2 min read January 2024 —The role of historically Black colleges and universities in Georgia’s education sector was recently recognized with a historic $100 million donation to Spelman College, highlighting the substantial contribution the institution has on the region’s development.
Spelman College received the groundbreaking donation from businesswoman and philanthropist Ronda Stryker, who has dedicated decades to advancing women’s education, and her husband William Johnston, chairman of Greenleaf Trust.
“This is the largest [donation] in Spelman’s history and the largest for any HBCU to date, which we’re incredibly excited about,” Helene Gayle, president of Spelman College, said in an interview with Focus: Atlanta. “A total of 75% of the funds, which amounts to $75 million, will be allocated to endowing scholarships. By placing this money into our endowment, we’re not only supporting students today but also securing future generations’ educational opportunities.”
The funds will be used in part to revitalize the college’s infrastructure. According to Gayle, a portion of the donations are being planned to upgrade student housing to ensure that students have a quality academic experience in a comfortable and modern living environment.
A report by the United Negro College Fund (UNCF), “The Economic Impact of Georgia’s HBCUs,” underscores the significant economic role of HBCUs. Georgia’s nine HBCUs, including Spelman College, collectively generate an economic impact of $1.3 billion, creating over 12,000 jobs and contribute substantially to lifetime earnings.
Spelman College’s donation comes a week after UNCF revealed that it received a $100 million unrestricted grant from Lilly Endowment Inc. This grant is part of the philanthropic organization’s ambitious $1 billion capital campaign that aims to substantially enhance the financial foundations and capabilities of HBCUs across the country.
This campaign focuses on five key areas: student scholarships, enhancing HBCU endowments, capacity-building programs, strengthening cash reserves, and supporting UNCF’s annual campaign. Lilly Endowment’s grant marks the largest unrestricted private grant UNCF has ever received and will play a pivotal role in furthering the work of UNCF’s 37 member institutions, which include 9 in Georgia. The immediate impact of the gift will increase each school’s endowment by $2.7 million.
HBCU endowments are significantly smaller compared to their private non-HBCU counterparts. According to UNCF’s Frederick D. Patterson Research Institute, the average endowment for UNCF member colleges is currently $15.9 million, while the median endowment for private nonprofit colleges and universities was approximately $202.3 million in FY22. The disparity in endowment sizes can also significantly affect the resources that institutions have access to, influencing academic programs, student scholarships, and faculty recruitment.
Gayle noted the contribution could help spur others to continue supporting the efforts of HBCUs. “The recent $100 million donation was a significant milestone, and we hope it inspires more people to recognize the value of investing in Spelman and other historically Black colleges and universities. We understand the importance of higher education in fostering economic mobility, and we aim to highlight that to potential investors.”
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