Tag Archives: HBCU

2020 HBCU-Based Credit Unions Directory & Map


HBCU-based credit unions have been largely stagnant in the past four years since our last report in 2016. Assets have increased marginally by $1.7 million or a 1.9 percent. Only the top three HBCU-based credit unions saw increases in their assets of the eleven with all others declining. The asset decline was coupled as well with an acute decline in overall members with an almost 10 percent drop from 2016. With millions of dollars and thousands of potential accounts at their doorstep, it is extremely baffling how these institutions continue to struggle to grow. Especially in an environment of heightened social and economic desire to #BankBlack. The most glaring issue for these credit unions is a lack of FinTech investment. This includes everything from lack of a quality website, debit cards, bill pay, an app, and more. Things that would be considered basics at most financial institutions are still notoriously lacking at HBCU-based credit unions.

In 2012, we published a proposal for a merger among the 11 HBCU-based credit unions (or at the very least an alliance) that would immediately create one of the largest African American credit unions by assets and membership. You can read that here.

  1. Southern Teachers & Parents (LA) – $30.3 million
  2. Florida A&M University (FL) – $22.9 million
  3. Virginia State University (VA) – $10.2 million
  4. Howard University Employees (DC) – $10.1 million
  5. Prairie View (TX) – $3.7 million
  6. Councill (AL) – $2.9 million
  7. Savastate Teachers (GA) – $2.7 million
  8. Arkansas A&M College (AR) – $2.3 million
  9. Xavier University (LA) – $1.7 million
  10. Tennessee State University (TN) – $1.5 million
  11. Shaw University (NC) – $0.4 million

TOTAL ASSETS: $88.7 MILLION

MEDIAN ASSETS: $3.3 MILLION

AVERAGE ASSETS: $8.1 MILLION

TOTAL MEMBERSHIP: 14,953

MEDIAN MEMBERSHIP: 754

AVERAGE MEMBERSHIP: 1,359

Source: National Credit Union Administration

The Cookout of Cookouts: Teddy Riley vs. Babyface & The HBCU Takeaway


The cookout of cookouts finally happened. Teddy Riley and Babyface came together and gave us everything we wanted and more. Yes, there were still some old black man technical difficulties, but ultimately, over 500,000 Instagram accounts logged in to watch – MAGIC. These two legends have produced, written, and been at the helm of creating hundreds (if not thousands) of undeniable hit records. The financial value of their catalogs possibly exceeds $1 billion. The music, event, and the gentlemen themselves provided a world of observations to behold. We tapped a few of our favorite HBCU intellects on their take from the night and what if anything they believe HBCUs could take away from such an amazing night for the culture.

Christen Turner, Alumnae of Spelman College, Founder of Matchmaking for Millennials & Janelle T Designs, @isthatchristen

“The battle itself was amazing. Never thought I’d feel so connected to my people through a social media platform. With that being said, we have to figure out a way to create our own hugely successful platforms AND/OR get a cut from the platforms that we literally keep relevant.”

Brandon Bellamy, Alumnus of North Carolina A&T State University, Associate Director (Student Services) and Adjunct Professor at Howard Community College, @ProfBellamy

“Like HBCUs, the Teddy Riley vs Babyface battle faced adversity from within, but also from external threats. Both artists brought an exceptional background, respect and similar perspectives on the transcendent nature of music. They are competitors in their work, but contemporaries like DuBois and Washington, whose approaches to the purpose of education varied – but the goal was the same, the improvement of our people. HBCUs can learn from this battle that there is nothing wrong with competition, but we must also be able to work together and strive for the common goal of success for all through education.”

Dr. Keneshia Grant, Alumnae of Florida A&M University, Author & Assistant Professor of Political Science at Howard University, @keneshiagrant

“On Monday night, Kenneth “Babyface” Edmonds came to Instagram to slay prepared to remind the world of his distinction in music. When Babyface’s preparation was met by Teddy Riley with a lack thereof, he calmly stayed the course and encouraged Riley to rise to the occasion. HBCUs could learn two important lessons from last night’s battle (and by battle, I mean tutorial in genius, excellence, and professionalism—taught exclusively by Babyface). First, professionalism in the presentation and delivery of our work is as important as the work itself. Second—and critical to many HBCU missions—we must balance patience and maintenance of high standards in our interactions with others (people, organizations, other HBCUs, etc).”

