ATLANTA (AP) — The Arthur M. Blank Family Foundation has announced a remarkable $50 million donation aimed at supporting Atlanta’s historically Black colleges and universities (HBCUs) to help mitigate financial aid gaps for students nearing graduation. This initiative is expected to benefit almost 10,000 students from institutions including Clark Atlanta University, Morehouse College, Morris Brown College, and Spelman College, ensuring they have access to 'gap scholarships' when they are in good academic standing but have exhausted other financial aid options. Fay Twersky, the president of the foundation, emphasized that these grants represent a 'material investment in hope.'
This 10-year commitment was revealed shortly after a Trump administration plan to allocate nearly $500 million in federal funding to HBCUs and tribal colleges, while proposing cuts to programs benefiting colleges with large Hispanic enrollments. Arthur Blank, co-founder of The Home Depot and owner of Atlanta’s professional football and soccer teams, has an estimated net worth of over $11 billion and is known for his significant philanthropic efforts through his foundation, which has contributed more than $1.5 billion to various causes.
This current donation stands as the largest from the foundation towards HBCUs in Georgia. Previous contributions include $10 million to Spelman College for an innovation lab and $6 million for athletic field refurbishments at multiple colleges. HBCUs have a significant economic impact, generating $1 billion annually in Atlanta, and excel in elevating students from lower income brackets to higher economic status. The foundation’s statement highlighted the importance of facilitating student success, aiming to create a cyclical opportunity for communities that extends well beyond education. The leaders of the four supported institutions praised this investment as a vital support that allows students to focus on academics rather than financial burdens.
This 10-year commitment was revealed shortly after a Trump administration plan to allocate nearly $500 million in federal funding to HBCUs and tribal colleges, while proposing cuts to programs benefiting colleges with large Hispanic enrollments. Arthur Blank, co-founder of The Home Depot and owner of Atlanta’s professional football and soccer teams, has an estimated net worth of over $11 billion and is known for his significant philanthropic efforts through his foundation, which has contributed more than $1.5 billion to various causes.
This current donation stands as the largest from the foundation towards HBCUs in Georgia. Previous contributions include $10 million to Spelman College for an innovation lab and $6 million for athletic field refurbishments at multiple colleges. HBCUs have a significant economic impact, generating $1 billion annually in Atlanta, and excel in elevating students from lower income brackets to higher economic status. The foundation’s statement highlighted the importance of facilitating student success, aiming to create a cyclical opportunity for communities that extends well beyond education. The leaders of the four supported institutions praised this investment as a vital support that allows students to focus on academics rather than financial burdens.
