On Wednesday morning the CEO of Netflix Reed Hastings and His wife Patty Quillin announced that they will donate $120 million as a Scholarship to historically black colleges and universities.
It called to be an investment in America’s better future. Although it is the largest Individual donation to the Institution till the date. Hasting and his wife Quinn said that they are also donating $40 million to three colleges. Including Spelman College, Morehouse College, and the United Negro College Fund (UNCF).
These colleges are the top for Black graduates receiving Fulbright scholarships and pursuing doctorates.
The UNCF is a minor organization which provides scholarship to students near 10,000 and more, each year. And it also helps in supporting 37 (HBCUs).
A news release said that Endowments are significantly very less in Historically Black Colleges and Universities then compared to other Colleges.
The American Historically Black colleges
As for the sake of comparison, American Historically Black colleges and university median Endowment is $15.7 million. While other non-HBCUs have a total endowment of $36.8 million.
Hastings credits this to white individuals’ who have a lack of understanding about the records with HBCUs are holding up.
He had given to his institute of matriculation in Maine. However, he hadn’t considered providing for Black schools and colleges until he talked with UNCF President Michael Lomax.
The word said on Wednesday by Hasting about the donation was not the first gift for Historically Black Colleges and Universities.
As of the year 2016, Hasting has created a total fund of $100-million fund for education. And $1.5-million was for the United Negro College Fund.
He then gave a surprise of 2020 by posting on Facebook that “ I hope to do more in the future.”
The president of Morehouse College David Thomas said that the gift of Hasting and Quillin is perfect as it is directly for the scholarship.
The donation collaborates with a total of 10 % as the goal of Thomas is about to reach a $500-million endowment.
Now President of Morehouse College David Thomas is thinking to increase the Ideal Figure which planned earlier about Endowment.