School Name: Florida Memorial University
Median Cost of Attendance: $22,032
Undergraduate Population: 1,771
Endowment Needed: $780,373,440
Analysis: Florida Memorial University needs approximately $780 million to allow all of its undergraduate students to attend debt free annually. Located in a city with 100,000 and 77 percent of the population of African descent the school is in an a unique spot. A city this size is the perfect college town size. It unfortunately is troubled as one of the nation’s highest violent crime areas. On paper the community is notably poorer but this could be a mistake of perception. There is a notable illicit market economy in Miami Gardens and so much of the wealth in the community is probably not on paper but is present. The school would be well served to find ways to engage some of these business leaders in the community. Florida Memorial is one of the forgotten HBCUs in Florida but has the potential with its geographic location and economic demography of the location to become a major endowment stout of HBCU if it engages the population and economic leaders in its area. It could also stand to expand its population by 15 percent to give itself an increased alumni base. The school’s current endowment sits in the $10-12 million range and could easily see it join the $25 million level within the decade with an aggressive capital campaign. One of the notable athletes in the area who does not have a college degree is LeBron James. The school could be well served to approach him and create a degree plan for him to obtain his degree in the off-season and thereby being able to engage him as a long-term donor. If they were able to obtain that relationship they could see themselves push for the $50-100 million level in a decade.
As always it should be noted that endowments provide a myriad of subsidies to the university for everything from scholarship, faculty & administration salaries, research, and much more.
HBCU Money 