By
Boyce Watkins, PhD
Virginia State University is set to receive the largest gift in the school's history, a $1.5 million grant from the foundation of the late Reginald Lewis. The school is going to rename the business school after Lewis, who is considered by some to be the most successful black entrepreneur in history.
Lewis' life was cut short in 1993, when he died of brain cancer at the age of 50. He graduated from VSU in 1965, after going to the school on a football scholarship. The money is going to be placed in an endowment used to support scholarships, student travel and faculty sabbatical support. The university also plans to give an academic prize to a student at graduation using funds from the endowment.
Federal matching funds is expected to increase the endowment to over $3 million, once additional fundraising has taken place. President Eddie N. Moore Jr., who retires tomorrow, is expected to lead the fundraising effort.
"This is a momentous achievement for Virginia State University," Moore said. "Reginald Lewis succeeded through savvy business dealings and by wisely choosing his investments."
I remember reading the autobiography of Reginald Lewis when I'd just graduated from college. I was encouraged to read the book by the author himself, who presented Lewis to me as a potential role model. Needless to say, I was impressed, for Reginald Lewis embraced the concept of black wealth building in a way that should be duplicated by every young black child in America.
VCU's outstanding gift reminds us of the struggle of Historically Black Colleges to obtain the funding and charitable giving they need in order to survive. Some believe that HBCU's struggle because African Americans simply refuse to give to their colleges. I don't believe this to be the case. Instead, HBCUs struggle to fund their endowments because black family wealth is less than one-fifth that of white families, making it that much more difficult for black families to give away their funds. Additionally, many successful and educated African Americans are saddled with tremendous amounts of student loan debt, in addition to a long list of relatives in desperate need of financial help. So, for many of us (notice, I used the word "us," since this has been my experience as well), charity ultimately ends up starting at home.
No comments:
Post a Comment