America’s 2014 Top 10 College Donations


In the world of philanthropy there are two types of donors that development offices love. High-quality donors who give consistently and over their lifetime will probably give six to seven figures of donations. Often these donors leave the bulk of their donation through their estate. The second are transformative donors who can change the paradigm of an entire institution with one donation. These donors are masters of their universe with the wealth and power they wield and often the barons of their particular industry. Donations from transformative donors range from eight to nine figures.

The 2014 top donors definitely saw a pull back from their 2013 giving. Combined donations came in $500 million lighter than last year. However, this year was led by two brothers, Ronald and Gerald Chan (pictured above), who donated $350 million to Harvard’s School of Public Health.  Their donation is equal to 10 percent of Harvard’s endowment, which still is the world’s largest college and university endowment.


Total Giving Combined – $2.0 Billion

Median Donation – $60 Million

Average Donation -$79.4 Million

The combined donations are equal to all HBCU endowments combined.


Total Net Worth Combined – $42.8 Billion reported

Median Net Worth – $2.2 Billion reported

Average Net Worth – $4.3 Billion reported

This year was extremely geographically diverse with 16 different states being represented. California, New York, and Illinois all tied for three apiece.

1. Morningside Foundation (Gerald & Ronald Chan) – $350 Million
Recipient: Harvard School of Public Health
Source of Wealth: Family wealth, Finance, Investments
Net Worth: $2.4 Billion

2. Kenneth C. Griffin – $150 Million
Recipient: Harvard University
Source of Wealth: Finance
Net Worth: $6.5 Billion

T3. Fred Eshelman – $100 Million
Recipient: University of North Carolina at Chapel Hill, Eshelman School of Pharmacy
Source of Wealth: Health products
Net Worth: N/A

T3. Anonymous – $100 Million
Recipient: Oregon Health & Science University Foundation
Source of Wealth: N/A
Net Worth: N/A

T3. Anonymous – $100 Million
Recipient: Dartmouth College
Source of Wealth: N/A
Net Worth: N/A

T4. David Rockefeller – $75 Million
Recipient: Rockefeller University
Source of Wealth: Family wealth, Finance
Net Worth: $3 Billion

T4. John W. Jordan II – $75 Million
Recipient: University of Notre Dame
Source of Wealth: Finance
Net Worth: N/A

T4. Alfred C. Warrington IV & Judy Warrington – $75 Million
Recipient: University of Florida, Warrington College of Business Administration
Source of Wealth: Industry
Net Worth: N/A

T4. Sandra & Edward Meyer Foundation – $75 Million
Recipient: Weill Medical College of Cornell University
Source of Wealth: Advertising
Net Worth: N/A

5. Jay H. Shidler – $69 Million
Recipient: University of Hawaii Foundation
Source of Wealth: Investments, Real Estate
Net Worth: $700 Million

T6. Charles T. Munger – $65 Million
Recipient: University of California – Santa Barbara
Source of Wealth: Investments
Net Worth: $1.3 Billion

T6. Albert P. Viragh (deceased) – $65 Million
Recipient: John Hopkins Medicine, Sidney Kimmel Comprehensive Cancer Center
Source of Wealth: Finance, Investments
Net Worth: N/A

T7. Vanier Family – $60 Million
Recipient: Kansas State University
Source of Wealth: Agriculture
Net Worth: N/A

T7. Mulva Family Foundation (James & Miriam Mulva) – $60 Million
Recipient: University of Texas at Austin
Source of Wealth: Energy, Oil
Net Worth: N/A

8. Madison and Lila Reetz Self – $58 Million
Recipient: University of Kansas
Source of Wealth: Chemicals, Finance
Net Worth: N/A

9. Kavitark & Vidjealatchoumy Shriram – $57 Million
Recipient: Stanford University
Source of Wealth: Technology
Net Worth: $1.9 Billion

T10. Ronald & Eileen Weiser – $50 Million
Recipient: University of Michigan at Ann Arbor
Source of Wealth: Real estate
Net Worth: N/A

T10. Steve & Connie Ballmer – $50 Million
Recipient: University of Oregon
Source of Wealth: Technology
Net Worth: $20.6 Billion

T10. David & Cheryl Strauss Einhorn – $50 Million
Recipient: Cornell University
Source of Wealth: Finance
Net Worth: $2 Billion

T10. Donald (deceased) & Marilyn Keough – $50 Million
Recipient: University of Notre Dame
Source of Wealth: Food and beverage
Net Worth: N/A

T10. Jimmy Haslam – $50 Million
Recipient: University of Tennessee at Knoxville
Source of Wealth: Family wealth, Retail
Net Worth: $2.8 Billion

T10. Agnes Nelms Haury – $50 Million
Recipient: University of Arizona Foundation
Source of Wealth: Family wealth
Net Worth: N/A

