Black Enterprise

Spelman College, celebrating its 125th anniversary, announced it has received gifts totaling $7 million for need-based scholarship support. Boasting alumnae such as Marian Wright Edelman, founder and president of the Children’s Defense Fund, Spelman “has a legacy to live up to,” says Board of Trustees Chair Yvonne Jackson. The institution will “continue to remain relevant in the global world with academic excellence” and the “building of leadership.”

Russell Simmons wants fans to understand money. Hip-hop culture is screaming “Get Your Money Right” through a nationwide financial empowerment tour of the same name, started by Russell Simmons, who wants to emphasize financial literacy for fans as a way of fostering economic well-being. “The basic financial issues not discussed are what are the tools you need to get ahead and not fall into a hole and keep good credit,” says Simmons, co-founder and chairman of the Hip-Hop Summit Action Network. The tour began in Detroit in March, with celebrities and financial experts targeting 18- to 35-year-olds and educating them on basics such as banking, credit repair, and homeownership. There is a downloadable workbook detailing financial planning on the organization’s Website: –Madison J. Gray

Tuskegee University received a grant from manufacturer 3M Corp. toward the construction of a new $12 million College of Business and Information Science to be named after Andrew F. Brimmer, renowned economist and former Federal Reserve Board governor. The $1 million grant is not 3M’s first contribution to Tuskegee but part of a longtime partnership. Brimmer is a member of the BLACK ENTERPRISE Board of Economists. — Meredith Davis

It’s been a busy deal-making period for Earvin “Magic” Johnson. First his Los Angeles-based Magic Johnson Enterprises launched Magic Johnson Travel Group in partnership with GOGO Worldwide Vacations, CruiseShipCenters, and Royal Caribbean International. The full-service travel agency will target African American, Hispanic, and Asian American customers and home-based franchisees. The travel group (www.magicjohnsontravel. com) will be headquartered in Miami. Johnson also announced an agreement with food-service giant Sodexho. Under the 10-year deal, cafeterias will be branded with Johnson’s name and image at college campuses, sports arenas, schools, and health facilities. The joint venture will be called Sodexho Magic L.L.C., and Johnson will own 51% of the Gaithersburg, Maryland-based entity. — Ann Brown