Michael Bloomberg Donates Record $600 Million to Historically Black Medical Schools

Aug 6, 2024, 04:57 PM

Michael Bloomberg's philanthropic organization, Bloomberg Philanthropies, has announced a historic $600 million gift to the endowments of four historically Black medical schools. The funds will be distributed as follows: $175 million each to Howard University, Meharry Medical College, and Morehouse School of Medicine, $75 million to Charles Drew University, and $5 million to Xavier University. This landmark donation, the largest-ever gift to these institutions, aims to address health disparities and support the education of Black doctors, who currently represent only 5.7 percent of physicians in the U.S. despite Black people accounting for 13.6 percent of the population. The gift is expected to more than double the endowments of three of the four schools, significantly enhancing their financial stability and capacity to educate future generations of medical professionals.