ATLANTA (AP) — 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.
'Those grants are a material investment in hope,' said Fay Twersky, the foundation’s president.
The 10-year commitment comes days after the Trump administration announced a plan to redirect nearly $500 million in federal funding toward HBCUs and tribal colleges. This funding shift is positioned alongside cuts to colleges with large enrollments of Hispanic and other minority students.
Arthur Blank’s net worth has grown to more than $11 billion since he co-founded The Home Depot in 2001 and now owns the Atlanta Falcons and Atlanta United. He has pledged to donate at least half of his wealth through the Giving Pledge, with his foundation distributing over $1.5 billion to various causes.
This recent donation is the largest the foundation has made to Georgia's HBCUs, following previous contributions such as $10 million for Spelman College’s innovation lab and $6 million for refurbishing athletic fields at several institutions. HBCUs are reported to contribute $1 billion annually to Atlanta's economy.
'Our hope is that by helping more students earn their degrees, launch successful careers and become alumni who give back, we invest 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 stated.
Leaders of the four schools expressed gratitude for this critical support. '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,' stated Dr. F. DuBois Bowman, president of Morehouse College.
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.
'Those grants are a material investment in hope,' said Fay Twersky, the foundation’s president.
The 10-year commitment comes days after the Trump administration announced a plan to redirect nearly $500 million in federal funding toward HBCUs and tribal colleges. This funding shift is positioned alongside cuts to colleges with large enrollments of Hispanic and other minority students.
Arthur Blank’s net worth has grown to more than $11 billion since he co-founded The Home Depot in 2001 and now owns the Atlanta Falcons and Atlanta United. He has pledged to donate at least half of his wealth through the Giving Pledge, with his foundation distributing over $1.5 billion to various causes.
This recent donation is the largest the foundation has made to Georgia's HBCUs, following previous contributions such as $10 million for Spelman College’s innovation lab and $6 million for refurbishing athletic fields at several institutions. HBCUs are reported to contribute $1 billion annually to Atlanta's economy.
'Our hope is that by helping more students earn their degrees, launch successful careers and become alumni who give back, we invest 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 stated.
Leaders of the four schools expressed gratitude for this critical support. '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,' stated Dr. F. DuBois Bowman, president of Morehouse College.
