April 12, 2024
Xavier University Surpasses $100M Fundraising Milestone
Xavier University has achieved a significant fundraising milestone, raising over $100 million as part of its ambitious Centennial Campaign.
Xavier University of Louisiana, the nation’s sole Black Catholic historically Black college and university (HBCU), has achieved a significant fundraising milestone, raising over $100 million as part of its ambitious Centennial Campaign, which has a goal of raising $500 million, according to ESSENCE. The university’s achievement is a testament to its commitment to excellence and its enduring impact on producing future leaders.
The accomplishment is particularly noteworthy against the backdrop of chronic underfunding faced by HBCUs nationwide, amounting to an estimated $12.6 billion deficit. Education Secretary Miguel Cardona underscored the urgency of addressing these funding inequities, urging state leaders to fulfill their obligations to historically Black institutions.
Reynold Verret, president of Xavier University of Louisiana, expressed pride in the milestone, highlighting the university’s role in nurturing thoughtful and intelligent leaders prepared to tackle society’s challenges. “An investment in Xavier is not only an investment in our current students, but it’s an investment in social justice, racial justice, and the future of our communities,” Verret said, emphasizing the broader significance of the university’s success.
Xavier University’s fundraising success reflects its commitment to providing quality education and resources for its students. With aspirations to lead the way for future trailblazers, the university aims to leverage its financial support to drive excellence and innovation in education.
Recently, a $100 million donation was made to Spelman College by billionaire philanthropists Ronda Stryker and William Johnston, which has drawn significant attention. The substantial contribution will support scholarships, academic programs focusing on public policy and democracy, and improvements to student housing, highlighting a trend of increased philanthropic support for HBCUs following the racial justice protests sparked by George Floyd’s killing in 2020.
Despite their crucial role in fostering excellence and social mobility within Black America, HBCUs continue to face stark financial disparities compared to their wealthier, predominantly white counterparts. The overall endowments of all HBCUs combined amount to less than a tenth of Harvard University’s endowment, underscoring the vast financial divide.
However, despite these positive developments, overall donations to HBCUs still lag far behind those received by other prestigious institutions. In 2019, HBCUs received a mere fraction of the funding from foundations compared to Ivy League schools, emphasizing the persistent financial challenges they face.