Earvin “Magic” Johnson, who won five NBA Championships with the Los Angeles Lakers, is establishing a $2.5 million endowed scholarship at S.C. State University, according to a news release from the Orangeburg institution.
The scholarship fund will support students working toward a degree from the university’s School of Business.
“I am overjoyed by the opportunity to continue my commitment to higher education through my partnership with S.C. State University. Since visiting the university over a year ago, we have worked to develop meaningful ways to contribute to its success,” Johnson, who is chairman and CEO of Magic Johnson Enterprises, said in the release. “This endowment will help continue the legacy of our nation’s historically black colleges and universities. I encourage all corporate and socially responsible citizens to support HBCUs.”
More details will be released during an event on Sunday in Washington, D.C., where Johnson is expected to “make a major announcement about his partnership with S.C. State,” the news release said.
“We are certainly honored that Earvin is teaming up with S.C. State to assist in achieving what will be the university’s largest single philanthropic investment to date,” Interim President W. Franklin Evans said in the release. “His partnership not only marks a milestone in the university’s history, but this partnership will produce an indelible impact in the university’s legacy.”
Private giving to S.C. State has increased more than 361% since last year, from about $915,000 to $4.2 million. Alumni giving has also jumped about 81% to $972,304, the release said.
“More individuals and corporations are contributing to the university because they believe in the power of S.C. State University to transform lives and inspire greatness,” said A.L. Fleming, associate president of institutional advancement and executive director of the S.C. State University Foundation, in the release.
“Alumni recognize the lasting impact of the university in their professional and personal lives; and corporations — either by word of mouth or by witnessing the professional contributions of employees with S.C. State degrees — know undoubtedly that S.C. State adds value to the workforce landscape.”