and ensure that talent, ambition, hard work, and integrity, not financial hardship, will determine their futures,” said Morehouse College President Dr. F. Dubois Bowman.
