The North Carolina Central University Department of Athletics congratulates its 38 student-athletes graduating today during NCCU’s 133rd commencement exercise.
The 38 student-athletes, including 12 first-generation college graduates, have earned degrees in 11 different majors.
CONGRATULATIONS!
WINSTON-SALEM, N.C. — A graduate of what is now Winston-Salem State University in 1949, who served in the US Army during World War II, finally got the chance to walk across the stage and accept a degree in person during a commencement ceremony.
On Friday, dawning a red cap and gown, Elizabeth Barker Johnson was handed an honorary degree in special education. It was a moment nearly 70 years in the making.
I’m Johnson was a Private First Class in the U.S. Army during World War II as a member of the 6888thRegiment, the only all-female, all-African American regiment that was stationed overseas during the war. She was stationed in Kentucky, England and France during her time in the Army. She drove trucks and worked at a military post office overseas during the war.
PFC Elizabeth Johnson
PFC Elizabeth Johnson
After the war, she enrolled at what is now Winston-Salem State University, Winston-Salem Teachers College, becoming the first female to enroll on the GI Bill. She earned a degree education in August of 1949. However, because she was working as a teacher, she did not get to walk across the stage at her graduation and instead received her degree in the mail.
Johnson is from Elkin and currently lives in Hickory. On her 99th birthday last week, she was surprised with the news that she has been invited to walk at WSSU’s 2019 commencement. She was recognized on stage with an honorary degree in special education. Johnson taught in public schools in Virginia and North Carolina for more than 30 years.
Johnson told WXII 12 News how she felt when she found out she would get to walk across the stage during the commencement ceremony.
“I was excited. I can’t explain how excited I really was,” said Johnson.
“I’m just so excited about everything’s that’s happening. I can’t really believe it’s happening.”
She also discussed why she had such a passion for teaching.
“To begin with I felt like dropping out but then there were so many children who were not getting the help they needed so I said, ‘I feel like I’m capable of doing it,’ so that’s why I stayed with it,” Johnson said.
“I felt like teaching school, I could reach more people who would listen to me than if I tried to choose a job among adults.
“I just decided I wanted to do something more than I saw most of the people around me do and I wanted to do something to help other people so I felt like teaching school was my best choice.”
Johnson’s daughter, Cynthia Scott, said she would be very emotional watching her mom walk across the stage on Friday.
“I think the thing for me, if not for her, is to turn that tassel to say, ‘I finally did it. I’ve done it. I’m turning this tassel. I have done it,” said Scott.
“Me, I know I’m going to be in tears tomorrow when she finally gets to turn her tassel. She’s already done it. We know she’s already done it. But to finally say, ‘I’ve done it. This is what I should have done 70 years ago’ but she was working so that’s good, too.
“We didn’t realize all of this was going to take place. I feel very honored that they thought of my mother enough to want to be able to do this for her, knowing that 70 years ago she did not get to walk across the stage to receive her degree because she did have to work so I feel very honored and just blessed that she’s able to do this now, to finally be able to walk across that stage and actually get her degree in hand.
“It’s going to be very emotional. Words really can’t explain it. It’s just the fact that she is getting to do this after all these years. It’s going to be very emotional to see her be able to take that walk across the stage. I don’t know if many people who are 99 years old after 70 years who are really able to do that so it’s going to be very emotional for me.
“I’m feeling some of the same feelings that she’s feeling. She probably hides hers a little bit more than I do but I think she’s excited. I know she’s going to be emotional tomorrow just like I’m going to be emotional tomorrow but it’s all for a good reason, all for a good thing.
“Just happy to be here. Just thrilled. Really just thrilled. I really don’t know how to explain it that she is going to get to do this. I guess I never honestly would have dreamed that this would happen.
Scott also discussed what her mother taught her over the years.
“Just to treat everybody the same. She is just such a, I think a wonderful individual. I am not saying that because she is my mother I just think she is a wonderful individual,” Scott said.
WSSU’s Army ROTC Lt. Tavoria Poole stated her U.S. Army Commissioned Officer oath during the commencement ceremony on Friday. Johnson was the first veteran to salute her.
“It’s a good feeling to know that I have someone whose done so much within the army and within her time here to be able to give me my first salute so it really means a lot that she’s doing that for me so I appreciate you,” said Lt. Poole.
More than 1,1000 graduated walked the stage on Friday.
Johnson was seated on stage with other special guests. When she arose to grab her walker and walk across the stage, she was fueled by the roar of a standing ovation from her fellow Rams. Before her stood row after row of millennials in red robes cheering her on in celebrity fashion.
“It’s special, it’s extra special,” Johnson said after the ceremony. “One time I said I’m not even human. This is not me receiving this. At this age? But I mean I feel good about it. Really, really good.”
After the pomp and circumstance that greeted the official announcement of Dr. Paulette R. Dillard taking the helm at Shaw University, she settled into her office to continue to put in motion her primary objectives for the historically black college.
“The major objective that we have here at Shaw is to make sure that we create the relevance for Shaw that, in what we do, answers that question that keeps surfacing and that causes every HBCU president to bristle – and that is, ‘Are we still relevant,’” Dillard told NNPA Newswire.
On May 2, Dillard formally received investiture as the liberal arts school’s 18th president.
She received the ceremonial mace, the custom President’s Medallion, and presidential regalia after a “Women Who Lead” Awards Luncheon in Shaw’s historic Estey Hall.
The luncheon honored Dillard, North Carolina Chief Justice Cheri Beasley, Dallas Mavericks CEO Cynthia Marshall, and McDonald’s owner/operator Deborah Holder.
