Home Depot founder Arthur Blank donates $50 million to historically black colleges and universities in Atlanta through the foundation

These funds will support approximately 10,000 students through “gap grants” if they are approaching graduation in good academic standing and have exhausted all other sources of financial support. The goal is to raise graduation rates at Clark Atlanta University, Morehouse College, Morris Brown College and Spelman College, according to the foundation’s announcement.

“These grants are a financial investment in hope,” said Faye Twersky, president of the foundation.

The 10-year commitment comes days after the Trump administration announced it Redirecting nearly $500 million in federal funding toward black and tribal colleges as a one-time investment. A similar amount would be cut from colleges with large numbers of Hispanics and other minorities, among other things Moves to eliminate programs Which promotes Diversity in higher education.

Arthur Blank net worth His fortune has grown to more than $11 billion, according to Forbes, since his retirement as co-founder of The Home Depot In 2001 he became the owner of the city’s two professional soccer and soccer teams, the Atlanta Falcons and Atlanta United.

Blank has committed to donating at least half of his fortune by signing the Giving Pledge, and his family foundation has donated more than $1.5 billion to date, a philanthropy evident in hospitals, schools, museums, stadiums and the arts.

The donation is the largest the foundation has made to date to black colleges in Georgia, following previous grants such as $10 million to Spelman College to create an innovation lab and $6 million to renovate athletic fields at Clark Atlanta, Albany State, Miles College and Savannah State.

The foundation’s statement said the money was well spent, with Atlanta’s black colleges contributing $1 billion in annual economic impact to the region, and black colleges outperforming all other institutions in moving students from the bottom 40% of family income to the top 60%.

“Our hope is that by helping more students earn their degrees, launch successful careers and become giving graduates, we are investing in a cycle of opportunity that benefits youth and their families in Atlanta and communities across the country for years to come,” the foundation said.

Leaders of the four schools praised the foundation for meeting critical needs.

Dr. F. said: DuBois Bowman, President of Morehouse College: “This significant investment will enable 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 future.”