Arthur M. Blank Family Foundation donating $50 million to historically Black Atlanta colleges
ATLANTA (AP) — The Arthur M. Blank Family Foundation announced Monday a $50 million donation to Atlanta’s historically black colleges and universities. This donation aims to close financial aid gaps that might otherwise prevent students from completing their degrees.
The money will provide “gap scholarships” to approximately 10,000 students who approach graduation in good academic standing and have exhausted all other sources of financial support. According to the foundation’s announcement, the goal is to increase graduation rates at Clark Atlanta University, Morehouse College, Morris Brown College and Spelman College.
“These grants are a financial investment in hope,” said Fay Twersky, president of the foundation.
The 10-year commitment comes just days after the Trump administration said it would do so directs approximately $500 million Federal funding for HBCUs and tribal colleges as a one-time investment. A similar amount would be cut from colleges with large enrollments of Hispanics and other minorities. Moves to eliminate programs encouraging diversity in higher education.
Arthur Blank net worth He’s made more than $11 billion since retiring as co-founder of The Home Depot in 2001 and becoming owner of the city’s professional football and soccer teams, the Atlanta Falcons and Atlanta United, according to the Forbes List.
By signing the Giving Pledge, Blank has committed to donating at least half of his fortune, and his family foundation has donated more than $1.5 billion to date; philanthropy is evident in hospitals, schools, museums, stadiums and art.
This donation is the foundation’s largest donation to HBCUs in Georgia, following previous donations such as $10 million to Spelman College for an innovation lab and $6 million to renovate athletic fields at Clark Atlanta, Albany State, Miles College and Savannah State.
HBCUs in Atlanta contribute $1 billion in annual economic impact to the region, and that money is well spent, as HBCUs outperform all other institutions in moving students from the bottom 40% of household income to the top 60% of household income, the foundation statement said.
“Our hope is that by helping more students earn degrees, launch successful careers, and become rewarding graduates, we are investing in a cycle of opportunity that will benefit young people and their families in Atlanta and communities across the country for years to come,” the foundation said.
Leaders of the four schools praised the foundation for meeting a critical need.
Morehouse College president Dr. “This tremendous investment will enable our students to focus on their academics and ensure that their talent, ambition, hard work and integrity, not financial hardship, will determine their future,” said F. DuBois Bowman.