The celebration culminated with a performance by Dillard’s friend, Grammy Award-winner, Peabo Bryson.
“We want to adapt the university so that it’s clear what its relevance continues to be,” Dillard said. That means that, given the challenges of higher education — and HBCUs in particular — we have to make sure that the education we’re providing transforms the lives of the students that we have,” she said.
Dillard continued:
“The curriculum most be more robust and we have to find a way to fund education that’s so critical for these young people so that the two primary objectives we have right now are to identify sources of funding that guarantee every child that wants a college education can have one, and do so without incurring a mountain of debt.”
A Mount Airy, North Carolina native, Dillard graduated from Barber-Scotia College in Concord, North Carolina. She holds a Masters of Business Administration from Belmont University in Nashville, Tennessee and a Masters of Science in Biology from Tennessee State University.
Dillard earned her Ph.D. in Biological Sciences from Clark Atlanta University.
Dillard has held senior leadership positions at GlaxoSmithKline, Quest Diagnostics and Clark Atlanta University’s Center for Cancer Research and Therapeutic Development.
“Neither of my parents were college graduates, so I’m the first college graduate in my immediate family although my sister became a great educator,” Dillard said.
“But that wasn’t my path. It was really science… I wanted to be a researcher and I wanted to work in labs so that’s what I majored in and that’s what I did for 25 years,” she said.
However, as she excelled in Science, Dillard said she found herself consistently being promoted into administrative roles and, in her personal life, she had been a Sunday school teacher and a youth director.
“I did that and after 25 years it was time to give back,” Dillard said. “I decided that I wanted to teach and I had a desire to use myself as a role model for young people to show that you could attend an HBCU like many others and you can go on to have a career of your dreams,” she said.
Joseph N. Bell, Jr., the chairman of Shaw’s board of trustees said the board believes Shaw’s performance to date, including her term as interim president, “has demonstrated that she is committed to the transformative education process and more than qualified to lead Shaw University into this next era of excellence.”
Dillard said she’s thankful and committed to intentional leadership of Shaw University as “we continue to grow as an institutional leader in the Raleigh community and globally abroad.”
“Shaw University is the place that, when you step on this campus, you are a known entity and we have this belief that every individual who comes here, we have a commitment to make sure that we address your needs as a student – meaning the whole person not just your academic journey.”
Dillard continued:
“We want you to be the individual that you are and we’re not trying to make you a cookie-cutter college student with just the experience of college, but we want to help you find your passion and your voice. We want you to become the product that HBCUs set out to create in every person that comes in.”
Grambling State University’s more than 400 Spring Graduates will include one student who became a mom to three sons on the way to her goal. Auset Champion, at age 23, is set to graduate with her Bachelor of Science degree in Criminal Justice on May 10, 2019, at the University’s Spring Commencement.
“Graduating period feels like a huge accomplishment for me,” said Ms. Champion. “I watched my mom raise five children as a single mother and that motivated me to make better circumstances for my children and their future.”
Beating the Odds
Reports from the Institute for Women’s Policy Research show that number of single mothers enrolled in college doubled between 2000 and 2012. Data from the National Center for Educational Statistics reports that only 20 percent of these mothers graduate within six years.
For Champion, she says her support network has made all of the difference.
“I had help from my mother and grandmother. They are my support system. They are so amazing,” said Champion.
Champion gave birth to her first son, Trenston when she was a teen. During her freshman year at Grambling State, she discovered she was pregnant with triplets and was later hospitalized for the months that led up to delivery. After giving birth and losing one of her triplet sons to health complications, she chose to return to Grambling State the following fall semester and finish her academic plan.
“They [the twins] don’t really understand that I’m graduating, but my older son is excited,” said Champion. “He thinks I’m growing up now.”
Grambling State University is excited to celebrate with Auset Champion and the entire Class of Spring 2019 graduates.
For media interviews or to share more graduation stories, email mediarelations@gram.edu.
Unfortunately, most people think of death when they think about life insurance. And few want to think or talk about dying. As you may know, designated beneficiaries receive a financial benefit at the time of a person’s death. However, there are several benefits of life insurance to leverage while alive. Here is a look at a few life insurance wealth-building strategies that black families can use.
First, while there are numerous types of life insurance options available, they fall into the categories of term insurance, permanent insurance, or a hybrid:
Term Life Insurance
Term life insurance is the most economical because it provides coverage for a temporary time, like 10 years, 15 years, etc. Unfortunately, less than 1% of term insurance policies pay out. This is because people usually outlive the time frame of the plan.
Permanent Life Insurance
Permanent insurance provides coverage for a person’s entire life. Permanent life insurance policies build cash value. Cash value is a portion of the premiums paid that accumulates in a savings account. Over time, the accumulated cash earns interest and, in cases of mutual insurance companies (owned by its policyholders), dividends.
Universal Life Insurance
Universal life is a hybrid of term and permanent life insurance plans. Universal life or UL is a term life insurance plan that can protect the insured for their entire life. If this type of policy is not designed correctly, it can become a big waste of money. If the plan is designed and managed properly, it can be an economical way to have permanent life insurance coverage.
Financial experts in the insurance industry share a few wealth building strategies of life insurance to enjoy while alive, as well as for legacy wealth.
Permanent insurance policies have a forced savings mechanism. This accumulation of cash, called Cash Value, is like building your own bank and can be used for numerous things.
“Instead of borrowing money from a bank,” explains Kerry Peabody, CLU, CLTC of Clark Insurance, “the policy owner can take a loan against the cash value for numerous things, like supplemental retirement income, college funding, business startup, etc.”
