ATLANTA (AP) — The Arthur M. Blank Family Foundation has made headlines with its announcement of a $50 million donation aimed at supporting Atlanta’s historically Black colleges and universities (HBCUs). This significant funding, revealed on Monday, seeks to address financial aid gaps that hinder students from completing their degrees.
The funds are earmarked for 'gap scholarships' that will assist nearly 10,000 students who are nearing graduation, maintaining good academic standing, and have exhausted other financial support channels. The foundation focuses on raising graduation rates at major institutions including Clark Atlanta University, Morehouse College, Morris Brown College, and Spelman College.
“These grants are a material investment in hope,” stated Fay Twersky, the foundation’s president.
This long-term commitment stretches over ten years and coincides with recent shifts in federal funding policies affecting HBCUs, including a planned one-time investment of nearly $500 million to be redirected toward these institutions while other minority-serving colleges face cuts.
Arthur Blank, who co-founded The Home Depot and now owns the Atlanta Falcons and Atlanta United, has amassed a net worth exceeding $11 billion according to Forbes. He pledged to give away at least half of his fortune, and through his family foundation, he has contributed over $1.5 billion to various causes.
This latest donation marks the largest from the foundation to Georgia's HBCUs, following previous contributions of $10 million for an innovation lab at Spelman and $6 million for athletic field refurbishments. With HBCUs in Atlanta generating an annual economic impact of $1 billion, the investment demonstrates a commitment not only to education but also to community growth.
“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 added.
School leaders from the supported institutions have expressed gratitude, noting that this funding will allow students to focus on their studies without the burden of financial difficulties affecting their educational journeys.
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.”
