Philanthropist Mackenzie Scott has donated $70 million to the United Negro College Fund (UNCF) to support historically Black colleges and universities (HBCUs). The gift is part of UNCF’s ongoing effort to raise $1 billion to strengthen its 37 private member institutions.
“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” said Dr. Michael L. Lomax, UNCF president and CEO. “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.”
The funds will be invested in the UNCF Members Pooled Endowment Fund, which aims to allocate $5 million stakes to each institution, and then encourage matching funds so every school ultimately has a $10 million stake. The endowment is structured to pay out roughly 4 percent annually to help stabilize operating budgets.
UNCF officials say the goal of the pooled endowment is to raise $370 million, a core part of the larger $1 billion campaign.
Closing the Funding Gap
HBCU endowments lag far behind those of predominantly white institutions. According to UNCF, they trail by at least 70 percent. With Scott’s gift, the median endowment across UNCF member institutions could grow from $15.9 million to $25.9 million.
Clark Atlanta University President George T. French, Jr., who serves as chair of UNCF’s institutional members, described the gift as “transformative.” He said HBCUs will benefit from “resources that are desperately needed.”
Five institutions in Georgia — including Spelman, Morehouse, Clark Atlanta, Paine, and the Interdenominational Theological Center — will each receive a $5 million stake from the pooled endowment.
Other HBCUs across the country are slated to receive similar allocations through the fund. In Tennessee, Fisk University, Lane College, and LeMoyne-Owen College are among the beneficiaries.
Scott previously gave $10 million to UNCF in 2020, contributing to its emergency reserve fund. Her total contributions to UNCF now total $80 million.
Observers note that Scott’s gifts are unrestricted, meaning UNCF can deploy the funds as needed without donor constraints. Phil Buchanan, president of The Center for Effective Philanthropy, said in previous studies that nonprofits do not typically mismanage large unrestricted grants.
Lomax called on other philanthropists to follow Scott’s example. “She affirms that HBCUs merit investment at this scale,” he said.