The most valuable asset a person has is their health and ability to earn money to save, spend, invest and give. However, if diagnosed with a terminal illness, medical expenses can wipe out a person’s savings or inhibit their ability to build wealth while they are alive.
“Some life insurance providers offer an accelerated death benefit rider, which is a provision that allows the policyowner to receive a portion of the death benefit if they were to become terminally ill,” says Yogesh Shetty of Live Well & Earn Insurance. “If diagnosed with a terminal illness, you could cash out a portion of your life insurance to pay off medical expenses.”
If funds are tight, but life insurance coverage is needed and a seamless way to save money is desired, this type of term life insurance can be an excellent tool for wealth building.
“Return of Premium Term Life Insurance Policy is a great way to build wealth,” says Sa El, co-founder of Simply Insurance. “If the person outlives the term, the Return of Premium Life Insurance Policy will return all the premiums paid into the policy. It is like having protection with cash back.”
Whether people have substantial or modest incomes, life insurance is a way to create trust babies and legacy wealth. A trust is a fund that consists of assets held by a designated trustee for the beneficiaries. The trust owner dictates how the assets will be disbursed to the beneficiary, from the grave, through the trustee.
“Once the Trust is established, the trust owner can designate the beneficiary, the disbursement terms, and the trustee.” El further explains, “A person gets 30 times their annual earned income of life insurance. For example, $50,000 income per year would equal to a $1.5 million term life insurance policy. They then establish the trust fund as the beneficiary of the life insurance policy and then designates the beneficiary of the trust. This strategy can change the financial landscape of a family and put them in a financially stable position.”
Whether there is a need for capital for a business startup or business renovations, many minority business owners are having trouble getting approved for small business loans.
“Permanent life insurance policy cash values can be used as collateral for bank loans,” shares Adam Doran, a financial advisor at Prevail Innovative Wealth Strategies. “Even if the bank does not offer, ask if this option can be considered.”
Life insurance is not only a financial benefit to the family upon death; it can be a tool to enhance an investment portfolio and financial plan. Consult with a registered financial adviser or licensed insurance agent for tax and eligibility requirements.
This post was written by Tarra Jackson, a writer at Black Enterprise, where it was originally published. It is published here with permission.
HOUSTON (May 13, 2019) – Houston native and legendary entrepreneur/music mogul James Prince will receive an honorary doctorate degree from Texas Southern University during Commencement ceremonies on Saturday, May 18, 2019. Prince will be honored with a Doctorate of Humane Letters at the 8 a.m. ceremony, which will be held in the Health & Physical Education (H&PE) Arena.
Prince, also known as J. Prince, is the founder and CEO of Rap-a-Lot Records, a Houston-based Hip-Hop record label created in 1986. His diverse interests also include the world of boxing, where he has been a successful manager to the likes of Andre Ward and Floyd Mayweather, Jr., real estate investment, ranching, and being a business partner with his adult children.
“J. Prince is a Houston icon, and his connection to Texas Southern is strong,” said TSU President Dr. Austin A. Lane. “In honoring him with this degree, we are expressing our appreciation for his ongoing support, and we are sending a message to all of the TSU community that following one’s dreams, against all odds, leads to great things.”
Last fall, J. Prince authored his first book, The Art & Science of Respect, a memoir in which he explains how he earned his reputation as one of the most respected men in Hip-Hop by staying true to his three principles of heart, loyalty, and commitment, and an unwavering faith in God. TSU hosted J. Prince on campus as the book released, and he spoke to hundreds of students about the lessons he’s learned throughout his career. That experience at TSU, as well as multiple other connections with the university, including internships that Rap-a-Lot provides to TSU students – and the fact that KTSU was one of the first stations to expose the music world to his talents, led him to establish a generous endowed scholarship last month for TSU students in need of financial support.
“The love and support shown to me when I visited TSU was tremendous,” said Prince. “I’m honored to be able to give back to the university in a variety of ways, and I’m humbled to receive this degree.”
J. Prince has always been committed to giving back to the community in which he was raised. While he has worked for the past three decades to promote the culture and art of Hip-Hop, he has worked equally hard to promote underprivileged neighborhoods and communities in inner-city Houston, including the 5thWard neighborhood where he grew up.
He is responsible for building a new recreation center in the 5th Ward, providing a safe haven for kids and seniors to have a place to go, using the facility to support the community for Thanksgiving, Christmas, Back to School, and at other critical times. He led the charge on educating youth about HIV/AIDS prevention and testing with the launching of Strapped, in coordination with a string of initiatives addressing the issue of AIDS in the black community. As a result of these and other efforts, he was honored with James Prince Day in Houston by former Mayor Bill White.Nationally, J. Prince was honored alongside Master P, Jermaine Dupri, Timbaland, and Slick Rick at the VH1 7th annual Hip Hop Honors Awards for both his creative contributions and his philanthropic ventures. Prince is credited with putting the South on the Hip-Hop map, beginning in the 1980s and continuing with one of Houston’s most famous acts, the Geto Boys.
ABOUT TEXAS SOUTHERN UNIVERSITY
Texas Southern University (TSU) honors our designation as a special-purpose institution for urban programming and research. TSU is a comprehensive university providing higher education access to the nation’s underserved communities. TSU’s academic and research programs address critical urban issues, and prepares its diverse student population to become a force for positive change in a global society. TSU offers more than 100 undergraduate and graduate programs and concentrations – bachelor’s, master’s, doctoral and professional degrees – organized into 10 colleges and schools on a 150-acre campus nestled in the heart of Houston’s historic Third Ward. The University’s enrollment has a population of more than 9,700 undergraduate and graduate-school academic candidates. Texas Southern has been a distinguished educational pioneer since 1927, and the University has become one of the most diverse and respected institutions in Texas. TSU has positioned itself as a proactive leader in educating underserved students and many who are the first in their family to attend college.
