Netflix's CEO Reed Hastings and his wife Patty Quillin will donate $120 million to historically black colleges and universities, which will be a 'history-making gift,' according to one expert.
Several times a year, a billionaire makes headlines for a donation to a university. These gifts, which can reach into nine figures, are almost the exclusive purview of institutions with huge endowments and relatively large populations of white and wealthy students.
“Would a even an Ivy appreciate a gift of this amount? Sure, but would that gift likely stand the test of time for decades, even generations to come? Likely not,” said Crystal DeGregory, a research fellow at Middle Tennessee State University’s Center for Historic Preservation. “Fortunately for the benefactors and for their brand, this is a history-making gift.”
‘A little too soon to declare victory’ Michael Sorrell, the president of Paul Quinn College, a historically black college in Dallas, Texas, said he was “thrilled” to hear about Hastings’ and Quillin’s gift. Still he said it’s too early to tell whether historical trends in giving might change as a result of it.
— Michael Sorrell, the president of Paul Quinn College, a historically black college in Dallas, Texas The racial wealth gap plays a role in this dynamic. Given that black families have less wealth to draw on, a large share of the student population served by HBCUs may struggle to afford college. That, combined with well-documented labor market discrimination, means that once students become alumni, they may not have as much of a financial cushion to donate to their alma mater.
“ Historically black colleges and universities saw the sharpest drop in federal funding per full-time student between 2003 and 2015, according to the American Council on Education. ” To bolster the finances of the HBCU sector, “there has to be something very robust,” Frederick said that likely goes beyond donations to those schools, given their relative sound financial footing.
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Netflix CEO to donate $120M to historically black collegesNetflix CEO Reed Hastings and his wife, Patty Quillin, are donating $120 million toward student scholarships at historically black colleges and universities. The couple is giving $40 million to each of three institutions: the United Negro College Fund, Spelman College and Morehouse College. The organizations
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