Bloomberg donates record $1.8B to Johns Hopkins

Michael Bloomberg, the former New York mayor who is weighing a 2020 presidential run, is donating $1.8 billi...

Posted: Nov 19, 2018 5:10 PM
Updated: Nov 19, 2018 5:10 PM

Michael Bloomberg, the former New York mayor who is weighing a 2020 presidential run, is donating $1.8 billion to his alma mater, Johns Hopkins.

The university and Bloomberg are calling it the biggest contribution to an academic institution in American history, according to a press release -- and the gift's record-setting size will not be lost on possible challengers in a Democratic primary. Last week, Bloomberg said he plans to decide on a 2020 bid no later than February, a spokesperson confirmed to CNN.

Charities and charitable giving

Education

Michael Bloomberg

Political Figures - US

Society

Student expenses and financing

The gift will fund financial aid for qualified low- and middle-income students, allowing the university to forever make admissions decisions on a "need-blind" basis — without considering an applicant's ability to pay, according to the press release.

The contribution also eliminates student loans from financial aid packages, replacing those loans with grants that don't need to be repaid. The change will ease the burden of student debt for many graduates and make the campus more socioeconomically diverse, Bloomberg wrote in a New York Times op-ed in which he explains his rationale for the gift and the impact it will have.

"America is at its best when we reward people based on the quality of their work, not the size of their pocketbook," he wrote.

Improving access to top colleges and universities for students who can't afford it has long been a focus of Bloomberg's philanthropic efforts. Bloomberg's foundation supports several programs dedicated to helping high-achieving, lower-income students apply to, enroll in and graduate from top institutions.

"This changes everything for us," said Ronald J. Daniels, the president of Johns Hopkins University, in an interview with CNN. Without Bloomberg's support, it was a "real struggle" for the school to meet its commitment to "need-blind" admissions, said Daniels.

Compared to its top 10 peers, Johns Hopkins had one of the lowest endowed funds for student financial aid and one of the smallest average need-based awards, making it increasingly difficult for families to afford the university, according to the press release.

Excluding the Johns Hopkins donation, Bloomberg has donated $6.4 billion to philanthropic causes ranging from climate change to improving health. The university is a significant beneficiary of Bloomberg's giving, having received $1.5 billion in previous years to support research, teaching and financial aid.

Potential opponents in 2020 would have to consider Bloomberg's wealth, which Forbes estimates to be $46 billion, and his willingness to spend it. The businessman contributed over $110 million in an effort to wrest control of the House and Senate from Republicans.

Bloomberg's political spending and his appearance in a national TV ad earlier this month, urging voters to support Democrats raised his profile outside of New York, where he's well known after serving three terms as mayor.

Bloomberg embarked on a political career after building a financial information and news empire Bloomberg L.P. In the New York Times op-ed, Bloomberg says his Johns Hopkins "diploma opened up doors that otherwise would have been closed, and allowed me to live the American dream."

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 48524

Reported Deaths: 2698
CountyConfirmedDeaths
Marion11682684
Lake5180242
Elkhart330146
Allen2798132
St. Joseph196466
Cass16389
Hamilton1563101
Hendricks1410100
Johnson1288118
Porter73237
Tippecanoe7268
Madison65964
Clark65544
Bartholomew58644
LaPorte58026
Howard57757
Kosciusko5494
Vanderburgh5486
Marshall4904
Noble48228
Jackson4723
LaGrange4709
Hancock45035
Boone44543
Delaware44550
Shelby42625
Floyd38144
Morgan32931
Monroe30028
Grant29526
Montgomery29420
Clinton2892
Henry27415
Dubois2736
White26510
Decatur25032
Lawrence24625
Dearborn23823
Vigo2358
Harrison21822
Warrick21829
Unassigned193193
Greene18932
Miami1832
Jennings17611
Putnam1698
DeKalb1624
Scott1627
Daviess14317
Wayne1406
Orange13623
Perry1299
Steuben1292
Franklin1248
Jasper1212
Ripley1177
Wabash1122
Carroll1102
Fayette997
Newton9810
Starke933
Whitley925
Gibson812
Huntington812
Randolph794
Wells731
Fulton721
Jefferson722
Jay680
Washington671
Pulaski661
Knox640
Clay604
Rush583
Adams501
Owen491
Benton480
Sullivan451
Posey420
Brown391
Spencer381
Blackford372
Crawford320
Fountain322
Tipton321
Switzerland270
Parke230
Martin220
Ohio170
Vermillion140
Warren141
Union130
Pike110

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 57956

Reported Deaths: 2927
CountyConfirmedDeaths
Franklin10410429
Cuyahoga7883373
Hamilton6019198
Lucas2752302
Marion273438
Pickaway219741
Summit2143206
Montgomery203427
Mahoning1832232
Butler159944
Columbiana130760
Stark1123112
Lorain103567
Trumbull96770
Warren86021
Clark7669
Delaware58215
Fairfield57216
Tuscarawas56710
Belmont54922
Medina52332
Lake50018
Licking49312
Miami46631
Portage44258
Ashtabula43544
Wood42851
Clermont4146
Geauga40742
Wayne36351
Richland3455
Allen32141
Mercer2829
Greene2589
Darke25125
Erie24422
Holmes2363
Huron2202
Madison1978
Ottawa14923
Sandusky13614
Crawford1355
Washington13520
Putnam12815
Ross1273
Hardin12312
Morrow1161
Coshocton1112
Auglaize1074
Monroe8917
Jefferson882
Union861
Muskingum831
Hancock791
Hocking788
Guernsey743
Preble731
Lawrence710
Williams712
Clinton680
Shelby684
Logan621
Fulton610
Ashland591
Athens591
Carroll593
Wyandot596
Brown571
Defiance513
Knox511
Fayette460
Highland451
Scioto410
Champaign401
Perry351
Van Wert350
Seneca342
Henry300
Paulding250
Adams241
Jackson230
Pike230
Vinton222
Gallia181
Harrison121
Meigs120
Morgan110
Noble110
Unassigned00
Fort Wayne
Clear
75° wxIcon
Hi: 80° Lo: 70°
Feels Like: 75°
Angola
Clear
72° wxIcon
Hi: 91° Lo: 69°
Feels Like: 72°
Huntington
Broken Clouds
73° wxIcon
Hi: 90° Lo: 69°
Feels Like: 73°
Decatur
Clear
73° wxIcon
Hi: 91° Lo: 70°
Feels Like: 73°
Van Wert
Clear
75° wxIcon
Hi: 91° Lo: 70°
Feels Like: 75°
Hot Wednesday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events