ATLANTA — Morehouse President David Thomas said Monday that wealthy black communities have not been supporting historically black colleges and universities (HBCUs), and hopes that Robert F. Smith’s recent grant to pay off all class of 2019 student debt at the school will spur similar donations. Thomas made the remarks on the SiriusXM Joe Madison The Black Eagle show.
“We have people in our community with significant wealth and if we look at how many HBCUs, for example, are struggling, I think you could make a case that our community, those of us with means have not prioritized supporting them because many of them should not be struggling the way that they’re struggling,” Thomas said.
Thomas spoke with Madison about the importance of supporting and prioritizing HBCUs, and his hope that Smith’s donation would inspire others in the African-American community to make similar donations.
“I hope that what this catalyzes is, individuals in the African American community with means asking themselves what are the most important institutions in our community and am I doing what I should do to support them?,” Thomas said.
Here is a link to the full interview.
Smith, the 2019 commencement speaker at Morehouse College, made international headlines when he told the graduating class on Sunday he is creating a grant to eliminate their student loans. According to the college, Morehouse is the world’s only HBCU for men.
According to Forbes Magazine, Smith founded Vista Equity Partners in 2000, a private equity firm that focuses on investing in software companies. Forbes estimates Smith’s current net worth to be about $5 billion.
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Forbes noted that Smith, 56, is the first African-American to sign the “Giving Pledge.” The pledge is “a commitment to contribute the majority of his wealth to philanthropic causes,” according to Forbes. He gave $20 million to the National Museum of African American History in Washington D.C. in 2016.
Smith ranked No.355 on the 2019 Forbes billionaires list.
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