Bloomberg Gives 4 Historically Black Medical Schools $600M

Michael Bloomberg’s philanthropic organization is giving the nation’s four historically Black medical schools a total of $600 million. It’s also helping to fund the creation of a new Black medical school in New Orleans.

Bloomberg Philanthropies, created by the entrepreneur and former New York City mayor, committed $175 million each to Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. The Charles R. Drew University of Medicine and Science is receiving $75 million.

Xavier University of Louisiana is also getting $5 million to put toward the creation of its Xavier Ochsner College of Medicine.

We have much more to do to build a country where every person, regardless of race, has equal access to quality healthcare — and where students from all backgrounds can pursue their dreams, Bloomberg said in a press release. Addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference.

“By building on our previous support, this gift will empower new generations of Black doctors to create a healthier and more equitable future for our country.

The $175 million gifts to Howard, Meharry, and Morehouse are part of the organization’s Greenwood Initiative to accelerate the pace of Black wealth accumulation and address systemic underinvestment in Black communities.

According to the Journal of the National Medical Association, historically Black medical schools enroll 15% of all Black male medical students nationwide. Black patients have better outcomes seeing Black physicians and are 34% more likely to have preventative care, the Bloomberg press release said.

Thanks to the gifts, three of the four schools’ endowments will double, allowing the schools to strengthen financial stability, increase capacity, and respond to rising tuition, research, and operations costs. Bloomberg calculated funding for each school based on current class size and growth.

The donations are the largest single gifts to three of the medical schools, passing Bloomberg Philanthropies’ last donation in 2020.

Bloomberg’s 2020 donation allowed nearly every enrolled student to receive up to $100,000 in financial aid.

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, said Howard University President Ben Vinson III in the press release.

Thank you to Mike Bloomberg and Bloomberg Philanthropies’ Greenwood Initiative for your inspiring leadership and commitment to addressing the racial wealth gap and decades of underinvestment in Black communities.

Bloomberg Philanthropies has cemented itself as one of the biggest donors to higher education in history, claiming the No. 1 and No. 5 spots for biggest known donations. Over the past decade, it has donated $2.8 billion to Johns Hopkins University for undergraduate and graduate financial aid.