CDU RECEIVES HISTORIC FINANCIAL GIFT FROM BLOOMBERG PHILANTHROPIES
Charles R. Drew University was granted a 7.73 million share of the $ 100 million gift to HBCU medical schools by Bloomberg Philanthropies, the charitable arm of former New York Mayor and presidential candidate Michael Bloomberg.
Earlier in September, Bloomberg pledged $ 100 million in scholarships to four of America’ s historically Black medical schools over the next four years. The move was triggered in part by the devastating impact COVID-19 is having in the Black community.
Bloomberg called the number of Black deaths from COVID-19“ staggering” and cited a National Urban League report showing that Black people are nearly three times more likely than Whites to contract the virus, and twice as likely to die from it. The $ 100 million gift will provide up to $ 100,000 to nearly every medical student currently enrolled and receiving financial aid at the schools, according to reports.
Charles R. Drew University of Science and Medicine, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine are the recipient institutions. As cited in the New York Times, the immediate goal is to reduce medical students’ financial burdens by giving about 800 of them up to $ 100,000 in grants. The bigger goal, architects of the gift say, is to improve the health and wealth of Black Americans.
CDU President David M. Carlisle, as quoted in the Times report, added,“ these funds are really going to shout to the world that historically Black medical schools are not just there, but that they’ re there in a big, meaningful way.”
In a recent University Forum address, he added that the grant funds will be an important support to medical students as they complete their schooling. Typically, at graduation students’ debt burden is at $ 200,000 and it is not unusual to be at or above $ 300,000. Such a sum can have a big impact on a young physician opting to serve in a low-income community.
COM Dean Deborah Prothrow-Stith further characterized the Bloomberg gift as historic for the University.“ This is the largest single gift that CDU has received in its history. It certainly sets the stage for a potential longer and stronger relationship with Bloomberg Philanthropies. And certainly, it is a tremendous opportunity made available to our students.”
CDU COLLEGE OF MEDICINE | PG. 05