Blank Foundation Gives $50M to Local HBCUs

Four of Atlanta’s historically Black colleges and universities will share a $50 million scholarship fund initiated by the Arthur Blank Family Foundation. The large commitment begins next year and will be spread out over the following 10 years. It will provide financial aid for students at Clark Atlanta University, Morehouse College, Morris Brown College, and Spelman College.

The scholarships are expected to provide financial support to an estimated 10,000 students to help increase graduation rates at the four schools. Financial hardship rather than academics, there, can cause students to drop out. In announcing the new funding, Arthur Blank, chairman of the Foundation, reiterated his support for the educational institutions.

“Our hope is that by helping more students earn their degree, 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’s multi-million-dollar contribution will provide what are termed gap scholarships. This form of financial aid is aimed at providing assistance to students who are close to graduation but may need additional support to fill the gaps that might prevent them from finishing. According to Fay Twersky, president of the Blank Foundation, the program will help student stay enrolled and graduate on time.

“Even a small financial gap can be the difference between walking across the graduation stage and walking away,” Twersky said. “We are proud to stand with Atlanta’s HBCU’s and help more students achieve their dreams,”

The scholarships will be available to students who maintain acceptable academic standards but have fully exhausted all other financial aid, including state and federal student loan programs. Included in these programs are Pell Grants from the federal governments which provide money to low-income undergraduates and do not have to be repaid.

According to the foundation, students applying for Pell Grants tend to take out more student loans and are at a greater risk of leaving school before they have earned a degree. It is estimated that students who are able to graduate will earn 57 percent more in their lifetime than those who don’t.

The philanthropic hand Blank has extended to students of the Black colleges has also included the colleges themselves. The president of Morris Brown College, Dr. Kevin James, leads an institution which has previously received a $3 million dollar grant from the Blank Foundation. It was used to develop a yearlong hospitality credential program.

Morris Brown College has led a precarious existence over much of the past 20 years. It lost accreditation in 2003 and was forced to declare bankruptcy in 2012.

When Dr. James took over at the college in 2019, only 20 students were enrolled in the institution. The loss of accreditation meant the loss of federal funding and student loan programs and those students were largely on their own.

Following a period of financial restructuring, accreditation was restored in 2022. It was the first HBCU to do so after two decades as an unaccredited college. Federal loans, particularly the Pell Grants, which are so important to so many students, began to flow again. Current enrollment is about 300 undergraduates. Generally, historically Black schools have faced far greater economic challenges than predominantly white institutions that often have greater endowments and richer alumni.

We are proud to stand with Atlanta’s HBCU’s and help more students achieve their dreams.

The latest gift by the Blank Foundation follows a history of giving to Black higher education that has approached $20 million in Atlanta in recent years Over half of that was a $10 million gift in 2022 for an Innovation Lab at Spelman College.

The president of Morehouse College, Dr. F. DuBois Bowman, whose school had previously received $400,000, hailed the Blank Foundation gift as a way to remove some of the financial pressure that his students face.

“This monumental investment will empower our students to remain focused on their academic studies.” Dr. Bowman said, “and ensure that their talent, ambition, hard work, and integrity, not financial hardship, will determine their futures.”

Although the 100 HBCU in the United States make up only about 3 percent of all institutions of higher learning in this country, they educate 10 percent of all Black students. According to the United Negro College Fund, they award 17 percent of all bachelor’s degrees given to Black students and 25 percent of all degrees given to Black students in the field of science, technology and mathematics.

The latest Blank gift follows a grant of $70 million last month to the UNCF from philanthropist MacKenzie Scott. It was described as a “transformational” bequest to strength Black colleges and universities. The UNCF is hoping to raise $1 billion to increase the financial backing of the college and universities it represents.