There is a reason Morehouse College is the No. 1 Historically Black College and University (HBCU) for Black men – and its leadership has made some tough decisions in an effort to keep it that way. President David A. Thomas announced Tuesday the college is taking a proactive approach to free up cash flow and help students in need, reported the Atlanta Journal Constitution (AJC).
Morehouse will implement temporary furlough days and cease matching contributions to employees’ retirement funds for nine months to save an estimated $3 million. The money will go towards paying over 500 students outstanding tuition and fees as well as other financial obligations.
“These students are trying to piece together a way of staying at Morehouse,” Davis told AJC. “We know from Morehouse history that in those 500 students are a great number who can go out and do amazing things in the world.”
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While the news is not great for Morehouse’s 415 full-time employees, Davis cautioned against panic and said it is an effort to put students first – and hourly employees wont be affected.
“Morehouse is doing the things we need to do to put our fiscal house in order so we can continue the high-quality experience that has attracted students here.”
The announcement comes after billionaire Robert F. Smith fulfilled his pledge to pay off the student loan debts of Morehouse’s Class of 2019 – then decided to do the same for their parents.
Davis said the school is also looking into other ways to increase cashflow including seeking additional donors and renting the school’s facilities.
