Today, Spelman College announced they have received a donation of $100 million, making it the largest single donation to a Historically Black College or University.
The gift came from Ronda Stryker, the medical equipment company Stryker Corp. director, and her husband William Johnston, chairman of wealth management firm Greenleaf Trust.
Stryker, a Spelman Board of Trustees member since 1997, comes as the all-female college marks 100 years since its official naming in 1924.
She added that this donation is a critical step in the school’s mission to eliminate financial barriers to starting and finishing students’ education.
$75 million of the donation will go towards the school’s endowment fund to help provide scholarships for future students. The funds will also help reach its goal of increasing its endowment to $1 billion in the next five years.
READ MORE: New Spelman board chair aims to increase endowment to $1 billion in five years
The remaining $25 million will go to develop an academic focus on public policy and democracy and improve student housing.
