Netflix CEO Reed Hastings Gifts $120 Million In Scholarships To Be Divided Between Morehouse, Spelman And UNCF

Netflix CEO Reed Hastings Gifts $120 Million In Scholarships To Be Divided Between Morehouse, Spelman And UNCF

#Roommates, they say that blessings come when you least expect them and it’s likely a couple of HBCUs definitely didn’t expect this multi-million form of generosity. Netflix CEO Reed Hastings and his wife have just gifted $120 million in scholarships to be divided evenly between Morehouse, Spelman and the United Negro College Fund (UNCF.)

@AJC reports, in what early estimates describe as being the largest individual gift ever given toward scholarships at historically black colleges and universities, Morehouse, Spelman and the United Negro College Fund will share $120 million from the CEO of Netflix, Reed Hastings, along with his wife Patty Quillin. With each institution receiving $40 million each, Hastings and Quillin stated that they are committed to doing their part “to start addressing the inequities faced by black people” and that they “hope to inspire donations from others to help more black students attend an historically black college.”

In a recent interview with “CBS This Morning,” Hastings said that he and his wife had initially only planned to donate $20 million to each of the colleges but decided to double it because they felt that to support HBCUs “the right way” they needed to dig deeper. “As wonderful as this gift is, it’s a drop in the bucket compared to the need,” he said. The couple also rejected the offer to have the scholarships in their name, instead preferring that they be named “to symbolize great black achievement through the HBCUs.”

Morehouse President David A. Thomas expressed his gratitude at the donation, saying “This gift speaks volumes about the value that must be placed on what institutions such as ours do for the nation and the world.” Similarly, Spelman President Mary Schmidt Campbell stated, “We are enormously grateful for their affirmation of the work of Spelman College.”

In a statement provided by Netflix, Hastings and Quillin explained that another reason for their donation was because UNCF, Spelman and Morehouse “have proven they can improve mobility and create new generations of leaders — helping increase justice, equality and opportunity in America. Yet they are disadvantaged when it comes to philanthropy.”

 

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