Geoff: How the united need grow
college fund has received a $100
million grant to increase
endowments for historically
black colleges and universities.
The donation is the single
largest unrestricted grant the
organization has ever received
in its history and its sole
purpose is to increase funding
for each of its 37 member
institutions.
We are joined by the president
and CEO of unc F.
Thank you for being here.
You have called this grant a
game changer for hbcus because
until now historically black
colleges and universities have
not had shared endowments.
How will you leverage the
funding?
>> There is a big issue here.
Hcb use endowments are lower
then its peers.
If you add up the endowments you
get up to about $4 billion.
Harvard has a $50 billion
endowment.
We have to close the gap.
We have to close the wealth gap
for these institutions.
A handful of them keep getting
all the money because they are
the well-known brands.
There are 90 some odd others
that really need support.
One way we felt we could break
the cycle and help everybody was
by creating a pool endowment for
the 37 members.
We are going out and raising the
money.
We just got this $100 million
from lily which will become the
foundation for a $370 million
pooled endowment.
If you have a $10 million
endowment you cannot make good
investments but if you have $370
million to invest, you can get
professionals.
The endowment will grow.
We won't let anyone take the
money out.
Only spend a certain percent --
percentage of it.
Geoff: They punch above their
weight representing 3% of all
institutions of higher education
and produce nearly 20% of all
black graduates, 50% of all
black doctors, 80% of all black
judges.
These are beacons of
opportunity.
What do you see is the added
value of hcb use these days?
>> These institutions have been
doing the hard work for over a
century and a half.
Long overdue they should get the
recognition they are getting
today.
Yes, they are getting more
attention and more young people
want to attend these
institutions.
We have to realize the students
that come most are low income
first-generation students.
They really have to have
additional financial support in
order to cover the cost of
attending a private institution
or even a public one.
We are trying to say to this
country, black colleges and
their students don't want a
handout.
They want a hand up.
They want someone to help them
by investing in them and there
will be a tremendous return on
investment.
You your used -- you used a term
, punching above their weight.
Geoff: The higher enrollment
presents challenges.
Many are dealing with housing
shortages.
Others are trying to improve
their infrastructure to stay
competitive and keep pace with
the demand.
What are you hearing from
college leaders?
>> The hardest thing about being
a college president is you have
to spend a lot of time doing
what I do, raising money.
At the same time they have to
ensure they are doing their
primary purpose and that is to
provide a competitive education
for young people.
And to do it in a supportive
environment.
We so recently in the issues
around October 7 that this is
not just something that affects
black students.
It affects jewish students on
predominantly white campuses.
A sense that these institutions
are not there for them.
That they are there on
sufferance as opposed to merit.
That is a challenge for a lot of
American higher education.
They have become so exclusive
that the people they are
therefore to serve don't feel a
sense of connection.
What we know is that they do
create warm and supportive and
nurturing environments.
And those first-generation
students that do not have a
tradition of sending kids to
college.
Given that, there is a challenge
for us to raise more dollars, to
support more students.
And that is why endowments are
so important.
We have a $1 billion capital
underway.
Geoff: Where are you in that
pursuit?
>> We are moving more rapidly
than we thought.
There is a greater understanding
of the value of the work that we
do.
The $100 million from lily
endowment is a good housekeeping
seal of approval.
I just need to raise another for
$50 million and I will meet my
floor.
Geoff: I wish you all the best
in that endeavor.
Dr. Michael lomax, thank you for
being here.
♪♪