Morgan State University expects the medical school it plans to establish on campus will cost about $110 million over three years. But the school will not take a dime of state funding to build it.
Morgan State announced in January it is looking to construct a new College of Osteopathic Medicine on its Baltimore campus through a strategic partnership. The university is working with Salud Education LLC, a firm that has helped erect other such colleges, with the goal of producing more primary care physicians for Maryland and the U.S. The university disclosed in a recent letter to state legislators that it is currently in the due diligence phase of finalizing an affiliation agreement with Salud.
The public university told legislators the funding model for the new medical school will be segmented into three areas — a $40 million escrow required for the school’s accreditation, $35 million for the necessary building and equipment and $35 million in working capital for the school’s operations. These funding totals may fluctuate as economic factors shift over the coming years, Morgan State noted. The university’s President David Wilson has said Salud will seek private equity and debt funding sources to pay for the build out of the new medical school.
Morgan State will not need to use any of its own money and will not seek any funding support from the state for this project, according to its letter to legislators. The school did not respond to a request for comment on the letter.
