(AmericanProsperity.com) – Michael Bloomberg’s organization, Bloomberg Philanthropies, has given six hundred million dollars to the endowments of four historically black medical schools to secure future economic stability.
Bloomberg spoke at the National Medical Association about how there are only four historically Black medical schools left because the rest have closed over the last hundred years.
“Lack of funding and support driven probably in no small part by prejudice and racism, have forced many to close their doors,” Bloomberg said. “We cannot allow that to happen again, and this gift will help ensure it doesn’t.”
Black patients have dealt with worse when it comes to health in comparison to White Americans, according to an Associated Press report. Having more doctors of color could potentially help to disrupt these inequities. Two years ago, only six percent of physicians were black and almost half of those black physicians graduated from the four historically black medical schools.
This amount is among the largest private donations to any black college or university. The money will be split with one hundred and seventy-five million dollars going to Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. Seventy-five million dollars will be given to Charles Drew University of Medicine & Science. Lastly, Xavier University of Louisiana will receive five million dollars.
Donations made specifically to endowments are invested with annual returns going into the organization’s budget. This commitment to giving money to schools comes after Bloomberg gave one billion dollars to Johns Hopkins University, allowing most medical students a free ride.
Bloomberg ran for office four years ago, but decided to drop out of the race and asked his philanthropy to reduce the racial wealth gap. He has continued to donate to schools since this time.
Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative, said, “When we talked about helping to secure and support the next generation of Black doctors, we meant that literally.”
Valerie Montgomery Rice, president of Morehouse School of Medicine, said that this gift helped to relieve one hundred thousand dollars in debt for medical students. Rice added, “But our endowment and the size of our endowment has continued to be a challenge, and we’ve been very vocal about that. And he heard us.”
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