HBCU coalition receives $124M gift from nonprofit funder Blue Meridian Partners

NEW YORK (AP) — The HBCU Transformation Project, a coalition of 40 historically Black colleges and universities, on Wednesday announced a $124 million gift from philanthropic funders Blue Meridian Partners to increase enrollment, graduation rates and employment rates for the schools’ graduates. Michael Lomax, the president and CEO of UNCF, which is acting as an intermediary overseeing the funding, said the grant signals to the philanthropic community that HBCUs are a strong investment. The donation will expand the work of the project, which has already received $75 million from Blue Meridian Partners since 2020. Part of those funds arrived at the start of the pandemic to help participating HBCUs cover their operating costs when the schools had to close.