MSM Receives Historic $175 Million Donation from Bloomberg Philanthropies
Grant is largest in school’s history and is part of a $600 million investment by Bloomberg Philanthropies in historically Black medical schools.
ATLANTA, GA – August 6, 2024 – Morehouse School of Medicine (MSM) today announced a $175 million donation to its endowment from Bloomberg Philanthropies’ Greenwood Initiative which is the largest grant from a single organization in the medical school’s nearly 50-year history. The gift marks the largest gift given to a single Historically Black College and University (HBCU) surpassing the $100 million donation to Spelman College in Atlanta last year.
The donation is part of a combined $600 million investment by Bloomberg Philanthropies in the nation’s four historically Black medical schools, which, in addition to MSM, include Charles R. Drew University of Medicine and Science, Howard University College of Medicine and Meharry Medical College. Bloomberg Philanthropies also contributed seed funding to support the creation of Xavier Ochsner College of Medicine, a new medical school in New Orleans.
“We are immensely grateful to the Bloomberg Philanthropies’ Greenwood Initiative for this generous gift to our endowment, providing us with a stronger financial foundation as we continue our mission to produce physicians trained in delivering competent and compassionate care which research has proven leads to better patient outcomes,” said Morehouse School of Medicine President and CEO Dr. Valerie Montgomery Rice. “As we approach our 50th anniversary, this support perfectly aligns with the vision of Morehouse School of Medicine and is pivotal in fortifying our commitment to help build a future where every community has access to quality healthcare.”
As the nation faces a shortage of 86,000 physicians by 2036 according to the American Association of Medical Colleges, the Bloomberg Philanthropies gift gives Morehouse School of Medicine a solid financial underpinning that will enable it to provide more support to its students and help the medical school continue to contribute to building a more diverse healthcare workforce. “We not only need more physicians in the future, but we also need a healthcare workforce that is well-equipped to serve a more multigenerational, multicultural American society,” said Dr. Montgomery Rice.
In 2020, Morehouse School of Medicine received a $26 million gift from Bloomberg Philanthropies through its Greenwood Initiative – an effort to advance racial wealth equity including addressing systemic underinvestment in Black institutions and communities. The investment specifically aimed at alleviating our students' medical debt. Before this generous support, during the 2019-2020 academic year, 43% of MSM’s graduating students had debt exceeding $250,000. However, in the most recent class for the 2023-2024 academic year, that number has dropped to just under 19%. This significant reduction underscores the positive impact of the Greenwood Initiative on Morehouse School of Medicine’s students' financial well-being.
The new Bloomberg Philanthropies gift follows the school receiving a $25 million Cancer Grand Challenge research grant in March making it the first HBCU to head a Cancer Grand Challenge global team.
In recent years, Morehouse School of Medicine has undertaken several innovative healthcare initiatives including its Center for Maternal Health Equity, the David Satcher Global Health Equity Institute, the Institute for Translational Genomic Medicine which focuses on the impact the African genome has on health and medicine, and the More in Common Alliance in partnership with CommonSpirit Health that seeks to expand diversity in the healthcare workforce.
About Morehouse School of Medicine
Founded in 1975, Morehouse School of Medicine (MSM) is among the nation's leading educators of primary care physicians, biomedical scientists, and public health professionals. An independent and private historically-Black medical school, MSM was recognized by the Annals of Internal Medicine as the nation's number one medical school in fulfilling a social mission—the creation and advancement of health equity. Morehouse School of Medicine's faculty and alumni are noted for excellence in teaching, research, and public policy, as well as exceptional patient care. MSM is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools to award doctoral and master's degrees. To learn more about programs and donate today, please visit www.msm.edu or call 404-752-1500.
Contact
Jamille Bradfield
Morehouse School of Medicine
jbradfield@msm.edu