Introduction for Day 1

Historically Black Colleges and Universities (HBCUs) have played a critical role in educating some of the nation's best and brightest students of color, and 32 of these institutions are based in the states that encompass the Fifth District of the Federal Reserve. Several of these schools are located in rural counties, while others serve large numbers of students from rural parts of the District.

Map of HBCUs

HBCU Presidents Speak

In a time when rural communities and HBCUs are experiencing unique challenges, and all institutions are struggling with the COVID-19 response, what must happen for these schools to not only survive, but also thrive?  What is the value they add to the communities in which they are located? Hear from three presidents of HBCUs based in the Fifth District — and from moderator Bakari Sellers, an attorney and HBCU alum — as they share why they believe that rural HBCUs, in particular, are so vital to the students they serve and to their communities.

Moderator: Bakari Sellers, Strom Law Firm

Panelists:

• Dr. Karrie Dixon, Chancellor, Elizabeth City State University (NC)
• Dr. W. Franklin Evans, President, Voorhees College (SC)
• Dr. Makola Abdullah, President, Virginia State University

Summary: Panelists spoke about how COVID-19 has impacted higher education, the importance of HBCUs for economic development in rural areas, and the important role HBCUs play in the educational system by providing underrepresented communities with an affordable option for higher education.

Dixon discussed how online education is becoming the "new normal" and how NC Promise, a state program that limits in-state tuition to $500 a semester, led to an increase in enrollment again this year, even in the midst of the COVID pandemic. She explained how HBCUs are historically underfunded but noted that the CARES Act helped the school finance reimbursements to students last semester.

Evans spoke on the obstacles faculty and students faced while transitioning to online learning, such as access to broadband internet and computers. He said the Black Lives Matter movement has led to increased support for HBCUs. He stated that some advantages of rural HBCUs are that they are safer, more community-oriented, and have lower costs of living and fewer distractions than colleges in urban areas.

Abdullah shared his belief that more investment in HBCUs would benefit the whole country. Abdullah described how HBCUs have high returns on investment and noted that, in his view, there would not be a black middle class if not for HBCUs.

Perspective From An Alum

Richmond Fed President Tom Barkin had an insightful discussion about the importance of HBCUs with North Carolina A&T University alum and lauded entrepreneur Geoff Foster, founder and CEO of Core Technology Corp., based in Greensboro, NC.

Summary: Barkin and Foster talked about the valuable connections people can make attending HBCUs, both personally through clubs and organizations and professionally through networking and events such as career fairs. Foster explained how HBCUs often have very close-knit communities because they are smaller schools.

Foster discussed how HBCUs are especially important for students who live in rural areas. In part, this is because many of them have never had exposure to "corporate America." He also talked about how many first-generation students living in rural areas wouldn't have the opportunity to go to college if not for HBCUs. In addition, he argued that HBCUs provide rural students the opportunity to meet new people and become more well-rounded individuals.

Foster, an adjunct professor at his alma mater, also discussed why he likes to hire HBCU graduates. He asserted that HBCU graduates have more respect for diversity because it is engrained in the schools' cultures. He also believes that rural HBCU graduates bring unique ideas to the workplace because of their experiences growing up in rural areas.

Recommended Reading:
A UNCF and University of Georgia Report
HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities

Recommended Viewing:
PBS Independent Lens
Tell Them We Are Rising
This film traces the history of HBCUs in America.

The Richmond Fed is Home to Numerous HBCU Alums!
Our Bank is proud to include among our colleagues graduates of HBCUs from across the Fifth District and beyond. Meet some of our team members.