Washington, D.C., Aug. 06, 2024 (GLOBE NEWSWIRE) — Two Thurgood Marshall College Fund (TMCF) member schools are the recipients of a historic $600 million gift from the Bloomberg Philanthropies’ Greenwood Initiative to bolster the endowments of the nation’s four historically Black medical schools. The gift is the largest ever to historically Black colleges and universities (HBCUs).
Howard University College of Medicine received a $175 million commitment while Charles R. Drew University of Medicine & Science received $75 million. Funding levels were determined by current class size and anticipated growth.
“It was an honor to be in attendance for this historic announcement from Bloomberg Philanthropies,” Dr. Harry L. Williams, president & CEO of TMCF, said. “This commitment is an important investment in addressing health disparities, underrepresentation in medical fields and providing equal access to quality health care.”
HBCUs play a pivotal role in educating Black medical professionals, producing 70 percent of all Black doctors and dentists despite representing only 3 percent of college and universities. The four Black medical schools graduate around half of all Black doctors in the U.S.
Representation in the field is critical, as research shows Black people have better health outcomes and are more likely to receive preventative care when treated by Black physicians.
“Much like HBCUs across the country, the four Black medical schools’ endowments are significantly underfunded due to systemic inequities. This gift will enhance the ability of these institutions to provide access to medical school and continue producing exceptional professionals,” Dr. Williams said.
Bloomberg Philanthropies gave $100 million in 2020 to the four Black medical schools, which at the time was the largest gift from a single donor to the institutions. The gift helped reduce student debt of nearly 1,000 future Black doctors. The organization provided an additional $6 million to the institutions in 2021 to help provide access to COVID-19 vaccines to underserved populations.
About the Thurgood Marshall College Fund
Established in 1987, the Thurgood Marshall College Fund (TMCF) is the nation’s largest organization exclusively representing the Black College Community. TMCF member schools include the publicly supported Historically Black Colleges and Universities, Historically Black Community Colleges and Predominantly Black Institutions, enrolling nearly 80% of all students attending Black colleges and universities. Through scholarships, capacity building and research initiatives, innovative programs, and strategic partnerships, TMCF is a vital resource in the K-12 and higher education space. The organization is also the source of top employers seeking top talent for competitive internships and good jobs. TMCF is a 501(c)(3) tax-exempt, charitable organization. For more information about TMCF, visit www.tmcf.org.
