Spelman College announced a “historic” $100 million donation from a billionaire businesswoman and school trustee.
The gift is the largest single donation ever given to a Historically Black College and Universities (HBCU) school. It also comes as the school marks 100 years since its official naming in 1924.
$75 million will go toward endowed scholarships for students. The other $25 million will be used to improve student housing, develop academics for public policy and democracy and “provide flexible funding” for other needs.
“We are invigorated and inspired by this incredible act of generosity,” Spelman College President Helene Gayle said. “This gift is a critical step in our school’s mission to eliminate financial barriers to starting and finishing a Spelman education.”
The donation comes from Ronda Stryker, an American billionaire heiress, a granddaughter of Homer Stryker, the founder of medical equipment manufacturer Stryker Corporation, of which she is a director, and her husband William Johnston, the chairman of wealth management firm Greenleaf Trust.
Stryker has been a Spellman College trustee since 1997.
