HBCU coalition receives $124M gift from nonprofit funder Blue Meridian Partners
The HBCU Transformation Project, a coalition of 40 historically Black colleges and universities, on Wednesday announced a $124 million gift from philanthropic funders Blue Meridian Partners to increase enrollment, graduation rates and employment rates ...
NEW YORK — The HBCU Transformation Project, a coalition of 40 historically Black colleges and universities, on Wednesday announced a $124 million gift from philanthropic funders Blue Meridian Partners to increase enrollment, graduation rates and employment rates for the schools' graduates.
Michael Lomax, president and CEO of UNCF, which is acting as an intermediary overseeing the funding, called the donation a vote of confidence in the coalition, which includes public and private schools.
“This very significantly scaled grant from them signals to the philanthropic community that this is a really good investment to make,” he said of the Blue Meridian gift.
The donation will expand the work of the project, which has already received $75 million from Blue Meridian Partners since 2020. Part of those funds arrived at the start of the pandemic to help participating HBCUs cover their operating costs when the schools had to close.
UNCF, the Thurgood Marshall College Fund (TMCF), and Partnership for Education Advancement jointly oversee the grant, though most funds will go directly to the participating schools. Blue Meridian Partners also provided funds to those organizations to improve their capacity to support the schools.
The project has already invested in new software to help schools speed up the enrollment process and financial aid applications. By sharing some of these new services, the schools are helping keep costs down, Lomax said.
In legislation passed after the
Read more on abcnews.go.com
