Coalition of HBCUs gets $124 million to support enrollment, graduation and employment rates

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September 14, 2023

From the Associated Press

Spelman College graduates celebrate during commencement in Atlanta in 2021. (Paras Griffin / Getty Images file)

The HBCU Transformation Project, a coalition of 40 historically Black colleges and universities, on Wednesday announced a $124 million gift from philanthropic funders Blue Meridian Partners to increase enrollment, graduation rates and employment rates for the schools’ graduates.

Michael Lomax, president and CEO of UNCF, which is acting as an intermediary overseeing the funding, called the donation a vote of confidence in the coalition, which includes public and private schools.

“This very significantly scaled grant from them signals to the philanthropic community that this is a really good investment to make,” he said of the Blue Meridian gift.

The donation will expand the work of the project, which has already received $75 million from Blue Meridian since 2020. The project’s early results on improving enrollment and other core operations were strong, said Jim Shelton, president and chief investment and impact officer of Blue Meridian Partners.

NBC has the details.

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