This year’s class at Paul Quinn College received a donation from Alfred Street Baptist Church in the form of a $250,000 investment fund, according to a college press release. The Reverend Howard-John Wesley, senior pastor of the Alexandria, Va.-based church, made the surprise announcement early to Paul Quinn on Saturday.
“This class has spent at least half of their college career in a global pandemic, going through an immense amount of stress and hardship,” Wesley said. “We know the impact this has had on our mental and physical health and especially the impact this has had on the black community. These resilient students deserve to be celebrated in a unique way.
College officials said the money will be placed in a trust fund to be managed by JPMorgan Chase until it is paid out to graduates in 10 years. The hope is that the value of the fund will increase with additional contributions over time.
“In doing so, we’re making available the kind of wealth management/creation tool that isn’t commonly available to first-generation college graduates and Pell Grant recipients,” said college president Michael Sorrell, in the press release. “The number one tool in the fight against poverty is access to capital. Together, Alfred Street and Paul Quinn are ensuring PQC’s class of 2022 starts their post-graduate life on the right foot.