The United Negro College Fund announced a landmark $70 million gift from philanthropist MacKenzie Scott, a donation UNCF says will strengthen the pooled endowment serving its member historically Black colleges and universities and support a broader $1 billion capital campaign to secure long‑term stability for HBCUs.
UNCF plans to allocate the funds into a pooled endowment intended to provide each of its 37 member institutions with a $10 million stake in the fund, which will be invested to generate roughly a 4 percent annual payout for operations, scholarships and capital needs as part of a $370 million pooled‑endowment goal within the $1 billion drive.
UNCF president and CEO Dr. Michael L. Lomax described the gift as a “once‑in‑a‑generation” opportunity to build permanent assets and narrow persistent resource gaps that leave HBCU endowments markedly smaller than those at many predominantly white institutions. Scott’s previous, similarly large unrestricted donations to higher‑education institutions underscore a philanthropic approach that prioritizes flexibility and long‑term institutional resilience.
Institutional leaders say the infusion will immediately bolster budget stability, expand scholarship capacity and fund modernization projects, while also serving as a signal to other major donors that investment in HBCUs can yield systemic, multigenerational returns for students and communities.
MacKenzie Scott Picture from panarmenian.net
