$600M Gift from Bloomberg Philanthropies to Help Four HBCUs Train Next Generation of Doctors
Earlier this year, four historically Black colleges and universities (HBCUs) received a $600 million gift from Bloomberg Philanthropies to help stem the rising costs of tuition and operations and to strengthen their capacity to train future generations of doctors, according to a press release. The donation is specifically earmarked for their medical schools.
The HBCUs include: Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine. Morehouse College is a UNCF member institution. Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine will each receive $175 million, while Charles R. Drew University of Medicine & Science will receive $75 million.
How this Gift Benefits HBCU Medical Schools
These four HBCU medical schools graduate around half of all Black doctors in the country. The donation aims to increase financial sustainability across the HBCUs and help them achieve their mission to train the next generation of doctors. It is intended to bolster the HBCU’s endowments and strengthen their institutional capacity to respond to the rising costs of tuition and operations. HBCUs face underfunded endowments due to systemic funding inequities, such as lower federal and state support. This donation builds on Bloomberg Philanthropies’ 2020 gift, when it donated $100 million to the four HBCU medical schools.
“We are immensely grateful to Bloomberg Philanthropies for this generous gift, which will significantly enhance our ability to support the needs and aspirations of our students, while expanding our efforts to diversify the healthcare workforce,” said Dr. Valerie Montgomery Rice, president and chief executive officer, Morehouse School of Medicine. “As we approach our 50th anniversary, this support accelerates our endowment goal and fortifies Morehouse School of Medicine’s commitment to help build a future where every community has access to quality healthcare.”
The gift also provides a $5 million grant in seed funding to support the creation of Xavier Ochsner College of Medicine, a new medical school founded by UNCF-member institution Xavier University of Louisiana and Ochsner Health System, a not-for-profit health system based in New Orleans. The only HBCU medical school in the Gulf South will be located in downtown New Orleans.
Bloomberg Aims to Advance Racial Wealth Equity
The investment from Bloomberg Philanthropies, a philanthropic organization that encompasses the charitable giving of Michael R. Bloomberg, is part of its Greenwood Initiative, “an effort that seeks to advance racial wealth equity by addressing systemic underinvestment in Black institutions and communities”, according to the press release. The initiative “aims to accelerate the pace of wealth accumulation for Black individuals and families and address systemic underinvestment in Black communities, making innovative investments and fostering strategic partnerships to create the conditions for more Black people to acquire resources, expand community ownership and increase influence through economic power.”
“As the only HBCU medical school in the Gulf South, Xavier Ochsner College of Medicine will train physicians who reflect the diversity of the communities they serve and help address a critical healthcare shortage in the region,” said Dr. Reynold Verret, president, Xavier University of Louisiana. “We are profoundly grateful to Mike Bloomberg and Bloomberg Philanthropies’ Greenwood Initiative for their bold vision and tremendous support which will accelerate our mission to create a healthier, more equitable, more just future for the Gulf South and for the nation.”
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