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COCA-COLA FOUNDATION PROVIDES $1 MILLION FOR ATLANTA'S MORRIS BROWN COLLEGE (d)

 ATLANTA, May 13 /PRNewswire/ -- Atlanta's Morris Brown College received its second $1 million cash infusion in as many weeks Thursday when The Coca-Cola Foundation advised the 112-year-old historically black institution it was making available $1 million to help ease the college's financial strain.
 Ingrid Saunders Jones, foundation chairperson, wrote Dr. Herman B. Smith Jr., interim president, that the foundation will accelerate payment of the next two installments of a current pledge to Morris Brown. That will make available $550,000 before June 30. Jones said those funds are to be used principally to support student scholarships.
 She said The Coca-Cola Foundation also will provide new incremental funding of $450,000. Of that amount, $350,000 will be designated as capital funds and $100,000 will be unrestricted, general support for the college.
 Both gifts will be paid to the United Negro College Fund restricted for the use of Morris Brown College.
 Jones said the second grant will be made upon receipt of a balanced budget adopted by the college's board of trustees for the 1993-94 fiscal year and an indication of the board's plan for the institution's management beyond its current fiscal crisis.
 Smith said both requirements will be met promptly. He said a balanced budget is already before the board of trustees and is scheduled for adoption later this month. He said the school's program for future fiscal responsibility is contained in a turnaround plan prepared by the Arthur Andersen & Co. crisis management team and already adopted by the board of trustees.
 Smith said the capital portion of The Coca-Cola Foundation gift will enable the college to have a new dormitory open and furnished for students in September.
 "We are pleased to join with the board of Morris Brown College in helping address the current needs of the college," Jones said. "We value the significant contribution that Morris Brown makes to private higher education and to its special significance in our home community. We trust that our additional and continued support of Morris Brown will encourage others to join in this campaign."
 A week ago Morris Brown received a $1 million gift and a challenge grant of another $1 million from the Joseph B. Whitehead Foundation. The challenge grant requires that the college raise an additional $4 million before year-end. Smith said he believes the capital and unrestricted portions of The Coca-Cola Foundation gift will qualify as the first 20 percent of the funds needed to qualify for the second million dollars from the Whitehead Foundation.
 -0- 5/13/93
 /CONTACT: George Goodwin of Manning, Selvage & Lee, 404-875-1444, for Morris Brown College/


CO: The Coca-Cola Foundation; Morris Brown College ST: Georgia IN: SU:

BN-CF -- AT009 -- 8081 05/13/93 12:03 EDT
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Publication:PR Newswire
Date:May 13, 1993
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