The Bethune-Cookman women’s golf team is well on its way to an eighth consecutive PGA WORKS Collegiate championship.
The Lady Wildcats opened up a 24-shot lead Friday in Round 1 on the Ryder Course at PGA Golf Club in Port St. Lucie, Fla. Yukida Rodriguez led the way with a 3-under 69, while the team shot a 5-over 293 to open a huge advantage going into the weekend.
Texas A&M-Kingsville is in second at 29 over, Chicago State third and Savannah State fourth.
The Bethune-Cookman men’s team is going for its fourth consecutive victory and sits tied with Florida A&M at 12-over after Round 1. Rosario Falzone led A&M with a 3-under 69 while Austin Dobrescu shot 1-under 71 to pace Bethune-Cookman.
The Tennessee State men’s team is in third at 13 over.
Now in its 33rd year, the PGA WORKS Collegiate consists mostly of teams from historically black colleges and universities. The individual competition is open to all minorities playing college golf, and those enrolled in PGA Golf Management University Programs.
Just one year after Louisiana was readmitted to the Union after the Civil War, two colleges were established in New Orleans to educate newly freed slaves and other black residents who wanted a formal education.
That was in 1869. Over time, those schools, which became Straight University and New Orleans University, merged to become Dillard University.
A private, liberal arts school that, despite its small size, regularly cracks the top-20 list in the U.S. News & World Report ranking of historically black colleges and universities, Dillard this week is celebrating reaching its 150th year.
The anniversary, which officials will mark with a gala and the annual commencement ceremony Saturday, marks an important milestone for an institution that at one point looked as if it would succumb to the floodwaters that wreaked havoc on its 55-acre Gentilly campus following Hurricane Katrina.
Enrollment plummeted while debt surged after the storm. And while its current total of 1,300 students is still 40 percent below pre-Katrina levels, the numbers have stabilized, as have the school’s finances, making the school’s sesquicentennial a moment for officials to reflect on how far they’ve come.
“From your trailblazer beginning of educating free slaves after the Civil War to the present moment 150 years later, Dillard has still been advancing a proud tradition of excellence,” City Councilman Jared Brossett told school officials Thursday during a presentation to the council celebrating the institution.
After the 2005 storm, enrollment plummeted from a high of about 2,200 students in the 2004-05 school year to about 850 by 2008-09, officials said.
Money was scarce, and Dillard was forced to borrow $156 million from the U.S. Department of Education to restore buildings that needed to be refurbished after stewing in several feet of floodwater.
“The entire campus was flooded,” said David Page, the school’s vice president of enrollment management. “Each building had some damage to it, if not significant damage.”
By the fiscal year ending in June 2017, the school had operated in the red for two straight years, according to the latest available tax records.
But since then those struggles have eased. A provision in the bipartisan budget deal signed by President Donald Trump in early 2018 wiped away the “crippling” post-Katrina debt of Dillard and two other historically black schools in New Orleans, Dillard President Walter Kimbrough said.
The school’s reputation bounced back, too, in part due to two of its signature programs, film and physics. Over several years, Dillard students became major contributors to movies made in “Hollywood South,” including Lee Daniels’ “The Butler” and Spike Lee’s “Oldboy.”
The school also rose to No. 2 in the country by 2017 in graduating African-Americans with undergraduate physics degrees, according to the American Institute of Physics.
Administrators have been mapping out other ways to ensure the school’s future. They are establishing partnerships with local charter schools, keeping their focus on the university’s top programs and ensuring that a smaller school remains relevant and financially stable.
“The strategic plan calls for us to land between 1,600 and 1,800 students, and I really do believe that a university of that size is still needed in the community, in the world,” said Page. “I think that’s our niche.”
The dream of a school like Dillard existed in New Orleans before the Civil War, according to the school’s archivist, John Kennedy. In those days, free black residents would send their children to schools abroad to become teachers, doctors, lawyers or ministers.
Others sent their children to so-called “native schools,” or illegal schools founded by other black residents in Louisiana, according to “Within These Walls,” a history compiled by Dillard officials that quoted a book by James Anderson titled “The Education of Blacks in the South.”
In 1868, a state constitutional convention provided for the possibility of formal education for African-Americans and established the “civil and political equality of all men.”
The Methodist Episcopal Church (now the United Methodist Church) founded the Freedmen’s Aid Society, which formed the Union Normal School — later New Orleans University — in 1869.
That same year, the American Missionary Association of the Congregational Church, now the United Church of Christ, established Straight University, named for Seymour Straight, a Baptist educator and New Orleans City Council member.
Over time, Straight University became known for its training in law and medicine and New Orleans University for its teacher training program.
However, the decades that followed brought hard times. A stagnant economy, growing racial tensions and the hardening of Jim Crow laws, as well as the turmoil of World War I, left both schools struggling. In 1920, sociologist Thomas Jesse Jones visited the two schools and proposed that they merge.
Ten years later, just after the 1929 stock market crash, Dillard University got its charter. In September 1935, despite the weight of segregation and the Great Depression, Dillard opened its doors. It was named in honor of James Hardy Dillard, an academician dedicated to educating African-Americans.
“This historic event represented great triumph for generations of African-Americans,” according to “Within These Walls.”
