In support of its ongoing $1 billion capital fundraising campaign, the United Negro College Fund has received a $70 million gift from philanthropist MacKenzie Scott. Her latest gift follows a previous donation of $10 million in 2020 to increase UNCF’s emergency reserve fund.
“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” said UNCF President and CEO Michael Lomax. “It provides a once-in-a-generation opportunity for our member institutions to build permanent assets that will support students and campuses for decades to come.”
Scott’s donation will be used to strengthen the long-term financial health at the UNCF’s 37 member institutions, with each HBCU receiving $5 million to bolster their endowment. These institutions will launch their own $5 million matching campaign, and the pooled funds will be managed in perpetuity and provide annual distributions at a 4 percent payout rate.
“We are deeply grateful for MacKenzie Scott’s continued support,” continued Dr. Lomax. “By entrusting UNCF to decide how best to use these funds, she affirms that HBCUs merit investment at this scale and her generosity will strengthen our member institutions and provide pathways to success for tomorrow’s changemakers.”
In 2020, Scott, a novelist and ex-wife of Amazon founder Jeff Bezos, donated more than $4 billion to 384 organizations. Among the beneficiaries were more than 20 HBCUs, with total gifts amounting to several hundred million dollars. (See JBHE post.)
