NORTH CAROLINA A&T ACHIEVES LARGEST PUBLIC HBCU ENDOWMENT
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Posted By: Catalina Deossa on August 01, 2024 Under the leadership of retiring Chancellor Harold L. Martin Sr., North Carolina Agricultural and Technical State University (A&T) has reached a significant financial milestone, with its endowment surpassing $200 million. This achievement represents a nearly tenfold increase since Martin assumed the role in 2009, when the endowment was approximately $20 million. As of June 30, 2024, A&T’s endowment stands at $202 million, making it the largest endowment among public historically Black colleges and universities (HBCUs) in the United States. The remarkable growth of the university’s endowment is attributed to both increased private donations and prudent management of university assets. This expansion positions A&T to be the fifth largest HBCU endowment overall, following private institutions such as Howard University, Spelman College, Hampton University, and Morehouse College, once all fiscal year 2024 figures are finalized. The increase in the endowment has been instrumental in providing substantial income to support A&T's programs and enhance its operations. It has also improved the university’s funding flexibility, facilitating more effective planning for future initiatives and strengthening its bond ratings, which is crucial in a highly competitive higher education environment. According to Martin, this financial growth helps secure the resources needed for A&T’s continued development as a leading doctoral research institution and supports its $2.4 billion economic impact on North Carolina. When Martin began his tenure, A&T launched the Campaign for North Carolina A&T in 2012 with an initial goal of raising $85 million. The campaign exceeded this target, leading to an increase in the goal first to $100 million and ultimately concluding in 2020 with $181.4 million raised. This successful campaign significantly boosted the endowment to around $140 million. The university’s effective management of its endowment, coupled with ongoing new private donations, has sustained and accelerated this growth, even amid challenging economic conditions. For example, during the fiscal year 2022, amidst the economic difficulties of the COVID-19 pandemic and high inflation rates, A&T and Howard University were the only two of the top ten HBCU endowments to experience growth, with A&T’s endowment increasing by nearly 5%. Robert Pompey, vice chancellor for Business and Finance, attributes this success to the outstanding work of the Endowment Committee and investment managers, who ensure that the funds are managed effectively to benefit the university. The $202 million endowment is part of A&T’s broader financial picture, which includes $218 million in total assets under management. This metric encompasses all financial assets managed for the university by third-party professionals, highlighting the scale of A&T’s financial resources and the impact of strategic investment and management on its overall financial health. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Catalina Deossa
Archaeologist, CHRONOS SAS Florida Int`l Univ class of 2011 Member Since April 2024 |
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