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 experienced an unprecedented fiscal year, supported by significant investment from the Biden-Harris administration. With increased endowment and government support, these institutions are better positioned to serve their students, an important pillar of education and cultural heritage.
Endowment funding is critical to HBCUs. This is critical for sustainability and empowerment, especially for underrepresented students seeking higher education. Endowment funds allow schools to invest in important areas, including campus renovations and student finance.
Top Ten
The National Association of College and University Business Officials 2023 report highlights outstanding HBCUs that have significantly increased their endowment values. For example, Howard University It boasts an impressive endowment of $926 million, which equates to $81,341 per full-time student. Spelman College follows with an endowment of $475 million, worth a staggering $197,713 per student.
Other notable institutions include Hampton University with an endowment of $349 million ($109,152 per student) and Morehouse College with $186 million ($83,381 per student). Meharry College of Medicine, North Carolina A&T State University, Florida A&M University, Morgan State University, Virginia State University, and Norfolk State University powered by the top ten HBCUs.
Virginia State University reached a significant milestone by surpassing the $100 million endowment by 2023, ranking seventh among HBCUs.
“2023 has been a very productive year for Virginia State University’s endowment status,” said Tonya Hall, vice president for advancement and external affairs. “Our goal is to continue to grow our endowment by raising sustainable funds and meeting donations that enhance the transformative experiences we provide to our community.”
As HBCUs continue to thrive through these financial enhancements, potential donors are encouraged to consider the missions and goals of these institutions, knowing that every contribution serves to elevate and strengthen future leaders.