T10. Thomas Kline – $50 Million
Recipient: Drexel University, Thomas R. Kline School of Law
Source of Wealth: Law
Net Worth: N/A

T10. Norm Asbjornson – $50 Million
Recipient: Montana State University
Source of Wealth: Manufacturing
Net Worth: N/A

T10. Gary K. Michelson – $50 Million
Recipient: University of Southern California
Source of Wealth: Health care, Invention
Net Worth: $1.6 Billion

Federal Reserve Chairwoman Janet Yellen’s March 2015 Press Conference (Video)

“In other words, just because we removed the word “patient” from our statement does not mean we are going to be impatient.” – Chairwoman Janet Yellen

One of the key points that Chairwoman Yellen points to is that despite a 2.5 percent growth of GDP in 2014 there appears to be a slowing of growth to start 2015. A sign that while the stock market has been robust the real economy has struggled to pick up as signaled by sluggish consumer spending indicators. Housing and export growth also appears to show rising weakness ahead. Estimates for unemployment over the next two years by the FOMC are expected to come in at 5.0 to 5.2 percent range.

Chairwoman Yellen also appeared to confirm what most economist are predicting in terms of an interest rate hike coming in June if conditions at a minimum hold. For the full statement and the Q&A that follows click on the video below.

Unemployment Rate By HBCU State – January 2015

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ALABAMA –  6.0% (5.7%)

ARKANSAS – 5.6% (5.7%)

CALIFORNIA – 6.9% (7.0%)

DELAWARE – 5.0% (5.4%)


FLORIDA – 5.7% (5.6%)

GEORGIA – 6.4% (6.9%)

ILLINOIS – 6.1% (6.2%)

KENTUCKY – 5.5% (5.7%)

LOUISIANA – 7.0% (6.7%)

MARYLAND – 5.5% (5.5%)

MASSACHUSETTS – 5.1% (5.5%)

MICHIGAN – 6.3% (6.3%)

MISSISSIPPI – 7.1% (7.2%)

MISSOURI –  5.5% (5.4%)

NEW YORK – 5.8% (5.8%)

NORTH CAROLINA – 5.4% (5.5%)

OHIO – 5.1% (4.8%)

OKLAHOMA – 3.9% (4.2%)

PENNSYLVANIA – 5.1% (4.8%)

SOUTH CAROLINA – 6.6% (6.5%)

TENNESSEE – 6.7% (6.5%)

TEXAS – 4.4% (4.6%)

VIRGINIA – 4.7% (4.8%)

*Previous month in parentheses.

HBCU Money™ Business Book Feature – Naked Economics: Undressing the Dismal Science


“Explains our global economy in a way that is (gasp!) actually entertaining.”—Book Magazine

Finally! A book about economics that won’t put you to sleep. In fact, you won’t be able to put this bestseller down. In our challenging economic climate, this perennial favorite of students and general readers is more than a good read, it’s a necessary investment—with a blessedly sure rate of return. Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives readers the tools they need to engage with pleasure and confidence in the deeply relevant, not so dismal science.

This revised and updated edition adds commentary on hot topics, including the current economic crisis, globalization, the economics of information, the intersection of economics and politics, and the history—and future—of the Federal Reserve.

HBCU Money™ Dozen 3/16 – 3/20


Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.


Target to pay $10M in proposed settlement for 2013 breach l Computerworld

Electrolyte-monitoring wearables & medical diagnostic bioscience devices headed to doctors’ offices l Sandia Labs

Keeping horses cool with small changes in diet l KY Equine Research

Health records are the new credit cards l CSOonline

Veterans to share intern experience on Reddit l Livermore Labs

Forget interviews. You might get your next job by being good at a video game l New Scientist

Federal Reserve, Central Banks, & Financial Departments

How to hire highly engaged employees l World Economic Forum

Big banks and credit unions are getting prepped for EMV, but there’s no relief in sight for fraud. l CU Journal

Experts advise saving 10% of your gross income, but save whatever you can to get started. l America Saves

With government debts at record peacetime levels, how can we better manage economic risks? l World Economic Forum

Can we design a zero-emissions car? l World Economic Forum

How one credit union’s “financial wellness center” is breaking the branch mold. l CU Journal

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.

The HBCU Money™ Weekly Market Watch

Our Money Matters /\ March 20, 2015

A weekly snapshot of African American owned public companies and HBCU Money™ tracked African stock exchanges.