As it grew, Dillard continued to have a science focus, becoming the first black university in the country to offer a bachelor’s degree-granting nursing program.
Dillard graduates would include civil rights leader Coretta Scott King, wife of the Rev. Martin Luther King Jr.; Andrew Young, a top aide to King who later served as Atlanta mayor and a U.S. congressman; and Alice Dunbar Nelson, a poet and journalist credited with being part of the Harlem Renaissance of the 1920s.
More recent graduates include famed jazz pianist Ellis Marsalis Jr.; chef and restaurateur Leah Chase; and Carl Stewart, chief judge of the 5th U.S. Circuit Court of Appeals.
Dillard officials have boasted of the school’s more recent impact, too. After Katrina, Dillard was “the economic engine that got Gentilly restarted,” Kimbrough said, by being the first entity to come back “in a big way” and inspire other businesses there to do the same.
In addition to physics and film, the school has become known for its pre-law program. Of the students in its Legal Education Advancing Diversity program, 85 percent are admitted to law school, compared to 49 percent of African-Americans nationwide, according to Yolanda Page, the school’s vice president of academic affairs.
Recently, the school, in collaboration with Greater New Orleans Inc., added a certificate program in urban water management. It’s the only one of its kind in Louisiana and offers research and advice on public policy issues related to water, Page said.
Overall, the school generates about $83 million in total economic impact for the local and regional economies, according to an analysis by the United Negro College Fund in 2014. The estimate included direct spending by Dillard on faculty, employees, academic programs and operations, and by students.
The report also showed that Dillard generated 778 jobs in the local and regional economies, and that the 2014 graduates were projected to earn a total of $472 million in their lifetimes.
“That is money going right into the local economy,” Kimbrough told the City Council during the presentation Thursday.
While much has changed over the years, officials say one thing has stayed the same: Dillard’s tight-knit community of graduates, alumni and staff.
About 60 percent of the students hail from Louisiana, and many stay in the state after graduation. About 91 percent are African-American.
This year, 94 percent of students received some kind of financial aid in meeting the tuition of $16,580 a year, according to fall 2018 statistics.
“Dillard is a necessity not only for African-Americans around the country and the world, but for New Orleans,” Kennedy, the archivist, said. “Dillard is a jewel for New Orleans.”
After reaching his breaking point, Carrington Carter, a then pharmaceutical marketing manager, decided to leave the industry to make money off of something he loved, travel. Carter partnered with his former college friend Calvin Butts Jr., and the two turned their passion into profit. The HBCU grads shared how they made traveling profitable through their venture Getaway Society and why other African Americans should consider vacation rental properties to be a solid investment.
How did you create Getaway Society?
The founders say that Getaway Society was initially started as a luxury group travel company that creates amazingly memorable experiences, but we decided to pivot out of that industry for a variety of reasons. A year or so later, it was [my] turn to lead the organization of an annual group ski trip in the Poconos. After identifying a house to rent, collecting everyone’s money, and then working with the homeowner to secure the house, he started running the numbers and thought to himself, “Wait a minute, I think I can do this. Why not buy a house and have people pay me to rent it instead of the other way around?”
This was in 2013, so Airbnb, HomeAway, and Vrbo were around, but not nearly as popular as they are now. Shortly after the trip was over, Carrington developed a plan, involved Calvin Butts, Jr. and Jeremiah Myers, two of his colleagues from Hampton University, and Getaway Society was reborn. Our love for travel, exploring the world, and social and family gatherings served as the catalyst to acquiring a network of vacation rental homes to share with like-minded people.
Calvin Butts Jr.: After starting construction on a brand new vacation rental home in the Pocono Mountains in September of 2014, and acquiring another vacation rental home on Martha’s Vineyard in December of 2014, Getaway Society evolved to a premium vacation rental home company, still creating those same amazingly memorable experiences. Now with approximately $5 million in properties we own and manage: one home in the Poconos, three on Martha’s Vineyard, and now one in Hilton Head with our acquisition this year, we are excited about the opportunities for growth in this $170 billion global vacation rental home market. Our ownership plus management model enables us to provide a consistent, luxury VIP concierge approach to all our homes.
Carter: With Getaway Society, we combined a few things that were exciting and important to us. We’re capitalizing on our growing interest in real estate, in a fun and engaging way. It provides multiple revenue streams and builds wealth, with the ultimate goal of financial freedom for ourselves and generations after we’re gone. It also touches on our interest in traveling and creating new experiences.
Butts: Think about it, many of us have been on a group trip with friends/family and experienced issues or did not know what to expect. At Getaway Society, we try to take the friction out of group travel and obsess over making our guests’ vacation seamless and enjoyable. At every single moment, whether answering questions before their stay, sending check-in/check-out instructions, or responding to any needs during their stay, we are eager to exceed expectations.
Carter: We also take the time to build local connections and relationships with private chefs, restaurants, and golf courses, etc. We have a diverse set of partners, contractors, and vendors, and we also make it a point to help black business owners to scale their business, not just through financial support, but also through teaching and mentoring.
Why should other black investors consider investing in the vacation rental space?
Carter: By owning a vacation rental home, investors can realize rental income, which pays down the mortgage and builds equity in the home. Often homes in resort-type communities appreciate faster than traditional neighborhoods, which builds wealth and increases net worth. Investors can realize capital gains upon sale of the home. Also, investors can use the home as much as they like (preferably in the offseason so rental income isn’t impacted). What a great investment!
Butts: Our favorite part is the “soft ROI” as we like to call it. The home can instantly become a valuable asset that can be leveraged and shared with friends, family, colleagues, and also clients… building better relationships in the process. It’s truly priceless.
