An anonymous donor has pledged $2.5 million to help financially strapped LeMoyne-Owens College meet an end-of-the-month deadline to pay its operating expenses, but with one catch: All of the board trustees at the historically Black college in Memphis have to resign. The caveat applies to more than 30 board members, excluding those representing alumni and churches.
“We haven’t really gotten all of the details regarding the grant yet,” says Sheila Fleming-Hunter, the college’s senior vice president. “But we are excited about it and grateful for the anonymous donor as we look forward to our end of the year requirements for our accreditation.”
If the trustees agree to relinquish their positions, the anonymous donor will give $1.5 million to the college by June 30, to be followed with another $1 million grant.
Memphis Mayor Willie Herenton, a member of the school’s board of trustees, made the announcement of the donation and its condition Friday.
“We must restore confidence in the minds of the corporations, foundations and citizens that the mission of this college is still legitimate,” Herenton said.
The school has until June 30 to raise $1 million to cover its operating costs. LeMoyne-Owens has only raised about half that amount through several fundraising events. Desperate to save the school, Herenton even offered to box former heavyweight champion Joe Frazier, who so far has not responded to the challenge.
If LeMoyne-Owens does not meet its end of the month deadline, its accreditation will be in jeopardy. If it loses its accreditation, it will lose federal funding, which will be disastrous to its students, 90 percent of whom receive financial aid.
