HBCUs, though underfunded, provide billions in economic stimulation
A new report details how Historically Black Colleges and Universities (HBCUs) have continued to provide opportunities of upward mobility for Black Americans even as they remain woefully underfunded compared to Predominantly White Institutions (PWIs).
The United Negro College Fund (UNCF) released its 2024 HBCU Economic Impact Report — Transforming Futures: The Economic Engine of HBCUs — Thursday, providing data about the economic power, policy reform and partnerships needed to ensure these universities and colleges receive funding and support in order to continue operating.
“Historically Black Colleges and Universities have been underfunded since their inception, and all you have to do is look at how they were founded,” said Lodriguez Murray, the senior vice president for public policy and government affairs at UNCF.
Murray pointed out that many HBCUs were founded during and in the aftermath of the Civil War, when it was illegal for African Americans to learn to read and write.
“And then, like African Americans themselves and many African American institutions, it has been much harder for them to garner resources and capital,” Murray said. “Financial institutions often viewed individual African Americans and African American institutions as a higher risk for lending, and so getting access to capital has been a chore for these institutions.”
Today, HBCUs generate $16.5 billion annually in economic impact on communities across the U.S., according to the report.
The collective employment impact of HBCUs on their regional economies was 136,048 jobs, which totals more than the number of jobs at Dell or Intel — the 42nd and 43rd largest publicly-traded American companies.
“HBCUs are big players economically for the local, city and region where they're located, as well as the state and collectively throughout the country, when you can showcase the total economic impact of an institution, when you can showcase the lifetime earnings of one class per institution,” Murray said.
“When you can showcase the total number of jobs that are impacted per institution, you no longer are looking at these institutions in an anecdotal way, but as economic engines,” he added.
While the Biden-Harris administration has invested more than $1 billion to the nation’s 101 HBCUs and philanthropic efforts increased following the 2020 murders of George Floyd and Breonna Taylor, not a single one holds a billion-dollar endowment and the combined endowments of all HBCUs are less than $5 billion.
The lack of endowments present significant challenges, according to the report, in light of the combined ongoing effects of the COVID-19 pandemic, resources spent in response to the violent threats levied against HBCUs and the economic uncertainty around the schools.
For example, 76 bomb threats have been made against 51 HBCUs since Jan. 1,2022, causing disruptions to daily operations, including school closures or delays, shelter-in-place orders and resources being diverted to ensure campus safety. As such, HBCU presidents and students alike have expressed concerns that HBCUs lack the necessary resources required to manage threats, according to the report.
Still, Murray said, it is a testament to the strength of HBCUs that they have persevered despite the challenges.
“For far too long, we’ve allowed the narrative that HBCUs are without to reign,” Murray said. “It is now time to speak to the strength of our students, the strength of our graduates, and allow these institutions to be seen for the great cathedrals in higher education that they always have been.”
Date: |
-
GameSpot - Tech
Ubisoft Denies Reports XDefiant Is Dying, Provides Updated Year One Roadmap
Ubisoft has released an updated Year One roadmap for its free-to-play shooter, XDefiant , highlighting important changes and new content coming down the road. The blog post also denies reports ...1 hour ago -
Financial Times - Business
Von der Leyen gives top economic jobs to interventionist EU countries
France, Italy and Spain to share influential portfolios in next European Commission10 hours ago - European Union -
CNBC - Business
New details of Trump family crypto project released, including who can buy in
World Liberty Financial is expected to operate as a crypto banking platform.17 hours ago - Donald Trump -
The Wall Street Journal - World
'Pig-Butchering' Scams Cost Americans Billions. This Lawyer Is Taking Them On.
Prosecutor Erin West has been one of the few to have any success against the overseas criminal networks perpetrating a new type of fraud.7 hours ago -
The New York Times - Business
$50 Billion in Aid to Ukraine Stalls Over Legal Questions
U.S. and European officials are struggling to honor their pledge to use Russian assets to aid Ukraine.6 hours ago - Ukraine -
Inc. - Business
Pentagon to Manage Intel's Latest $3 Billion Grant Under CHIPS Act
As foreign rivals leave the marquee chip maker behind, Intel gets a boost from the government, which wants to keep some semiconductor manufacturing securely and reliably based in the U.S., with ...4 hours ago -
VentureBeat - Tech
EA aims to double audience to over 1 billion in 5 years
Electronic Arts unveiled its EA Sports App for connected entertainment beyond gaming will begin testing this fall.1 hour ago -
Yahoo News - World
Cyprus says progress seen in talks with Greece on multi-billion electric cable link
14 hours ago -
MarketWatch - Business
FanDuel owner Flutter Entertainment strikes $2.6 billion deal to buy Italy’s Snaitech
Flutter Entertainment has reached an agreement to acquire Playtech subsidiary Snaitech, in what will see the Irish company become Italy’s largest gambling business12 hours ago
More from The Hill
-
The Hill - Politics
Klobuchar, Warner press tech leaders to take action against election-related disinformation
Democratic Sens. Amy Klobuchar (Minn.) and Mark Warner (Va.) sent a letter to major tech leaders on Tuesday, urging them to take "decisive action" against disinformation related to the 2024 general ...9 minutes ago -
The Hill - Politics
Tensions rise after apparent Trump assassination attempt
Welcome to The Hill's Campaign newsletter {beacon} Campaign Report Campaign Report The Big Story Tensions rise after apparent Trump assassination attempt Another major event has shaken up the ...11 minutes ago - Donald Trump -
The Hill - Politics
Evening Report — Trump returns to campaigning after assassination attempt
Presented by the National Council on Aging — 📝 Speaker Johnson pushes ahead in funding bill fight {beacon} Evening Report © UPI photo Trump returns to campaign trail amid outrage over second ...12 minutes ago - Donald Trump -
The Hill - Politics
Democrats block Cruz attempt to pass GOP IVF bill
Democrats on Tuesday blocked an attempt by Republican Sens. Ted Cruz (Texas) and Katie Britt (Ala.) to pass a GOP IVF access bill through unanimous consent, repeating a similar showdown that ...17 minutes ago -
The Hill - Politics
GOP won't force a vote to overturn nursing home staffing rule
Republicans are not planning to force a vote on a resolution to overturn the Biden administration’s plan mandating minimum staffing levels in nursing homes, Sen. James Lankford (R-Okla.) said. A ...18 minutes ago