July 31st 2024.
In a remarkable achievement, the endowment of North Carolina Agricultural and Technical College has reached an impressive milestone of $200 million. This puts the university just behind some of the top private universities in the country, such as Howard, Spelman, and Hampton, as well as Morehouse College.
Chancellor Harold L. Martin Sr., who will be retiring on August 15, has been a driving force behind this success. When he took on the role in 2009, one of his main goals was to increase the university's endowment. And now, after years of hard work and dedication, his vision has become a reality. In fact, according to a press release from North Carolina A&T, the $200 million mark represents a tenfold increase and is also the largest endowment for a public HBCU.
But the achievements don't stop there. As of June 30, North Carolina A&T's endowment has surpassed $200 million, a nearly tenfold increase since 2009. This remarkable feat has solidified the university's position as having the largest endowment of any public #HBCU in America. This is certainly a cause for celebration and speaks volumes about the university's commitment to excellence.
Chancellor Martin expressed his excitement about the endowment's growth and its impact on the university. He stated, "As our endowment grows, it provides significant income to fund programs and enhance operations at North Carolina A&T. It also gives us more flexibility in funding and allows us to plan for future initiatives more effectively. This is crucial in a highly competitive higher education landscape."
Looking back, it's hard to believe that in 2009, the university's endowment was only $20 million. However, thanks to a surge in private donations, things quickly turned around. In 2012, Chancellor Martin launched the Campaign for North Carolina A&T fundraiser with a goal to raise $85 million. But the university surpassed all expectations and raised over $181 million by the end of the campaign in 2020.
This was no small feat, as it made the Campaign for North Carolina A&T the most successful capital campaign ever completed by a public HBCU. As a result, the university's endowment grew to approximately $140 million. Robert Pompey, the university's vice chancellor for business and finance, credits the Endowment Committee and investment managers for their outstanding work.
It's worth noting that during the pandemic, only North Carolina A&T and Howard University saw an increase in their endowments. And North Carolina A&T's endowment grew by almost 5%. This is a testament to the university's exceptional management and stewardship of its investments. Pompey stated, "Our Endowment Committee and investment managers have done an exceptional job in managing our investment portfolio and ensuring that our funds are used to benefit the university. Their hard work has been a significant contributor to our growth."
In addition to this remarkable achievement, North Carolina A&T has recently launched a Biotechnology Learning Center in collaboration with Merck. This is just one of the many initiatives that the university plans to undertake with the help of its growing endowment. The future is looking bright for North Carolina A&T, and this is undoubtedly an exciting time for the university and its community.
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