Spelman College’s summer of significant financial contributions continued Monday when officials announced a couple has donated $10 million to the Atlanta college dedicated to educating Black women.
The gift came from Seth and Beth Klarman and will be used for scholarships with an emphasis on helping students overcome the financial barriers that may prevent them from graduating, Spelman said in a statement. Seth Klarman is a hedge fund investor whose net worth is estimated at $1.5 billion, according to Forbes. The couple has a foundation that has donated to various organizations in the Boston area, to groups supporting the Jewish community and Israel and efforts to address various health issues.
Historically Black Colleges and Universities have traditionally had trouble getting major donations from philanthropic organizations. Spelman, though, has fared better than most HBCUs on the donor front. Its six-year graduation rate, 75% according to federal data, is the highest among any HBCU.
Here are some other recent major donations in recent months to Spelman:
- A $40 million contribution in June from Netflix CEO Reed Hastings and his wife, philanthropist Patty Quillin. The money will go to student scholarships.
- The college received a $20 million donation in July from author and philanthropist MacKenzie Scott, which it said it will use for various purposes such as technological infrastructure, developing new sources of revenue and improving academic facilities.
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