UNCF Receives $25 Million From Conservative Group

uncfThe United Negro College Fund (UNCF) has received a donation of $25 million from Koch Industries and the Charles Koch Foundation. Koch Industries is an oil, gas, and chemical conglomerate, based in Wichita, Kansas. In the past, the Koch Foundation has supported cancer and other scientific research, the arts, and many educational institutions. But it has come under criticism for supporting many conservative causes.

Michael Lomax, president and CEO of the UNCF has stated that he is willing to accept criticism from those who do not agree with the politics of the Koch family in return for the substantial donation.

The grant will consist of $18.5 million that will be earmarked for 3,000 merit-based scholarships for African American undergraduate, graduate, and post-doctoral students who also have demonstrated financial need. The scholarship program will begin this fall and last at least seven years. Another $6.5 million will support the UNCF and its 37 members institutions. Some $4 million of this total will be used to provide financial relief to UNCF institutions that have been impacted by the Parent PLUS loan crisis.

More information on the new scholarship program is available here.

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2 COMMENTS

  1. Our people still purchase their company’s products so why shouldn;t some of the profits go towards assisting our scholars?! . . .

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