Oh, really? MacKenzie Scott, billionaire philanthropist and author, has committed $70 million to the United Negro College Fund, one of her largest single gifts to date. The donation arrives as UNCF pursues a $1 billion campaign aimed at strengthening its 37 member historically Black colleges and universities.
UNCF President and CEO Dr. Michael L. Lomax called the contribution “a once in a generation opportunity,” noting that the funds will be directed into the organization’s pooled endowment, which currently sits at $370 million. With projected returns of roughly 4 percent a year, the investment is expected to provide long term financial stability for HBCUs that have historically operated with much smaller endowments compared to predominantly white institutions.
That disparity remains wide. According to UNCF, HBCU endowments trail those of non HBCUs by nearly 70 percent. A 2023 study by Candid and ABFE revealed that in 2019, the eight Ivy League universities collectively secured $5.5 billion in foundation funding, while all 99 HBCUs combined received only $45 million.
Scott’s latest donation is being celebrated as a transformative step toward closing that gap, helping to ensure that HBCUs can expand resources, support students, and strengthen their role as vital centers of Black education and culture.
That part.