ATLANTA (AP) – On Monday, the Arthur M. Blank Family Foundation declared a significant $50 million donation aimed at supporting Atlanta’s historically Black colleges and universities (HBCUs). This initiative is designed to alleviate financial aid gaps that may hinder students from completing their degrees, thus enhancing their educational opportunities.
The allocated funds will provide "gap scholarships" for nearly 10,000 students who are on the verge of graduating, provided they maintain good academic standing and have exhausted all available financial resources. The primary objective of this generous contribution is to elevate graduation rates at four prominent institutions: Clark Atlanta University, Morehouse College, Morris Brown College, and Spelman College.
Fay Twersky, the president of the foundation, emphasized the impact of this investment by stating, "These grants are a material investment in hope." The foundation commits to this financial support over a 10-year period, making it a substantial pledge towards the future of these institutions and their students.
This announcement comes just days after the Trump administration revealed its plan to reallocate nearly $500 million in federal funding to HBCUs and tribal colleges. However, this funding redistribution is controversial, as similar amounts would be cut from colleges that cater to large populations of Hispanic and other minority students, amidst broader efforts to eliminate programs promoting diversity in higher education.
Arthur Blank, co-founder of The Home Depot and current owner of Atlanta’s professional football team, the Atlanta Falcons, has seen his net worth surpass $11 billion, as reported by the Forbes List. Committed to philanthropy, Blank has pledged to donate at least half of his wealth by signing the Giving Pledge, with his foundation already contributing over $1.5 billion to various causes, spanning hospitals, schools, museums, and the arts.
This recent donation to Georgia's HBCUs marks the largest such commitment from the foundation to date. Prior philanthropic efforts include a $10 million donation to Spelman College for an innovation lab and $6 million allocated for refurbishing athletic fields at several institutions including Clark Atlanta, Albany State, Miles College, and Savannah State.
Atlanta's HBCUs play a crucial economic role, generating an estimated $1 billion in annual economic impact for the region. According to the foundation’s findings, HBCUs excel in elevating students from the lowest 40% of household income to the top 60%, demonstrating their effectiveness in promoting socioeconomic mobility.
The foundation articulated its vision, stating, "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." This underscores the commitment to building a brighter future for students within the community.
Leaders of the four schools have voiced their appreciation for this vital support, emphasizing the positive impact it will have on their students. Dr. F. DuBois Bowman, president of Morehouse College, remarked, "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." This reflects a unanimous recognition of the critical need met by the foundation’s generous donation.
