ATLANTA (AP) — The Arthur M. Blank Family Foundation announced Monday a $50 million gift to Atlanta’s historically black colleges and universities, aiming to close financial aid gaps that could otherwise prevent students from completing their degrees.
The money will support nearly 10,000 students with “gap scholarships” if they approach graduation in good academic standing and have exhausted all other sources of financial support. The goal is to increase graduation rates at Clark Atlanta University, Morehouse College, Morris Brown College and Spelman College, the foundation announced.
“These grants are a material investment in hope,” said Fay Twersky, president of the foundation.
The 10-year commitment comes days after the Trump administration said it would redirect nearly $500 million in federal funds toward HBCUs and tribal colleges as a one-time investment. A similar number would be cut from colleges with large enrollments of Hispanics and other minorities, amid other moves to eliminate programs that promote diversity in higher education.
Arthur Blank’s net worth has grown to more than $11 billion, according to Forbes List, since he retired as co-founder of The Home Depot in 2001 and became owner of the city’s professional football teams, the Atlanta Falcons and Atlanta United.
Blank pledged to give away at least half of his wealth by signing the Giving Pledge, and his family foundation has donated more than $1.5 billion to date, philanthropy evident in hospitals, schools, museums, stadiums and the arts.
This donation is the foundation’s largest yet 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.
It’s money well spent, as Atlanta’s HBCUs contribute $1 billion in annual economic impact to the region, and HBCUs outperform all other institutions in moving students from the lowest 40% of family incomes to the richest 60%, according to the foundation’s statement.
“Our hope is that by helping more students earn their degrees, launch successful careers, and become giving-back alumni, we are investing in a cycle of opportunity that benefits young people and their families in Atlanta and communities across the country for years to come,” the foundation said.
Leaders from all four schools praised the foundation for meeting a critical need.
“This monumental investment will allow our students to remain focused on their academic studies and ensure that their talent, ambition, hard work and integrity, not financial hardship, determine their future,” said Dr. F. DuBois Bowman, president of Morehouse College.