Memphis-based, HBCU receives its first largest beneficial endowment

LeMoyne-Owen College, the only Historically Black College and University (HBCU) in Memphis, Tennessee, has been named the beneficiary of an endowment of $40 million. The school revealed that this is the largest gift any HBCU has received in the 158 years of its history. The endowment was created from assets from the Community Foundation of Greater Memphis, an organization created to enhance the growth and development through philanthropy. 

Like other schools in the United States, LeMoyne-Owen College is working earnestly to ensure that its students, many of whom are first-generation college attendees, would return to a more favorable schooling environment. Also, the school is working to include other facilities that would help reduce the chances of the spread of the virus.

In addition to this, there have been recent initiatives including emergency assistance for displaced students and poor students who cannot afford their educational expenses. 

Added to this, the school is in partnerships with different companies to ensure that it provides Wi-Fi, access, and electronic devices for students that are interested in remote learning. All of these are to enhance the quality of the college's education.

“Even before the pandemic, there has been transformative work happening at LeMoyne-Owen College,” Bob Fockler, Community Foundation of Greater Memphis president says. “The college offers unique opportunities for African-American students, and we are committed to ensuring that work continues to benefit students and their families for years to come.”

For a long time now, funds and equity have been a major challenge for HBCU schools. As such, the endowment fund provides an opportunity for the college to advance the quality of their education. 

Among the private schools in the state of Tennessee, LeMoyne-Owen has the lowest tuition fund with over 90 percent of students qualified for financial aid or currently receiving Federal Pell Grants. The endowment would go a long way in helping to alleviate the college condition. 

“Many of our students and their families were already struggling, even before COVID-19. Recent demonstrations have heightened our awareness and commitment to do more to address the inequality and racism that has led to their financial challenges and the critical need to create a more equal and just world,” says Dr. Carol Johnson Dean, interim president of LeMoyne-Owen College. “The Community Foundation of Greater Memphis has generously and courageously helped LeMoyne-Owen College take a huge step forward in educating our future leaders and providing a stronger financial foundation from which to grow.”