Bloomberg Philanthropies announced a $600 million gift to four historically Black medical schools Tuesday, a landmark gift that will more than double three of the four schools’ endowments in a strong endorsement of their mission. The four medical schools are Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine.
The company will also provide seed funding to support the creation of Xavier Ochsner College of Medicine, a new medical school in New Orleans, Louisiana.
Howard University President Ben Vinson III said in the press release that the transformative gift will cultivate the next generation of health professionals and invest in the intergenerational wealth and health of medical students and the communities they serve.
“Endowment support has traditionally been an area of underinvestment for Historically Black Colleges and Universities, but today’s gift is an extraordinary vote of confidence in the lasting benefits of such support,” Vinson III said.
The donation is part of its Greenwood Initiative where its mission is to “advance racial wealth equity including addressing systemic underinvestment in Black institutions and communities,” according to the press release.
In 2020, Bloomberg Philanthropies gave $100 million to the four historically Black medical schools, which at the time was the largest philanthropic gift from a single donor to these institutions. Since then, the institutions have been able to put a spotlight on how critical they are to advancing health equity and have catalyzed support from new funders and broken annual fundraising goals.
“We have much more to do to build a country where every person, regardless of race, has equal access to quality health care – and where students from all backgrounds can pursue their dreams,” said Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg L.P. said in a press release.
