HAMPTON-Hampton University announced in early November its endowment fund has topped $400 million for the first time in school history.
Dr. William R. Harvey, president of HU, attributed the growth mainly to aggressive fundraising and careful spending.
“Hampton’s trustees have also made wise investments and business decisions in our financial portfolio,” he said in a press release. “The collective competence of the team that has supported me during my 44 years of leadership has also played a major role in Hampton’s success.”
When Harvey joined the institution in 1978, the endowment was $29 million. In addition to being an accomplished fundraiser, Harvey and his wife have donated $10.3 million to the fund, mostly through scholarships.
In July 2020, MacKenzie Scott, the former wife of Amazon CEO Jeff Bezos, donated $30 million to the university. It was the largest single donation in school history.
HU’s endowment was listed at $282.5 million in September 2020, according to a report on moguldom.com. It was the third largest of the nation’s 107 Historically Black Colleges and Universities, behind Howard University ($692.8 million) and Spelman College ($390.4 million). According to Cambridge Associates, the average rate of return for endowments for the 2021 fiscal year was 35.6 percent. HU’s endowment has increased 41.5 percent since September 2020.
However, the endowment fund isn’t the only area of growth at HU. In Harvey’s tenure, 30 new buildings have been constructed and enhancements have been made in nearly every other building. In addition, 12 doctoral programs are among the 92 academic programs that have been added since 1978.