How can homeowners use home equity to invest in vacation rentals?
Carter: There are three primary ways that homeowners can use home equity to invest in vacation rentals: cash out refinance; home equity loan; [and] home equity line of credit (HELOC)
Most banks will allow homeowners to tap up to 90% of the value, commonly referred to as 90% LTV (loan-to-value) of a primary residence. However, for an investment property (single/multifamily, commercial property, etc.), most banks will only allow 65%-80% LTV. Example: If your house (primary residence) is worth $500,000 and your remaining mortgage balance is $250,000, the bank will allow you to borrow up to 90% of the value (90% of $500,000 is $450,000). Therefore, after subtracting the remaining mortgage balance, you can tap up to $200,000 in equity ($450,000 – $250,000) to buy a vacation rental home, so long as the higher mortgage payment still fits within your DTI (debt-to-income) ratio.
In the above example, in a cash-out refinance, you would convert the home equity into $200,000 cash and have a new mortgage balance of $450,000, usually at a fixed rate. Using a home equity loan, you would have two mortgages/loans: (1) One with the remaining mortgage balance of $250,000, and (2) The other for $200,000, which is the amount of home equity you tapped, both likely at fixed rates. In a home equity line of credit (HELOC), the $200,000 in equity you converted would essentially work like a credit card with a variable interest rate (probably at least twice the fixed rate). You would have a $200,000 limit and could use it and pay it back as needed. There’s typically a draw (borrow) period for 5-10 years in which you’re responsible for interest only or 1% of the balance, then there’s a repayment period of 10-20 years in which you’re responsible for principal and interest.
We have successfully used cash-out refinances,home equity loans, home equity lines of credit, and private equity from investors to fund the expansion of our real estate portfolio starting with one single-family rental and growing to over $5 million in real estate in the past seven years.
Butts: Also, we won’t expound on it here, but aside from home equity, there are also ways to leverage one’s IRA (called a self-directed IRA) to invest in alternative asset classes, such as real estate.
This post was written by Sequoia Blodgett, a writer at Black Enterprise, where it was originally published. It is published here with permission.
BATON ROUGE, La. (WAFB) – If a 1,000-mile journey starts with a single step, Chacity Simmons, 28, has already walked a lifetime.
“It’s unbelievable because I didn’t think I would physically be able to do anything,” said Simmons. “In 2016, I was diagnosed with multiple sclerosis.”
Simmons was at her wits end trying to figure out what was wrong when she could no longer understand what was happening with her body.
“When my mind is telling me to walk, I’m not able to do so,” said Simmons.
After an MRI and spinal tap, doctors finally realized Simmons had MS.
“I started having symptoms of slurred speech, had trouble walking, which eventually I wasn’t able to talk for maybe a month,” said Simmons.
As if battling MS isn’t enough, she’s also a single mother and enrolled at Southern University for her bachelor’s degree. She graduated from BRCC and decided to continue her education. She chose an online degree because she didn’t know if she could walk to classes at Southern.
Despite all she’s been through, Simmons walked across the stage at Southern University on Friday, May 10, graduating with a bachelor’s in criminal justice.
“It means a lot because I just didn’t imagine it, especially being a single mother, you still have to push. You still have to be an example,” said Simmons.
If that’s not enough, she also graduated at the top of her class.
“The goal I set for myself was, ‘You’re going to do this regardless. You’re not going to let anything define your life,’” said Simmons.
She stuck to it, even going to take final exams with a cane because she couldn’t walk on her own.
“To anyone who is battling any disease, any medical issues, you cannot let it get you down,” said Simmons. “You are your biggest or worst enemy, like literally. You have to know that no one can stop what you set out to do.”
If you ever doubt yourself, let Simmons serve as your inspiration. Despite there being times she could not walk at all, she did walk across the stage at Southern University. Despite not being able to talk or type, she accepted a degree and she’s not finished with school just yet. A master’s degree or law school is next on her list.
MONTGOMERY, Ala. – One tough inning defensively broke a deadlocked game as Alabama A&M topped the Alcorn State University softball program 4-0 Friday at the 2019 SWAC Championships at the Barbara Williams Complex.
The game was scoreless until the fourth inning when two defensive miscues in one at-bat got AAMU (24-18) on the board when the inning could have ended. The Bulldogs, the No. 1 seed from the East Division, continued the frame with a two-run homer to leap ahead 4-0.
“We had some times where we were doing some things at a really high level. The bottom of the fourth just got to us. We gave them some extra opportunities and they took advantage of them. The first three innings defensively were outstanding. We made some great plays and had a lot of energy on the field and in the dugout. Even offensively, we had a lot of hard contact. The key for us is to get to a point where we are doing that consistently for the entire game,” said Alcorn head coach Josef Rankin.
In her final game in an Alcorn (14-24) uniform, senior Victoria Tyler went 2-for-4 at the plate with a double. Tyler ended her career ranked ninth all-time in school history in career hits with 119, eighth in doubles with 23 and sixth in RBIs with 77.
Also making her final career appearance was senior Paige Taylor. She pitched 2.0 scoreless innings of relief. Taylor, an All-Conference First-Team selection, won 13 games in just two seasons which is eighth-most all-time in program history.
“As our season ended, you feel for the two seniors we have. You always want to try to end things on your own terms on the field,” Rankin said. “Those are two awesome young ladies who have invested a lot. They are graduates and that’s awesome. I appreciate what they’ve done for our program.”
Dorsey got the start in the circle and did not allow an earned run in 4.0 innings. Lauren Hayden pitched a complete-game shutout for AAMU to grab the win.
