April 4th 2024.
As we look at the state of endowments in Historically Black Colleges and Universities (HBCUs), it's hard to ignore the glaring disparity between them and the wealthiest institutions in the country. In fact, the combined endowments of all HBCUs amount to less than one-tenth of Harvard's endowment. It's a harsh reality, but one that we must acknowledge in order to understand the significance of recent news surrounding a generous donation to Spelman College.
Ronda Stryker, the billionaire granddaughter of the founder of Stryker Corp., and her husband William Johnston, have donated a whopping $100 million to Spelman College. The news has made headlines, and for a good reason. This money will be put towards various important initiatives, such as scholarships, a focus on public policy and democracy, and improving student housing. This donation follows a trend of increased donations to HBCUs since the racial justice protests that were sparked by the tragic death of George Floyd in 2020.
Despite this positive shift, it's important to note that HBCUs still receive significantly less funding from foundations compared to other prestigious institutions. In fact, in 2019 alone, HBCUs received 178 times less funding than the average Ivy League school. There are many reasons that have been attributed to this inequality, such as the lingering effects of racism, limited connections between philanthropists and HBCU leaders, and underfunded marketing budgets. However, one thing remains clear: HBCUs are crucial for excellence, social and economic mobility in the Black community.
HBCUs have always punched above their weight, despite making up only 3% of American colleges and universities. They graduate an impressive 42% of Black students with advanced degrees in science, technology, engineering, and mathematics (STEM) fields, as well as 44% of Black students with Bachelor's degrees in Communications Technology, 50% of Black lawyers, 50% of Black doctors, 40% of Black members of Congress, and the first female, Black, and Asian Vice President in the country's history.
However, as HBCUs continue to face underfunding, they are now also dealing with a surge in applicants following the Supreme Court's decision to effectively end Affirmative Action. This puts even more pressure on these institutions to narrow the funding gap and continue to thrive. The reality is that HBCUs have been chronically underfunded for decades, resulting in narrow operating margins. And with an underfunding gap of about $12.8 billion, the need for support has never been more crucial.
Thankfully, some of America's wealthiest individuals have stepped up to the plate. In May 2019, financier and philanthropist Robert F. Smith made headlines when he announced that he and his family would pay off the student loan debt of the entire graduating class of Morehouse College, which consisted of 396 students. Smith also launched the Student Freedom Initiative, a nonprofit aimed at addressing the disproportionate loan burden on Black students and providing more opportunities for those burdened by heavy student debt. In 2022, SFI announced a partnership with Prudential Financial, providing $1.8 million in microgrants to HBCU students.
Smith is not the only one making significant contributions. MacKenzie Scott, author, philanthropist, and ex-wife of Amazon founder Jeff Bezos, has also invested between $20 million and $50 million in HBCUs in 2020. Netflix founder Reed Hastings and his wife, Patty Quillin, donated $120 million to the United Negro College Fund, Spelman, and Morehouse College, while former New York mayor and entrepreneur Michael Bloomberg pledged $100 million for student aid at four historically Black medical schools.
Despite these generous donations and investments, HBCUs still face chronic underfunding. This is why we cannot let our guard down and must continue to raise awareness about the importance of investing in these institutions. HBCUs are quintessential equal opportunity educational institutions, and they are best positioned to promote excellence, diversity, inclusion, peace, and justice in America. They also play a vital role in closing the education, employment, economic, wealth, health, sustainability, and justice gaps in our society, while creating a Black wealth class across the nation.
Dr. Lezli Baskerville, president and CEO of the National Association for Equal Opportunity in Higher Education, reminds us of the urgency of this matter. As we see an influx of applicants to HBCUs following the Supreme Court's ruling, we must continue to advocate for and support these institutions. The time to invest in HBCUs is now, and it's up to all of us to ensure their continued success.
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