The Arthur M. Blank Family Foundation announced a $50 million donation to Atlanta’s historically Black colleges and universities on Monday, part of a bold effort to close financial aid gaps that too often keep students from finishing their degrees.
The funding will provide nearly 10,000 students with “gap scholarships” — financial support for those nearing graduation who are in good academic standing but have exhausted all other aid. The initiative is designed to boost graduation rates at Clark Atlanta University, Morehouse College, Morris Brown College, and Spelman College, according to the foundation.
“These grants are a material investment in hope,” said Fay Twersky, the foundation’s president.
The 10-year pledge follows the Trump administration’s decision to redirect nearly $500 million in federal funds toward HBCUs and tribal colleges — a one-time investment meant to strengthen underfunded institutions. Comparable cuts are expected for schools with large Hispanic and other minority enrollments as part of a broader rollback of diversity-related programs in higher education.
Arthur Blank, whose net worth exceeds $11 billion according to Forbes, co-founded The Home Depot before retiring in 2001 and becoming the owner of the Atlanta Falcons and Atlanta United.
A signatory of the Giving Pledge, Blank has committed to donating at least half his wealth. His family foundation has already contributed more than $1.5 billion to causes spanning hospitals, schools, museums, stadiums, and the arts.
This latest gift marks the foundation’s largest to Georgia’s HBCUs, following earlier contributions including $10 million to Spelman College for an innovation lab and $6 million to upgrade athletic fields at Clark Atlanta, Albany State, Miles College, and Savannah State.
The foundation called the investment “money well spent,” noting that Atlanta’s HBCUs generate $1 billion in annual economic impact and outperform other institutions in helping students move “from the lowest 40% of household income to the top 60%.”
“Our hope is that by helping more students earn their degrees, launch successful careers and become alumni who give back, we are investing in a cycle of opportunity that benefits young people and their families in Atlanta and communities across the nation for years to come,” the foundation said.
Leaders of the four schools praised the foundation for meeting a critical need.
“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,” said Dr. F. DuBois Bowman, the president of Morehouse College.
