LeMoyne-Owen College – an historically Black college based in Memphis, Tennessee – is quadrupling its current endowment thanks to $40 million from the Community Foundation of Greater Memphis. It’s the biggest gift in the institution’s history, the school announced on Thursday.
The college will annually receive 5%, about $2 million, of the average balance. Christopher Davis, chairman of the board, said the funding will likely go toward scholarships and tools that will better prepare students for the local job market, the Commercial Appeal reported.
The college’s announcement comes as the coronavirus pandemic continues to put a financial strain on the school and its students.
“Even before the pandemic, there has been transformative work happening at LeMoyne-Owen College,” said Community Foundation of Greater Memphis President Bob Fockler in a statement. “The college offers unique opportunities for African-American students, and we are committed to ensuring that work continues to benefit students and their families for years to come.”