Donation Will Help Grow Endowments at UNCF Member HBCUs
UNCF has received a landmark gift of $70 million from philanthropist MacKenzie Scott that will support UNCF’s $1 billion capital campaign, launched in 2021. The gift will be invested in the UNCF Members Pooled Endowment Fund, which is designed to strengthen the long-term financial health of its 37 member institutions.
“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, 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.”
HBCU endowments are significantly smaller than those of predominately white institutions (PWIs), trailing PWI endowments by at least 70%. Scott’s donation ensures that UNCF-member institutions will see a transformative impact on their endowments—each will receive $5 million. To fully leverage this gift, UNCF-member institutions must now launch their matching $5 million campaigns. The pooled funds will be managed in perpetuity and provide annual distributions at a 4% payout rate, providing long-term financial stability for the campuses and their students.
