LeMoyne-Owen College, a historically black college in Memphis, has announced a $40 million endowment gift from the Community Foundation of Greater Memphis.
The gift is the largest in the school’s history and one of the largest gifts to any historically black college or university (HBCU). The funds, which are unrestricted, will be used as college officials deem appropriate, including scholarships and emergency assistance for displaced students.
Nearly 90 percent of students at LeMoyne-Owen qualify for financial aid or currently receive federal Pell Grants. The college recently has launched initiatives to ensure that students can return to campus in the fall and is working to provide electronic devices and improved Wi-Fi access for remote learning.
“Many of our students and their families were already struggling, even before COVID-19. Recent demonstrations have heightened our awareness and commitment to do more to address the inequality and racism that has led to their financial challenges and the critical need to create a more equal and just world,” said LeMoyne-Owen College interim president Carol Johnson Dean. “The Community Foundation of Greater Memphis has generously and courageously helped LeMoyne-Owen College take a huge step forward in educating our future leaders and providing a stronger financial foundation from which to grow.”