African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $8.90 (1.14% UP)

M&F Bancorp (MFBP) $4.45 (0.00% UNCH)

Radio One (ROIA) $2.96 (3.50% UP)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  264.41 (0.41% UP)

Botswana Stock Exchange (BSE)  9 655.77 (0.00% UNCH)

Ghana Stock Exchange (GSE)  2 190.84 (3.10% DN)*

Nairobi Stock Exchange (NSE)  172.47 (N/A)

Johannesburg Stock Exchange (JSE) 52 631.78 (0.21% DN)

International Stock Exchanges

New York Stock Exchange (NYSE) 11 087.87 (1.43% UP)

London Stock Exchange (LSE)  3 788.26 (0.1% DN)

Tokyo Stock Exchange (TOPIX)  1 580.51 (0.30% UP)


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2015 HBCU-Based Credit Unions: Alabama A&M’s Councill Credit Union Leads A Weak Pack

By William A. Foster, IV

Opportunity has power over all things. – Sophocles


(Pictured Above: Councill Federal Credit Union at Alabama A&M University)

The release of the second annual HBCU Money African American Credit Union Directory allowed us to uncover two more HBCU-based credit unions. A total of eleven HBCU-based credit unions that control a combined $87 million in assets and have 17 099 in members. For comparison, Navy Federal Credit Union, America’s largest credit union has $63.7 billion in assets and 5.3 million members. Three years ago, I wrote on what forming a national HBCU credit union would look like and why it should be a reality. As it turns out, much of the infrastructure for this reality is already in place. Now the question is, what is holding us back?

  1. Southern Teachers & Parents (LA) – $28 million ($29 million)
  2. Florida A&M University (FL) – $19.6 million ($20.6 million)
  3. Howard University Employees (DC) – $11.3 million ($11.4 million)
  4. Virginia State University (VA) – $9.6 million ($10.6 million)
  5. Prairie View (TX) – $4.8 million ($5 million)
  6. Savastate Teachers (GA) – $3.6 million ($3.6 million)
  7. Councill (AL) – $3.4 million ($3.1 million)
  8. Xavier University (LA) – $2.4 million (N/A)
  9. Arkansas A&M College (AR) – $2.3 million (N/A)
  10. Tennessee State University (TN) – $1.4 million ($1.4 million)
  11. Shaw University (NC) – $0.5 million ($0.5 million)

If the eleven merged it would the eleventh largest credit union by assets and by members, and would be only the second African American financial institution with a national footprint. The other being OneUnited Bank, which covers Massachusetts, Florida, and California.The lack of products at HBCU-based credit unions continues to be a chief complaint of why so little deposits seem to remain in them. Everything from better web-presence, mobile banking, investment products, and small business loans could be rolled out in scale if the eleven merged.

Instead, six of the nine HBCU-based credit unions we reported from last year saw their assets drop. Median and average assets fell 1.7 percent and 1.4 percent, respectively among last year’s group of nine. In terms of membership, membership also declined in six of the nine HBCU-based credit unions as well. Membership overall fared into the red with median and average membership down 2.3 percent and 6.3 percent, respectively. Two trends you want to desperately avoid if you are any institution. The best performer was Councill Credit Union at Alabama A&M University who saw an increase of 8.5 percent in assets, this despite the second worse drop among the group in membership decline with a 17 percent drop. Tennessee State University’s Credit Union had the largest increase in membership with a 6.3 percent increase from 2014. However, it only resulted a 1.7 percent increase in assets. One of only three HBCU-based credit unions to see an increase of any sort in assets from the previous year so I guess the cup is half full if you want to see it as such.

Unfortunately, there also seems to be no urgency by these credit unions to do the things necessary to increase their membership and assets. Students entering into HBCUs today may be more financially illiterate than a generation ago, but they have more complex financial needs thanks in large part to student loans playing such a large role into today’s higher education finance. Not to mention the reduced role that social security will play in their long-term retirement planning. An issue that should be prompting more HBCU-based credit unions to find ways to help students reduce student loan debt and start retirement planning while in college. A hard task to give this group given the limited financial products and services they offer leave HBCU-based credit unions minute opportunity to serve the needs of students, faculty, campus organizations, or even the HBCUs themselves. These limited products and services are largely an issue of lacking scale. Instead of a credit union with at least $87 million in assets, the median is $3.6 million amongst eleven with declining assets and membership. Instead of students, faculty, and institutions who travel more today than ever to conferences, tournaments, etc. being able to access their money at one of the eleven branches or through mobile app banking along the way, they are limited to just one insular branch with technology that at best reminds you of AOL dial-up. Holding onto students is even more difficult with most returning to their hometowns or nearest major city upon graduation and only returning to the campus at most once a year for homecoming. Incentive to keep banking beyond graduation? None.

Lauryn Hill has a wonderful song called the Ex-Factor that I think often describes African America institutional strategic behavior and with HBCU-based credit unions it seems no different. “It could all be so simple, but you’d rather make it hard. Loving you is like a battle and we both end up with scars.” I still believe with the right vision, an HBCU credit union could rival the Navy Federal Credit Union and give African America a place of financial safety instead of the scars we constantly end up with from predatory financial services that come into communities because we are left with such meager choices from our own financial institutions. It really all could be so simple, but more than likely we will continue to make it hard.