LORMAN — Alcorn State University announced the United States Department of Education recently notified the university of the availability of $4.2 million from the maturity of two $500,000 endowments made through its Title III Endowment Challenge Grant Program by the school’s 15th president, Dr. Walter Washington in 1986.
Today, the endowments have matured to $2.125 million and $2.157 million respectfully.
Washington was well known for his astute financial wisdom and foresight in steering the institution. Twenty-five years later, Alcorn is benefiting greatly from his prudent investments and financial guidance of the University he loved so dearly.
The Endowment Challenge Grant Program was created in 1984 to provide institutional matching grants to eligible institutions to establish or increase endowment challenge funds, add incentives to promote fund-raising activities and to foster increased independence and self-sufficiency at those institutions.
Alcorn president M. Christopher Brown II will soon appoint a senior leadership working group to develop a strategic plan on the use of the over $3.2 million in earned income from the endowments. The committee will be responsible for developing a plan to reinvest the principal corpus and allocate the earned interest towards University priority programs and projects including strengthening financial goals and increasing student access to higher education.