Three additional HBCUs have partnered with the Education Advisory Board's (EAB) Way Forward Initiative, a multi-year partnership with Bank of America to support HBCUs.
Tuskegee University, Alabama; Harris-Stowe State University, Missouri; and LeMoyne-Owen College, Tennessee join the 2021 inaugural cohort of five HBCUs, which included Central State University, Ohio; Huston-Tillotson University, Texas; Claflin University, South Carolina; Savannah State University, Georgia; and Virginia Union University, Virginia.
“Despite their vital role in creating opportunities for students and communities of color, many HBCUs face daunting financial pressures caused in large part by a historical lack of support from federal and state governments,” said EAB Chief Partner Officer, Sally Amoruso. “EAB is proud to partner with Bank of America to provide data, insight, and advice to help propel HBCUs and their students into a brighter future.”
According to the press release, in 2021, EAB and Bank of America created the Way Forward Initiative to partner with an initial cohort of five HBCUs working together to expand their institutional goals. Schools in the program have access to a dedicated EAB support team and access to EAB’s Global Research Partnership.
Schools that are a part of the program will receive leadership training, on-demand market research, and opportunities to collaborate with peer institutions.The Education Advisory Board's support team will guide them through opportunity assessments and tactical changes designed to improve student retention and graduation rates, financial stability, and operational efficiency.
“Education is one of the most powerful tools available to address economic and social inequality,” said Ebony Thomas, Racial Equality and Economic Opportunity Initiatives executive for Bank of America. “The Way Forward Initiative is focused on advancing student and institutional success by providing advisory services to help schools set strategic priorities, establish goals for long-term financial sustainability, and accelerate their progress toward those goals.”
Funding for the initiative is made possible by Bank of America as part of the bank’s $1.25 billion, five-year commitment to advance racial equality and economic opportunity.