This year’s graduating class at Paul Quinn College received a gift from Alfred Street Baptist Church in the form of a $ 250,000 investment fund, according to a news release from the college. The Reverend Howard-John Wesley, senior pastor of the church based in Alexandria, Va., Made the surprise announcement at Paul Quinn’s commencement Saturday.
“This graduating class has spent at least half of their college career in a global pandemic, navigating 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 it has had on the Black community. These resilient students deserve to be celebrated in a one-of-a-kind way. ”
College officials said the money will be put into a trust fund that will be managed by JPMorgan Chase until it’s disbursed to graduates in 10 years. The hope is the fund’s value will increase with additional contributions over time.
“In doing so, we are making available the type of wealth management / building tool that is not commonly available to first generation college graduates and Pell Grant recipients,” Michael Sorrell, president of the college, said in the release. “The number one tool in the fight against poverty is access to capital. Together, Alfred Street and Paul Quinn are making sure that PQC’s class of 2022 begins their post-college lives on the right foot. ”