You don't hear Micheal spouting a bunch of woke DEI nonsense. He's helping Blacks help themselves. Kudos. Kudos also to the folks who support inner city Charter Schools that do the same thing.
Bloomberg to Donate $600 Million to Four Historically Black Medical Schools
Gift by Michael Bloomberg’s philanthropic organization is latest to support the training of future doctors at HBCUs
By Nicholas Hatcher and Alyssa Lukpat, WSJ
Updated Aug. 6, 2024 10:29 am ET
Bloomberg Philanthropies is making a $600 million donation to four historically Black medical schools, a gift that will more than double the endowments at three of the four institutions.
Howard University College of Medicine in Washington, D.C.; Meharry Medical College in Nashville, Tenn.; and Morehouse School of Medicine in Atlanta will each receive a gift of $175 million, Bloomberg Philanthropies said Tuesday. Charles R. Drew University of Medicine & Science in Los Angeles will receive $75 million.
The donation is part of an effort—called the Greenwood Initiative—to support the education of future doctors at HBCUs and address systemic inequity in healthcare and underinvestment at these institutions, Bloomberg Philanthropies said. Funding levels were determined by class size and expected growth.
“Ultimately, the benefits of this gift will be realized in the communities where the next generation of Black doctors practice and among patients who receive their care,” said Garnesha Ezediaro, head of Bloomberg’s Greenwood Initiative.
The organization gave $100 million to the four schools in 2020, which at the time was the largest donation the historically Black colleges and universities had received from a single donor. The 2020 donation helped reduce the student debt of nearly 1,000 future Black doctors, Bloomberg said.
Historically Black colleges have seen interest from prospective students rise in recent years. But the country’s roughly 100 HBCUs generally have tiny endowments, have tight budgets and cater to students with significant financial need, making growth a challenge.
Philanthropists including Bloomberg, MacKenzie Scott and the Gates Foundation have made donations to HBCUs in recent years to boost their endowments.
Billionaire Michael Bloomberg has donated to several medical schools in recent months. Photo: Getty Images
“Endowment support has traditionally been an area of underinvestment for Historically Black Colleges and Universities, but today’s gift is an extraordinary vote of confidence in the lasting benefits of such support,” Howard University President Dr. Ben Vinson III said Tuesday.
In addition, Xavier Ochsner College of Medicine, an HBCU medical school being developed in New Orleans by Xavier University and healthcare provider Ochsner Health, will receive a $5 million grant.
“Addressing health disparities and underrepresentation in the medical field are critical challenges,” said billionaire Michael Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP. “By building on our previous support, this gift will empower new generations of Black doctors to create a healthier and more equitable future for our country.”
Dr. James Hildreth, the president and chief executive of Meharry Medical College, said the Bloomberg team told the heads of the schools about the gift at a meeting last week.
“The four presidents sat there stunned for a moment,” Hildreth said. “Obviously we’re excited by it and overjoyed because of what it means for our institutions.”
Hildreth said the gift would raise his school’s endowment from $190 million to $360 million. Meharry plans to invest the Bloomberg money and use the returns to fund scholarships and infrastructure. The gift isn’t large enough for the school to offer free tuition to all students, Hildreth said. His team is set to meet with Bloomberg Philanthropies later to discuss any restrictions on how they can use the gift.
He said Bloomberg’s donation could help make up for the fact that Black alumni who wanted to donate to Meharry in the past may not have been able to because Black people were often historically prevented from building wealth.
“Our alumni haven’t been able to accumulate wealth they would have if they were white,” Hildreth said. “I think Bloomberg is acknowledging that regrettable history and trying to change that scenario.”
It is the latest donation made by Bloomberg to support medical students. Last month, Johns Hopkins University was given $1 billion from Bloomberg, which will allow medical students from families earning under $300,000 to receive free tuition starting this fall.
More philanthropists and medical schools are pushing to make education free for aspiring doctors and reduce the financial barriers that can deter them. Buoyed by donations, the Albert Einstein College of Medicine and the medical schools at New York University and Columbia University have given their students free tuition or scholarships if they have financial need.
Bloomberg has used his philanthropic organization to donate billions to several causes including public health, the environment and improving city governments.
“We have much more to do to build a country where every person, regardless of race, has equal access to quality healthcare—and where students from all backgrounds can pursue their dreams,” Bloomberg said.
Write to Nicholas Hatcher at nicholas.hatcher@wsj.com and Alyssa Lukpat at alyssa.lukpat@wsj.com
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