‘We Hope This Will Help More Black Students Follow Their Dreams’ - CEO Reed Hastings
Netflix CEO Reed Hastings and wife Patty Quillin on Wednesday committed $120 million to two historically Black colleges and the United Negro College Fund, making it the biggest individual donation ever to support scholarships at HBCUs in a bid to “reverse generations of inequity” in the U.S.
KEY FACTS
The donation will enable 200 four-year scholarships over 10 years for students at Spelman and Morehouse Colleges in Atlanta. Along with the UNCF, each institution will receive $40 million.
The couple said in a statement: "Both of us had the privilege of a great education and we want to help more students - in particular students of color - get the same start in life."
“As the U.S. searches for ways to start addressing the inequities faced by Black people, UNCF, Spelman and Morehouse urge other philanthropists to invest in HBCUs—institutions that improve mobility and create new generations of leaders, increasing justice, equality and opportunity in America,” a statement from Spelman read.
Spelman College president, Mary Schmidt Campbell, said of the donation: “It’s going to mean that every year we’re going to be able to identify 20 high-performing students, high-need students and say to them 'you get to go to college debt-free.’”
Separately, Hastings donated $1 million to the Centre for Policing Equity earlier this month, in the wake of George Floyd’s death.
CRUCIAL COMMENT
Hastings and Quillin added in their statement: “HBCUs have a tremendous record, yet are disadvantaged when it comes to giving. Generally, White capital flows to predominantly White institutions, perpetuating capital isolation. We hope this additional $120 million donation will help more Black students follow their dreams and also encourage more people to support these institutions - helping to reverse generations of inequity in our country.”
KEY BACKGROUND
The philanthropic couple are longtime advocates for education reform, and in 2016 the Netflix co-founder established a $100 million Hastings Fund to expand “rich and holistic” educational experiences within communities. That fund previously donated $1.5 million to the UNCF. This week, it emerged that Hastings is building a secret, 2,100-acre retreat at the foothills of the Rocky Mountains that will serve as a training ground for public schools teachers, Recode reports.
ADDITIONAL INFO
Hastings is estimated by Forbes to be worth $4.9 billion.
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