Michael Bloomberg’s organization Bloomberg Philanthropies says it will give $600 million to the endowments of four historically Black medical schools. The gifts being announced Tuesday are among the largest private donations to any historically Black college or university.
FILE - Michael Bloomberg , founder of Bloomberg Philanthropies and Bloomberg L.P, speaks at the COP28 U.N. Climate Summit, Dec. 1, 2023, in Dubai, United Arab Emirates. Bloomberg Philanthropies said Tuesday, Aug. 6, 2024, it will give $600 million to the endowments of the four historically Black medical schools. FILE - The Morehouse School of Medicine building is seen on May 4, 2022, in Atlanta. Bloomberg Philanthropies said Tuesday, Aug.
The gifts are among the largest private donations to any historically Black college or university, with $175 million each going to Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine. Charles Drew University of Medicine & Science will receive $75 million. Xavier University of Louisiana, which is opening a new medical school, will also receive a $5 million grant.
Valerie Montgomery Rice, president of Morehouse School of Medicine, said that gift relieved $100,000 on average in debt for enrolled medical students. She said the gift has helped her school significantly increase its fundraising. Dr. Yolanda Lawson, president of the National Medical Association, said she felt “relief,” when she heard about the gifts to the four medical schools. With the Supreme Court’s decision striking downlast year and attacks on programs meant to support inclusion and equity at schools, she anticipates that the four schools will play an even larger role in training and increasing the number of Black physicians.
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