Thank you and good afternoon. I am pleased to join you. Thank you all for coming.

We have come together to discuss one of the most prolific, empowering enterprises in American education, our nation's Historically Black Colleges and Universities (HBCUs). Securing a strong fiscal foundation for these colleges is an immediate, demanding challenge. It requires an investment of funds, talent, resources, time, and interest. We need credible commitment, visionary leadership, and sustained partnership among the colleges, the federal government, and our nation's business community. We can settle for nothing less; these colleges are an indispensable part of American higher education.

As you know, since the first HBCU was founded in 1837, these institutions have been a direct response to the education needs of our nation's poor and minority students. When African Americans were freed from slavery, these colleges were created to free minds and hearts. And these institutions have become part of the American story—colleges like Tuskegee, Morehouse, Spelman, Howard, Lincoln, Lane, and Fisk.

The existence of these colleges is an amazing story of faith, courage, and purpose. My friend, National Public Radio reporter Juan Williams, and Dwayne Ashley, president of the Thurgood Marshall Scholarship Fund, have just published a book that records the history of these colleges. The title is I Will Find a Way or Make One. Juan and Dwayne remind readers that, for African Americans, "education was the way out." These colleges provided, and still provide, the best way to achieve personal growth and economic success.

And these colleges give much to America and the world—much more than words capture. Juan and Dwayne write at the close of their book that "It is nearly impossible to overstate the educational, political, and social contributions of historically black colleges." I agree. America would not be a world economic, cultural, political, or historical leader without HBCU graduates. We need the continued existence of these colleges.

Yet, some of these colleges have endowments that are not enough to pay the annual expenses for a building in Manhattan or a classroom building at a typical state college.

For example, Harris-Stowe State College, the school of Congresswoman Maxine Waters and Judge Charles Shaw, has an endowment of less than $1 million. It is an important institution because it is dedicated to training teachers—specifically those who aim to teach in urban areas. In other words, it prepares teachers who will likely teach our minority students.

Mississippi Valley State University, a school founded to provide elementary education teachers, the school of future Hall-of-Famer Jerry Rice, has an endowment of approximately $2 million.

Medgar Evers College, located in Brooklyn's Bedford-Stuyvesant community, the host of the National Black Writers Conference, has an endowment of only $60,000. That's right—$60,000. This isn't even the down payment on a classroom building.

It is sad that we often view as well-off an HBCU having an endowment of $5 million or $10 million, when that amount would be a sign of impending doom for most colleges or universities.

We know there is a need for investment on several levels. Many HBCUs need help in financing their current degree programs. Some are trying to retain programs after cutting back course offerings dramatically in the past few years.

The worry isn't about minor adjustments in curricula; we must be concerned that HBCUs keep core programs and initiatives. The mission of some colleges has been threatened, such as the task of graduating doctors, dentists, pharmacists, veterinarians, and other specialized professionals.

These colleges are on the front lines of America's efforts to bring freedom, equality, social justice, and a quality education to all Americans. An investment in their work is an investment indeed, a wise use of money to generate long-term results that will improve and strengthen our country and the world.

Let me give you an example. Education reform in our public schools is dependent on HBCUs. They are important to the success of No Child Left Behind.

HBCUs can help us in two ways. First, they admit and educate many of our nation's students of color. Expansion of student capacity will greatly benefit those students. And, the ability to accept and train more students will provide greater financial resources for HBCUs and help address concerns about diminishing student populations.

Second, HBCUs will, if expanded, provide the teachers we need to serve in low-income urban or rural areas. For example, HBCUs provide:

• One-out-of-three African American lawyers,
• Half of all African American engineers,
• Two-thirds of African American physicians, and
• Eight-out-of-10 black judges and teachers.

There is a desperate need for these teachers right now. We cannot close the achievement gap without them.