William A. Foster, IV, Alumnus of Virginia State University & Prairie View A&M University, Economist/Financier & Founder of HBCU Money, @astroeconomist

“It was an extraordinary night. For those of us who grew up with these two men, having them together in these times – I am not sure we could have asked for much more, technical difficulties aside. I will say for a budding HBCUpreneur, especially in technology, these moments have provided a clear opportunity for a need to provide a platform for moments such as these given the numerous issues and limitations. If I was managing an HBCU’s endowment, I would be courting them (Teddy Riley & Babyface) to see if they would donate a percentage of their catalog. Even a small percentage of the royalties would bring in millions over the years from these living legends.”

Charlyn Anderson, Alumnae of Howard University, Founder of Starting With Today, @startingwtoday

“But what immediately came to mind is too often our institutions (HBCUs) are compared to the bells and whistles of PWIs when the actual core of our education is stronger even in its simplicity. The lack of the extraneous has often worked to the benefit of the HBCU community because they don’t rely on bells and whistles as props but actually prepare to execute consistently on a high level regardless of amenities. Clearly siding with BabyFace, and even with that knowing your value and who you are brings a certainty in all spaces that doesn’t require you to move outside of your lane for approval and validation.

Marcus King, Prairie View A&M University, Founder of Hardly Home, @marcuskxng

“I’d like to say it’s another example of the need to elevate and promote a younger and more technologically advanced workforce to meet the needs of today’s digital world… but I’m a dreamer…”

Ultimately, there will be a lot to take away from this pandemic. There will be a plethora of academic studies that will need to be done, entrepreneurial opportunities, and HBCUs should try their best to be at the vanguard of them for our community. Moments like this are case studies that can help us learn, prepare, navigate, and shape the post-Covid world that we will eventually find ourselves in. Teddy Riley and Kenneth “Babyface” Edmonds gave us an amazing evening from the chaos outside, lessons within, and as always music to fill our souls with.

 

HBCU Money’s 2019 Top 10 HBCU Endowments


The adjective that best describes 2019 HBCU endowments – uninspiring. HBCU flagship endowments barely moved over the past calendar year. Of all reporting endowments, only The University of the Virgin Islands saw double digit gains in their endowment market value. Since breaking into the top 10 HBCU endowments in 2014, UVI has been on a meteoric rise almost doubling their endowment over the past six years and has become something of a canary in a coal mine.

There is plenty of blame to go around, but the jest of the matter is HBCUs and HBCU alumni associations continue to not do a good enough job of hammering financial and philanthropic literacy among their constituents. This leads to either a lack of investing or no investing at all among HBCU alumni and HBCU alumni associations and therefore a paltry engagement both from an alumni giving rate and alumni giving amounts. Simply put, there are still far too many HBCU alumni and students who do not know what an endowment is or its purpose and it is reflected in the endowments of our institutions.

If there is any solace to be taken from this year’s numbers, it is that HBCU endowments are largely in line with the overall sentiment of America’s college and university endowments. Unfortunately, the median HBCU endowment is less than 44 percent of the overall NACUBO median reporting endowment and HBCU endowments are just barely 18 percent of the NACUBO average reporting endowment.

HIGHLIGHTS:

  • HBCU Endowment Total – $2.1 billion
  • Number of PWIs Above $2 billion – 54
  • Number of PWIs Above $1 billion – 108
  • HBCU Median – $64.8 million (4.07%)
  • NACUBO Median – $149 million (5.02%)
  • HBCU Average – $148 million (4.25%)
  • NACUBO Average – $816.4 million (4.24%)

All values are in millions ($000)

1. Howard University – $692,832 (0.62%)

2. Spelman College – $390,462 (0.27%)

3.  Hampton University – $282,543 (-0.98%)

4.  Meharry Medical College – $159,146 (-0.48%)

5.  Florida A&M University – $98,213 (1.93%)

6.  University of the Virgin Islands – $71,684 (15.83%)

7. North Carolina A&T State University  – $68,459 (7.58%)

8.  Tennessee State University – $61,110 (4.11%)

9. Virginia State University – $57,383 (5.33%)

10.  Winston-Salem State University – $49,755 (7.66%)

OTHERS REPORTING:

Take a look at how an endowment works. Not only scholarships to reduce the student debt burden but research, recruiting talented faculty & students, faculty salaries, and a host of other things can be paid for through a strong endowment. It ultimately is the lifeblood of a college or university to ensure its success generation after generation.

