Atlanta’s HBCUs Receive $50M Gift for Financial Aid

The Arthur M. Blank Family Foundation on Monday announced a $50 million gift to support financial aid at Atlanta’s four historically Black colleges and universities.

The donation, to be paid out over 10 years beginning in 2026, will provide “gap scholarships” for nearly 10,000 HBCU students at risk of running out of money, with the goal of boosting graduation rates. Clark Atlanta University, Morehouse College and Spelman College will each receive $16.5 million, while Morris Brown College will get $500,000, according to SaportaReport, a local Atlanta news site.

“Atlanta holds a special place in my heart and will always be an integral part of our family foundation’s giving,” said chairman Arthur M. Blank, co-founder of the Home Depot and owner of the Atlanta Falcons, who is also a signatory to the Giving Pledge. “We recognize that these campuses, like many across the country, are home to generations of students whose promise inspires us. 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.”

While the funds are designated for financial aid, the receiving institutions can decide exactly how to distribute them. Much of the money is expected to go toward fulfilling the unmet needs of Pell-eligible students, according to SaportaReport.

“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,” Morehouse president F. DuBois Bowman said in a statement.