Bloomberg gives $600 million to four Black medical schools' endowments

Michael Bloomberg's organization Bloomberg Philanthropies committed $600 million to the endowments of four historically Black medical schools to help secure their future economic stability.

- Thalia Beaty

Speaking in New York at the annual convention of the National Medical Association, an organization that advocates for African American physicians, Bloomberg, the former New York City mayor and billionaire founder of Bloomberg LP, pointed to the closure in the last century of all but four historically Black medical schools, despite the well-documented impact that Black doctors have on improving health outcomes for Black patients.

"Lack of funding and support driven probably in no small part by prejudice and racism, have forced many to close their doors," Bloomberg said of those medical schools. "We cannot allow that to happen again; this gift will help ensure it doesn't."

Black Americans fare worse in measures of health compared with white Americans, an Associated Press series reported last year. Experts believe increasing the representation among doctors is one solution that could disrupt these long-standing inequities. In 2022, only 6% of US physicians were Black, even though Black Americans represent 13% of the population. Almost half of Black physicians graduate from the four historically Black medical schools, Bloomberg Philanthropies said.

The gifts are among the largest private donations to any historically Black college or university, with $175 million each going to Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. Charles Drew University of Medicine & Science will receive $75 million. Xavier University of Louisiana, which is opening a new medical school, will also receive a $5 million grant.

The donations will more than double the size of three of the medical schools' endowments, Bloomberg Philanthropies said. Donations to endowments are invested with the annual returns going into an organization's budget. Endowments can reduce financial pressure and, depending on restrictions, offer nonprofits more funds for discretionary spending.