Alcorn, the No. 3 seed from the East Division, outhit AAMU 7-6. Freshman Brooke Roach submitted her first career three-hit game. She was 3-for-4 at the plate with a double.
The Lady Braves had an opportunity to get on the board in the first inning. After a two-out double by Tyler, Roach reached on an infield single and freshman Sandrea Hord walked to load the bases. However, Hayden recorded a flyout to center to strand three baserunners.
Alcorn nearly got on the board in the third inning. With one out and a runner on first, Roach cranked a towering flyball that hit the top of the wall in center field – the runner at first was sent all the way around, but was thrown out at the plate on a very close call.
“Sometimes offensively you really need to catch some breaks. There were some that just didn’t go our way. The game started off with Simone [McKinney] being called out after hitting a ball to first and the second baseman never stepped on the bag when she came over to cover. After another out, Victoria hits a double. It’s probably 1-0 after three batters,” Rankin said. “We had a play at the plate that defied physics. Hard to understand how your runner’s hand is on the plate and she’s tagged on her waist and she’s out. I get those guys are trying, but it really becomes a problem when they are drawing so much attention. I believe AAMU had at least one diving catch that ended a scoring opportunity for us.”
AAMU broke through in the fourth after taking advantage of misplays defensively by the Lady Braves. With runners on first and second with two outs, a routine grounder to short could have ended the inning, but it was thrown away which allowed one runner to score, and then a throw from right field got away for another run to come in on the same play to make it 2-0. Madison Pozzi followed with a two-run homer to left to increase the lead to 4-0.
Alcorn had a chance to score in the top of the fifth after loading the bases with one out. It came after a walk by sophomore Desirea Lindsey, and singles by Tyler and Roach. However, Hayden escaped with a flyout and pop up to keep the Lady Braves off the scoreboard.
“However, we had plenty of opportunities to create our own breaks and we just couldn’t do it,” Rankin said.
With the season coming to a close, the Lady Braves broke the school record for fewest runs allowed in a season with 169. The previous record was 176 set in 2005. The 138 earned runs were also a school record, topping the previous mark of 139 in 2005.
Individually, Taylor ended sixth in single-season ERA with a 3.12, and seventh in wins with 10. Taylor also became just the fourth student-athlete in school history to register three shutouts in a year.
Dorsey’s 86 strikeouts are seventh all-time in a season. She’ll enter 2020 ranked sixth all-time in school history in strikeouts with 142, eighth in innings pitched with 239.1 and ninth in career starts with 38.
“Moving forward, we need to just be better all around. We allowed too many things outside the actual game to affect us this year. Way too many. We need to work hard over the summer, grow up a little bit and come back hungry to reach out ultimate goal,” Rankin said.
Jackson State’s Center for University-Based Development (CUBD) recently partnered with Felicia McClinton, president of the Washington Addition Neighborhood Association to paint the home of long-time resident Carrie Bell Dean Wright as a birthday gift. Wright, the third daughter of seven children, celebrated 100 years of life on April 27.
“We wanted to give a special birthday gift to Carrie for her 100thbirthday,” says Heather Wilcox, director for Community Engagement and the Center for University-Based Development. “She has been living in her home for over five decades. She suggested that we could show our appreciation for her commitment to the neighborhood by painting her home.”
The Riverdale, MS native enjoys fishing, singing and teaching Sunday school at her church. She moved to Jackson in 1949 and worked various occupations in local factories. In 1962, Wright became one of the first groups of foster grandparents to work in the state of Mississippi. Wright retired from working for foster grandparent programs at the age of 96. Wright’s personal motto is ‘think before you speak’.
Harris-Stowe State University has been awarded a $2.25 million grant from the National Science Foundation to support a science, technology, engineering and math (STEM) initiative.
The grant, which will be awarded over five years from the NSF Historically Black Colleges and Universities Undergraduate Program, supports the “Increasing Degree Production through STEM Entrepreneurship and Career Development Activities” initiative.
According to a release, the program will work to increase recruitment, retention and graduation rates by addressing awareness and challenges of the STEM workforce.
In addition, Harris-Stowe will collaborate with BioSTL and Saint Louis University to provide STEM opportunities for students. Those could include entrepreneurship experiences, professional mentoring, expanded undergraduate research opportunities and internship programs.
The university will officially announce the grant and programs 10 a.m. Monday at the Emerson Performance Center – Bank of America Theatre on the campus of Harris-Stowe, which is led by President Dwaun Warmack.
The Tom Joyner Foundation today announced the launch of HBCUbiquity, a new hour-long podcast featuring interviews, discussion and analysis about historically black colleges and university, hosted by Thomas Joyner, Jr., president and CEO of the 22-year-old Foundation.
The podcast, available weekly on the reVolver Podcast Network and downloadable on all platforms (e.g. iTunes, GooglePlay, Spotify) and on its website, HBCUbiquityPodcast.com will engage a wide range of guests, including presidents of HBCUs, faculty, alumni, students, parents and other supporters.
“The Foundation has actively hosted panels and discussions over the years on the Fantastic Voyage and at the Tom Joyner Family Reunion,” Joyner Jr. said. “This podcast is our chance to have a year-round conversation about our HBCUs. We want to go beyond the typical rhetoric, and have meaningful conversations.”
HBCUbiquity, produced by the Tom Joyner Foundation, is a weekly podcast that offers in-depth, honest and straightforward conversations with administrators, faculty, students, celebrities and experts about the future of HBCUs, fundraising, accreditation, student recruitment and enrollment as well as the accomplishments of faculty who are doing interesting research, student scholars about their current accomplishments and alumni who are making a difference in their communities, and topical trends and issues related to the African-American community.
