Vanguard Group Inc. is supporting historically Black colleges and universities with $350,000 that will aid schools, students and faculty dealing with the fallout of the COVID-19 pandemic.
The $5.9 trillion Malvern, Pa.-based money manager contributed $100,000 to Thurgood Marshall College Fund's COVID-19 HBCU Emergency Fund, which helps ensure that students and faculty have access to tuition assistance, mental health support and virtual learning tools, said a June 26 news release from Vanguard. The firm also provided $50,000 each in direct emergency support to Delaware State University, Florida A&M University, Hampton University, Howard University and North Carolina A&T State University — all HBCUs, which have been disproportionately affected by COVID-19, the news release said.
HBCUs have been faced with gaps in philanthropy and expect decreased enrollment as a result of the ongoing pandemic. Additionally, schools have faced obstacles pivoting to large-scale virtual learning platforms due to a lack of sufficient technological infrastructure and internet access, and economic hardships facing students and their families, the release said.
Vanguard's $50,000 contribution for each school will "support direct COVID-related emergency aid to students" and "assist with the technology infrastructure needs of the schools," said Crystal Hardie Langston, the firm's chief diversity officer, in an email.
The Thurgood Marshall College Fund, a Washington-based non-profit, was established in 1987 and is the country's largest organization exclusively representing the Black college community, having awarded more than $300 million in assistance to its students and member schools, according to the TMCF's website.
