Arthur Blank Foundation Donates $50 Million to Atlanta HBCUs

ATLANTA — The Arthur M. Blank Family Foundation announced a $50 million donation to historically Black colleges and universities (HBCUs) in Atlanta on Monday. This funding aims to close financial aid gaps and ensure that nearly 10,000 students can complete their degrees.

The donation will provide “gap scholarships” for students who are in good academic standing and have exhausted all other financial options. The recipients will include students from Clark Atlanta University, Morehouse College, Morris Brown College, and Spelman College. Fay Twersky, the foundation’s president, emphasized the importance of this support, stating, “These grants are a material investment in hope.”

This commitment comes shortly after the Trump administration proposed cuts to federal funding for HBCUs, highlighting the dire need for additional financial resources. Arthur Blank, a billionaire and co-founder of The Home Depot, has a personal net worth exceeding $11 billion. He has pledged to donate at least half of his wealth through the Giving Pledge and his foundation has donated over $1.5 billion to various charitable causes.

This donation marks the largest contribution to HBCUs in Georgia from Blank’s foundation, building on previous donations like $10 million for an innovation lab at Spelman College and $6 million for athletic field renovations at several HBCUs. The foundation reports that Atlanta’s HBCUs contribute $1 billion to the regional economy and excel in elevating students from low-income backgrounds into prosperous careers.

Dr. F. DuBois Bowman, president of Morehouse College, praised the investment, saying, “This monumental investment will empower 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 futures.”

As part of this initiative, the funding will be allocated based on each student’s financial need, ranging from $500 to $10,000. The program is expected to help raise graduation rates and serve as a model for future philanthropic endeavors directed at historically Black colleges.