"And on Sunday, Howard University announced Scott, who is worth an estimated $35.6 billion, donated $80 million to the historically Black college. As is Scott's style, the gift is unrestricted, meaning the university can use the resources as it chooses. Of the $80 million, $63 million will go toward Howard University, and $17 million will go to the school's College of Medicine. This marks one of the largest single donations to Howard in its 158-year history."
"Of the $80 million, $63 million will go toward Howard University, and $17 million will go to the school's College of Medicine. "This historic investment will not only help maintain our current momentum, but will help support essential student aid, advance infrastructure improvements, and build a reserve fund to further sustain operational continuity, student success, academic excellence, and research innovation," Wayne A. I. Frederick, Howard interim president and president emeritus, said in a statement."
"Howard University says the gift comes at an "opportune time" as the federal government shutdown has delayed annual federal appropriations that the school receives to support student success, academic programming, research, and university and Howard University Hospital operations. Due to the shutdown that started Oct. 1, new grant awards from the Department of Education have been halted because nearly 95% of non-student aid staff were furloughed, leaving only essential staff to keep working."
MacKenzie Scott donated $80 million in unrestricted funds to Howard University, directing $63 million to the university and $17 million to the College of Medicine. The unrestricted gift enables allocation toward student aid, infrastructure improvements, and a reserve to sustain operations, academic excellence, and research. Howard indicated the timing coincides with a federal government shutdown that has delayed annual federal appropriations and paused new Department of Education grant awards because most non-student aid staff were furloughed. Key HBCU financing programs face uncertainty while the Education Department announced a $495 million increase for HBCUs and TCCUs for FY2025.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]