The inaugural show features an insightful overview of the foundation’s history, its programs and how HBCUbiquity represents the dawn of a new era for the nonprofit. In future shows, Joyner will get in-depth on the current and future of the CIAA, including interviews with Jacqie McWilliams, the CIAA commissioner, and a special conversation with Dr. Anthony Davis, special consultant to Livingstone College. You won’t want to miss the episode on Bennett College’s fight for survival, featuring a rare interview with its interim college president, Dr. Phyllis Worthy Dawkins who will share some of her strategies on navigating the institution through this difficult period. On that same episode, longtime Talladega College President Dr. Billy C. Hawkins discusses his experiences and successes in getting an HBCU’s accreditation restored.
You can follow the show on social media: Twitter, Instagram, and Facebook.
For more information about becoming a guest or sponsor on the podcast, please contact Neil Foote, media relations, Tom Joyner Foundation, neil.foote@tomjoynerfoundation.org, 214.448.3765.
If you follow any historically black colleges or universities (HBCUs) on social media, chances are your feeds are full of caps and gowns. Graduation season is upon us and will last through the end of May.
One of the highlights of graduation season is the list of commencement speeches. Students want star power, authenticity and inspiration. Several celebrities are making the rounds this year, including Girls Trip star Regina Hall, who will speak at Dillard University on May 11. Dillard president Walter Kimbrough said the school worked with students to find a speaker. When the decision to go with Hall was announced, the student reaction was positive.
“People are really excited when we announced Regina Hall, particularly because she just had Little that came out last month, and then she’ll be in Shaft later this month,” said Kimbrough. “So we have her in between two big movies. And she’s doing the Showtime series, Black Monday. … We look for someone with new insight and a new perspective to share with our graduates.”
Florida A&M University (FAMU) featured three speakers, including rapper and actor Common. He received an honorary doctorate and gave a commencement address to students on May 3.
Lamman Rucker — an actor best known for his work in the TV series Greenleaf, House of Payneand the film Why Did I Get Married? — spoke at Lane College on April 25. He’ll be at LeMoyne-Owen College on May 11.
Head over to The Undefeated to read more.
Last December, I got to be a part of something really special. I got a chance to deliver the commencement address for Morgan State University’s Class of 2018 graduates. Morgan State is an iconic and shining example of what HBCUs have embodied in this country for more than one hundred years: higher education opportunities that open doors for Black students and cultivate leaders who fight for equality, justice, and opportunity.
HBCUs have made invaluable contributions to the fabric of this nation, but for far too long we have failed these schools and their students. We need to call out the history of discrimination of why that is and honor the role HBCUs have played in our country. And that means really investing in these institutions — the way we should have been for generations. For decades, Black Americans were kept out of higher education because of government-sponsored discrimination. At the same time, the federal government and state governments shoveled money into colleges that served almost exclusively white students. With the financial help of Black churches, communities, and leaders, HBCUs aimed to fill that void and educate generations of Black students, often the first in their families to go to college.
But it’s always been an uphill climb. These institutions have never had the same type of access to public funds like other schools, and the persistent racial wealth gap in our country has meant they don’t have the consistent support of rich alumni who can write big checks for big endowments. HBCUs have always had to do more with less — and as a result, many are in danger of closing or have already shuttered their doors.
We can’t fix this by nibbling around the edges. That’s why I have a plan to invest a minimum of $50 billion in HBCUs and Minority Serving Institutions (MSIs). The Department of Education would have the power to automatically increase that funding as needed to make sure HBCUs can spend the same amount per student as other colleges. Colleges can choose what they want to do with that money — provide free tuition for students, invest in new facilities, hire new faculty, or serve more students.
We’re going to pay for this historical investment with my ultra-millionaire tax, which is a small 2% tax on fortunes over $50 million — affecting just about the 75,000 wealthiest families in America. The ultra-millionaire tax also covers the cost of the rest of my higher education plan, which includes student debt cancellation of up to $50,000 for 42 million Americans, free two-year and four-year public college, and a $100 billion investment in Pell Grants to cover non-tuition costs like room and board. Experts found my debt cancellation plan would help close the racial wealth gap by substantially increasing Black and Latinx wealth.
This proposal also includes some other pieces. It permits private HBCUs and MSIs to opt into the federal free-tuition program available to public colleges. It creates financial incentives for states to improve enrollment and completion rates for lower-income and students of color. It cuts off for-profit colleges from federal money so they can no longer use taxpayer dollars to enrich themselves while preying on lower-income students, service members, and students of color. It requires public colleges to submit an annual equity audit and removes artificial barriers to college by barring colleges from considering an applicant’s citizenship status or criminal history.
We’re facing a crisis and we have only been scratching the surface. Higher education opened a million doors for me. Growing up, I always wanted to be a teacher. But for that, you needed a degree and for a degree, you needed money my family didn’t have. I managed to get a scholarship but then the first boy I ever dated asked me to marry him. I dropped out of college, sewed a wedding gown, and walked down the aisle at nineteen. I took a job answering phones and I thought that was it for my dream of being a teacher. But then I got my second chance with a commuter college that cost $50 a semester that I could afford on a part-time waitressing gig. My daddy ended up as a janitor but I got to be a public school teacher, a law professor, a United States senator, and now a candidate for president.
That kind of chance doesn’t exist right now — and I’m in this fight to create an opportunity for every kid. My plan will address the historical injustices in American education and ensure that opportunities are fairly available to everyone.
