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.

Cases: 608519

Reported Deaths: 9693
CountyCasesDeaths
Marion840461335
Lake45349684
Allen32803548
Hamilton29394315
St. Joseph27380381
Elkhart24404345
Vanderburgh19411249
Tippecanoe17970138
Johnson15069295
Porter14783169
Hendricks14401248
Madison10965221
Vigo10726181
Clark10677144
Monroe9383110
Delaware9116134
LaPorte9065163
Howard8236144
Kosciusko806983
Warrick672999
Hancock6697104
Bartholomew6484100
Floyd6428110
Wayne6136162
Grant5991115
Dubois555579
Boone551168
Morgan541295
Henry507864
Marshall503984
Cass483263
Dearborn479845
Noble473059
Jackson425047
Shelby417581
Lawrence391079
Clinton373043
Gibson370359
Harrison348144
DeKalb347164
Montgomery345754
Knox335639
Miami321444
Steuben313745
Whitley307326
Wabash303251
Adams300936
Ripley298445
Putnam296850
Huntington291659
Jasper289034
White273243
Daviess270474
Jefferson263338
Decatur247683
Fayette247148
Greene239862
Posey239328
Wells236051
LaGrange228862
Scott225339
Clay222532
Randolph213548
Jennings198936
Sullivan192333
Spencer191321
Washington186423
Fountain184027
Starke175443
Jay167623
Owen165737
Fulton164030
Orange159534
Carroll158015
Rush155118
Perry154229
Vermillion149134
Franklin148333
Tipton132332
Parke13078
Pike116926
Blackford111022
Pulaski97037
Newton90921
Brown88035
Benton86610
Crawford7999
Martin73713
Warren6817
Switzerland6615
Union6287
Ohio4907
Unassigned0376

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 859841

Reported Deaths: 10680
CountyCasesDeaths
Franklin101171707
Cuyahoga855711125
Hamilton64017448
Montgomery43107418
Summit34836761
Lucas31350625
Butler30973232
Stark25786435
Warren19671140
Lorain19017223
Mahoning17321338
Lake16080154
Clermont15926111
Delaware1438878
Licking13204137
Trumbull12809316
Fairfield1279381
Greene12055137
Medina11591168
Clark10942265
Wood10348158
Allen9897126
Portage9296109
Miami916873
Richland9139118
Marion7459113
Tuscarawas7381182
Columbiana7327124
Pickaway726150
Wayne7034171
Muskingum703141
Erie6152129
Hancock552390
Ross548998
Scioto539164
Geauga508455
Darke470292
Ashtabula453073
Lawrence452654
Union451828
Sandusky436662
Mercer433589
Seneca430166
Huron428741
Auglaize422264
Shelby421222
Jefferson419269
Belmont416840
Washington388740
Athens38009
Putnam374975
Madison355129
Knox352622
Ashland344938
Fulton338443
Defiance330086
Crawford322374
Preble320637
Brown312921
Logan307332
Ottawa293943
Clinton290143
Williams278667
Highland275118
Jackson263845
Guernsey254125
Champaign252028
Fayette236530
Morrow23234
Perry231318
Holmes225474
Henry218749
Hardin213033
Coshocton205622
Van Wert202245
Gallia196726
Wyandot196051
Pike176217
Adams176115
Hocking172024
Carroll155616
Paulding144321
Noble120540
Meigs108624
Monroe100732
Harrison89121
Morgan83130
Vinton70213
Unassigned00
Fort Wayne
Cloudy
27° wxIcon
Hi: 33° Lo: 13°
Feels Like: 18°
Angola
Cloudy
25° wxIcon
Hi: 30° Lo: 12°
Feels Like: 15°
Huntington
Cloudy
27° wxIcon
Hi: 33° Lo: 10°
Feels Like: 20°
Fort Wayne
Cloudy
27° wxIcon
Hi: 33° Lo: 13°
Feels Like: 18°
Lima
Cloudy
26° wxIcon
Hi: 33° Lo: 15°
Feels Like: 15°
Light Snow Sunday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events