He should be able to donate his money to the people (group) he has chosen.
If a Black person wanted to donate exclusively to poor Black kids, I’d salute them and think it was swell.
Idiots...
If he wanted to do this himself, directly, yes. If he wants the school to join with him to do this, both parties must agree to the deal. The man is free and so are those at the school.
A word of caution: schools and other “not-for-profits” are notorious for taking money from donors and re-directing it for their purposes. If you are in a position where you can directly give the money to those whom you want to help, this is a good idea. If not, try to find a school or other charitable organization that you would be happy to support.