Source: NACUBO

HBCU Money™ Turns 8 Years Old


By William A. Foster, IV

“Patience is not simply the ability to wait – it’s how we behave while we’re waiting.” – Joyce Meyer

Are we there yet? Any adult remembers asking this as a child and any parent remembers hearing this from a child. The trip could be to the grocery store or a road trip. Sometimes we think children are being impatient when it could be they are just excited and ready to explore all that awaits them at their destination. For myself and the building of HBCU Money, we are that metaphorical child.

Expecting to be much further, bigger, and covering far more ground by now. My HBCU Alumni Owned media contemporary Steven Gaither of HBCU Gameday recently put it best in a tweet, “Just because HBCU Gameday doesn’t show up at your school consistently doesn’t mean we are biased or hating. We don’t have the resources (manpower and money) to provide the same level of coverage for everyone consistently.” That really hit home for me. Steven and his team have been doing amazing work and have built an amazing following in a very short period, but like most HBCUpreneurs there is little in the way of resources available. We are often competing with major media and asked to cover our subject matter with the same level of quality all while doing it with 1/1000th of the resources. And yet, we know the work must be done and we will continue to do it. HBCU Money, HBCU Gameday, HBCU Digest, and other HBCU Alumni Owned media is not a luxury to our ecosystem, it is a necessity, imperative, and vital. The HBCU narrative, all of it from the good, the bad, and between absolutely must be controlled by those who know, love , and want to see the very best for our institutions.

In HBCU Money’s eighth year there is significantly more building to be done. The hiring of HBCU journalism graduates, YouTube channel to launch, acquisition of radio and television station, internship programs, and more. One day we will be ranking HBCU b-schools, graduate programs, and more. The vision is grand as I am sure it is for our colleagues, but patience is key because whether it happens in the next year or the next ten, we are here to stay, here to grow, and here to be a force. Thank you for eight years of support.

Rest In Peace Kobe & Gianna Bryant. May this year be a tribute to their work ethic from all of us at HBCU Money.

 

The Million Dollar Gift Club: 2018’s Seven Figure Donations To HBCUs Led By Spelman College


An uptick overall, but more importantly a bounce back for HBCUs is how 2018 would be described in the land of the big philanthropy. The Center for Philanthropy reported 497 gifts of $1 million or more to all colleges and universities. After a sluggish few years, HBCUs have seen the most $1 million plus gifts since 2014. In terms of pure dollar amount, this year’s class has bested them all since HBCU Money began tracking the data six years ago with $43 million combined among the HBCUs obtaining gifts.

High-quality donors (who give consistently and over their lifetime will probably give six to seven figures of donations) continue to show up for HBCUs, but still not representative of HBCUs presence in America’s higher education landscape. While HBCUs represent three percent of the country’s colleges, this year only 1.4 percent of the 497 $1m plus donations found their way to an HBCU. Tranformative donors (who can change the paradigm of an entire institution with one donation) continue to elude HBCUs all together, while PWI/HWCUs landed 13 donations of $100 million plus in 2018.

The gap this year between top seven PWI/HWCU gifts totaled $2.94 billion while HBCUs as mentioned totaled $43 million or a $68 to $1 ratio.

1. Ronda E. Stryker & William D. Johnsont (pictured) – $30 million
Recipient: Spelman College
Source of Wealth: Health products

2. Seth & Beth Klarman  – $5 million                                                        Recipient: Spelman College
Source of Wealth: Finance

3. Roland Parrish – $3 million
Recipient: Fisk University
Source of Wealth: Food & beverage

4. Gene & Patsy Ponder – $2 million
Recipient: Wiley College
Source of Wealth: Manufacturing

5. Kenya & Rainbow Barris (tie) – $1 million                                                        Recipient: Clark Atlanta University
Source of Wealth: Entertainment

5. Irvin & Pamela Reid (tie) – $1 million
Recipient: Howard University
Source of Wealth: Education

5. Denzel Washington (tie) – $1 million
Recipient: Wiley College
Source of Wealth: Media & entertainment

 

Source: Chronicle of Philanthropy