Meharry receives $175M donation, part of push to support historically Black medical schools
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Meharry Medical College received a historic $175 million donation from Bloomberg Philanthropies on Tuesday that will almost double the size of its endowment.
Why it matters: The massive surge of cash, which is by far the largest donation in Meharry's 148-year history, strengthens the historically Black institution's financial footing and could help fund scholarships, infrastructure work and academic programming for years to come.
By the numbers: Before the Bloomberg donation, Meharry's endowment sat at $193 million.
Zoom out: Meharry's mission is to increase the number of health care providers in poor and underserved communities. Meharry president James Hildreth tells Axios the new influx "will have a generational impact, I believe, on Meharry and its ability to do what it does."
The big picture: The Meharry donation is part of a broader effort from billionaire Mike Bloomberg's philanthropic organization to boost resources at the nation's historically Black medical schools, which have long been underfunded.
- A total of $600 million will be split among four institutions, Bloomberg's group announced.
Between the lines: The four institutions are responsible for graduating roughly half of all Black doctors in the country, according to the announcement.
State of play: Last year, Hildreth told U.S. senators that underfunding at Meharry and the country's other historically Black medical schools limits their progress.
- Infrastructure needs like broadband access and study space were key factors when Meharry's medical degree program was placed on probation in 2022.
What they're saying: "We have much more to do to build a country where every person, regardless of race, has equal access to quality health care," Mike Bloomberg said in a statement, noting that "addressing health disparities and underrepresentation in the medical field are critical challenges."
- "This gift will empower new generations of Black doctors to create a healthier and more equitable future for our country," he added.
Flashback: Bloomberg donated $100 million to the same four medical schools in 2020 to help pay down student debt — $34 million of that total went to Meharry.
The bottom line: Hildreth says Bloomberg's high-profile donations have already attracted attention around the globe. He says he's hopeful the gift has a halo effect for other donors.
- "It's a stamp of recognition that is so huge," Hildreth says.
- "It shines the brightest possible light, for the moment, on us. And I think people, if they take a look, will like what they see and also want to invest in us."