So, we need these schools to thrive. HBCUs are a lifeline to our low-income and minority communities; for many students they are the only chance for a quality higher education

The president has made it clear that HBCUs are a cornerstone of American higher education. He has given unqualified support. I know he was very proud to sign an executive order to establish a program "...to advance equal opportunity in higher education, to strengthen the capacity of historically black colleges and universities, to provide the highest quality education, and to increase opportunities for these institutions to participate in and benefit from federal programs." And in personal discussions with me and with some in this room, the president has repeatedly stated that he wants our efforts to remain at the forefront of this administration's education initiatives.

I have made implementation of this executive order a high priority in my Department. As the product of an HBCU and having taught at an HBCU, I can assure you that this effort has my full commitment and attention for as long as I remain secretary of education. I know this commitment will be continued by my successor.

Other departments have also stepped forward. The executive order established an advisory committee to help increase the participation of all federal agencies. The president wanted the chairman of the advisory board to have a close working relationship with each agency. So he wisely named Dr. Louis Sullivan, president emeritus of Morehouse School of Medicine. I can think of no educator and scholar better suited for this task than Lou. He has a lifelong dedication to HBCUs. He understands the ways of Washington. And he knows how to make Washington work on behalf of HBCUs.

He has asked the departments to

• Strengthen HBCU institutional planning and development;
• Improve fiscal stability and financial management; and
• Enhance institutional infrastructure.

So far, he has met with 17 departments and secured solid commitments. I followed up with these departments at the White House in September. We discussed how to fulfill each departmental commitment and to do it in a timely manner. I must tell you there has been a lot of support and enthusiasm within the federal government. I feel we have a thorough, comprehensive, and harmonized effort, in large measure thanks to President Bush and Dr. Sullivan. HBCUs will have more solid, long-term viability because of the president's interest and the wide-ranging support of the various federal departments.

The president has also worked to provide more funding for HBCUs. In the new 2005 appropriations legislation, the president sought and obtained $421 million for Aid for Institutional Development Programs, an increase in federal spending of $25 million over the 2004 level.

There is much that we still must do on the federal level. But the federal government cannot be the only source of outside support.

We must find a way to further engage America's financial institutions, crafting innovative and visionary partnerships.

For example, in recent years, some universities have worked closely with financial institutions to stabilize and increase their endowments. As a result, that college or university has prospered. We all know that Harvard, Yale, Stanford, Chicago, Princeton, and other select universities have enviable financial resources. That doesn't happen just through alumni donations—it happens because of wise investment and financial acumen. It is also the result of partnerships with major financial institutions—partnerships in research, product development, training, and marketing.

However we do it, we must improve the financial picture for HBCUs. Ample endowments generate unprecedented opportunities for a university to invest in new buildings, create infrastructure, increase faculty salaries and hires, expand scholarships, and reduce dependence on tuition. Universities with adequate resources can ride out recessions or economic downturns. We need to give HBCUs the resources necessary for long-term viability, stability, and success.

HBCUs have been important to the intellectual history of our nation and the world. This country has richly benefited from the millions of HBCU graduates—from great figures like Dr. Ralph Bunche, Dr. Martin Luther King, Jr., Maynard Jackson, and Thurgood Marshall.

Students encounter some of the world's best minds and inspiring teachers on the 105 HBCU campuses: scholars like W.E.B. Dubois, George Washington Carver, Charles Hamilton Houston, and so many others.

Simply put, these are impressive institutions of higher learning.

Dr. Benjamin Elijah Mays, the late president of Morehouse College, once said that our goal should not be to simply create black colleges. Rather, we must strive to make black colleges "great colleges." That should be our standard. These schools are doing vital work for our students and our country. They should have the resources to secure a sound fiscal future as they provide leadership, scholarship, and service.

Together, you and I can make a powerful, profound difference for these schools. We can help them find the firm fiscal foundation that will make their future work more secure and successful. We can help them extend their mission of compassion, education, and service. We can be part of a legacy that makes this world more just, tolerant, and caring. We can do this, with intellectual, personal and professional rewards that will make America better, nobler, and stronger. Such is the everyday work of our HBCUs, as each student in each class on each campus turns knowledge into action.

Thank you. I know that you have questions and I want to answer them. So let's open the discussion.

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