The Arthur M. Blank Family Foundation announced a $50 million donation to Atlanta’s historically Black colleges and universities on Monday, aiming to close financial aid gaps that might otherwise prevent students from completing their degrees.
The money will support nearly 10,000 students with “gap scholarships” if they are approaching graduation in good academic standing and have exhausted all other sources of financial support. The aim is to raise graduation rates at Clark Atlanta University, Morehouse College, Morris Brown College and Spelman College, according to the foundation’s announcement.
“These grants are a material investment in hope,” said Fay Twersky, the foundation’s president.
The 10-year commitment comes days after the Trump administration said it would redirect nearly $500 million in federal funding toward 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, 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 the Forbes List, since he retired as co-founder of The Home Depot in 2001 and became owner of the city’s professional football and soccer teams, the Atlanta Falcons and Atlanta United.
Blank committed to giving at least half his wealth away 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 biggest yet to HBCUs in Georgia, following such previous gifts as $10 million to Spelman College for an innovation lab and $6 million to refurbish athletic fields at Clark Atlanta, Albany State, Miles College and Savannah State.
It’s money well spent, since 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 household income to the top 60%, the foundation statement said.
“Our hope is that by helping more students earn their degrees, launch successful careers and become alumni who give back, we are investing in a cycle of opportunity that benefits young people and their families in Atlanta and communities across the nation for years to come,” the foundation said.
Leaders of the four schools praised the foundation for meeting a critical need.
“This monumental investment will empower our students to remain focused on their academic studies and ensure that their talent, ambition, hard work, and integrity, not financial hardship, will determine their futures,” said Dr. F. DuBois Bowman, the president of Morehouse College.