With record investments supporting Historically Black Colleges and Universities, the future of HBCUs looks brighter than ever as their endowments grow to support education and community.
Historically Black Colleges and Universities have experienced an unprecedented year of funding, bolstered by significant investment from the Biden-Harris administration. Thanks to enhanced endowments and state support, these institutions are now better positioned to serve their students, a vital pillar of education and cultural heritage.
Endowment funding is vital for HBCUs. It is crucial for sustainability and empowerment, particularly for underrepresented students seeking access to higher education. Endowment funds allow schools to invest in essential areas, including campus renovations and student funding.
The Top Ten
A National Association of College and University Business Officers 2023 report highlights the standout HBCUs that have significantly increased their endowment values. For instance, Howard University boasts an impressive endowment of $926 million, which translates to a robust $81,341 per full-time student. Spelman College follows, with a $475 million endowment valued at an astounding $197,713 per student.
Other notable institutions include Hampton University, with a $349 million endowment ($109,152 per student), and Morehouse College at $186 million ($83,381 per student). Meharry Medical College, North Carolina A&T State University, Florida A&M University, Morgan State University, Virginia State University, and Norfolk State University also rank among the top ten endowed HBCUs.
Virginia State University has achieved a significant milestone by surpassing $100 million in endowment funds, ranking seventh among HBCUs for 2023.
“2023 was a very fruitful year for the endowment status of Virginia State University,” said Tonya Hall, vice president for advancement and external engagement. “Our goal is to continue growing our endowment by raising lasting funding and welcoming donations that enhance the transformative experiences we provide to our community.”
As HBCUs continue to thrive through these financial improvements, potential donors are encouraged to consider the missions and goals of these institutions, knowing that every contribution serves to uplift and empower future leaders.
