LORMAN, Miss. (AP) - Alcorn State University has inherited $4.2 million from investments made through a federal program during the administration of Walter Washington.
Washington, who led the school from 1969 to 1994, made two $500,000 endowments through the Title III Endowment Challenge Grant Program.
In a recent news release, the university said the endowments have matured to $2.125 million and $2.157 million respectfully.
The grants program was created in 1984 to provide matching grants to eligible higher education institutions with limited resources. Those institutions can use the money to establish or increase endowment challenge funds among other things.
Current Alcorn President M. Christopher Brown II will appoint a group to develop a strategic plan on using the earned income.
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