Bloomberg Donates $600 Million to Endowments of Four Historically Black Medical Schools
Michael Bloomberg’s philanthropic organization, Bloomberg Philanthropies, has announced a monumental donation of $600 million to the endowments of four historically Black medical schools. The announcement, made by Bloomberg, former New York City mayor and founder of Bloomberg LP, came during the National Medical Association’s annual convention in New York.
“This gift will empower new generations of Black doctors to create a healthier and more equitable future for our country,” Bloomberg stated. The funding aims to address the healthcare disparities faced by Black Americans, who often experience worse health outcomes compared to their white counterparts. With Black physicians comprising only 6% of the U.S. medical workforce, despite Black Americans making up 13% of the population, the donation seeks to enhance diversity in the medical field.
The unprecedented gifts, among the largest private donations to any historically Black colleges and universities (HBCUs), will be distributed as follows: $175 million each to Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine, with an additional $75 million to Charles Drew University of Medicine & Science. Xavier University of Louisiana, which is planning to open a new medical school, will receive a $5 million grant.
These contributions are expected to more than double the size of the endowments at three of the institutions. The schools and Bloomberg Philanthropies are still determining the specific uses for these funds, with a focus on enhancing the financial health and sustainability of these institutions.
This latest financial support follows Bloomberg’s $1 billion pledge to Johns Hopkins University in July, which aims to eliminate tuition costs for most medical students. The initiative also builds on Bloomberg Philanthropies’ previous $100 million donation to the same four medical schools in 2020, which primarily helped reduce student debt during the financial challenges exacerbated by the COVID-19 pandemic.
Valerie Montgomery Rice, president of Morehouse School of Medicine, emphasized the significant impact of the previous gift, noting it relieved an average of $100,000 in debt for medical students. The new endowment support addresses longstanding challenges in fundraising for these schools.
The donation comes at a time when philanthropic contributions are becoming increasingly crucial for the sustainability of HBCUs, particularly in light of recent court rulings and political challenges to diversity and inclusion initiatives. The significant funding aims to support the training and development of Black physicians, ultimately contributing to the health and well-being of the nation as a whole.
Dr. Yolanda Lawson, president of the National Medical Association, expressed relief and optimism about the impact of these gifts, particularly in the wake of the Supreme Court’s recent decisions affecting affirmative action and diversity initiatives. Utibe Essien, a physician and assistant professor at UCLA, highlighted the importance of such investments in encouraging more Black students to pursue careers in medicine, despite the current sociopolitical climate.
This historic contribution by Bloomberg Philanthropies represents a major step towards addressing healthcare inequities and supporting the next generation of Black medical professionals.
