Philanthropist MacKenzie Scott has donated $70 million to the United Negro College Fund (UNCF), the largest single gift the organization has ever received for its pooled endowment initiative.
The contribution will be directed to the UNCF Members Pooled Endowment Fund, which supports all 37 of its private historically Black colleges and universities (HBCUs). Each school will receive a $5 million stake and be tasked with raising an additional $5 million in matching funds, creating a $10 million endowment per institution. The funds will be managed in perpetuity, with annual distributions aimed at stabilizing campuses and expanding resources for students.
“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” said Dr. Michael L. Lomax, president and CEO of UNCF. “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.”
UNCF officials estimate the pooled fund will raise the median endowment of its member schools by 63%, narrowing, though not closing, the gap between HBCU and non-HBCU institutions.
“Today is an historic day for UNCF and our member institutions,” said Dr. George T. French, Jr., president of Clark Atlanta University and chair of UNCF’s Institutional Members. “The pooled endowment fund is a bold idea whose time has come. Today’s gift means that our institutions will see a transformative impact on their endowments, resources that are desperately needed.”
Leaders say $100 million in scholarship endowments, $80 million for operating endowments, and $100 million for technology still need to be raised.
“This gift allows us to demonstrate the power of collective investment in our institutions,” said Milton H. Jones, Jr., chair of the UNCF Board. “At the same time, we must finish the work of this campaign.”
Scott, who previously gave $10 million to UNCF in 2020, has now contributed $80 million to the organization.
“We are deeply grateful for MacKenzie Scott’s continued support,” Lomax said. “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.”