Philanthropist MacKenzie Scott has made a $70 million donation to the United Negro College Fund, one of her largest single donations to date, aimed at financially strengthening historically Black colleges and universities.
The gift will go toward UNCF’s pooled endowment, a campaign aiming to raise $370 million, or $10 million for each of its 37 member institutions. Earnings from the endowment will be invested and distributed annually at approximately 4 percent, creating a steady stream of revenue that leaders say will provide HBCUs with more predictable budgets and long-term financial stability.
“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, in a statement to the Associated Press. “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.”
HBCUs have historically been underfunded compared to other U.S. institutions. According to UNCF, their endowments are about 70 percent smaller than those of non-HBCUs. A study by Candid and ABFE found that in 2019, the eight Ivy League schools received $5.5 billion from the nation’s largest foundations, while the 99 HBCUs collectively received just $45 million.
Scott, the novelist and billionaire who signed the Giving Pledge in 2019, has made a series of large donations to HBCUs and nonprofits in recent years. She previously gave $10 million to UNCF in 2020 and is known for providing unrestricted funding that allows recipients to allocate resources where they are most needed.
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Her $70 million gift comes as UNCF continues its push to raise $1 billion to support all of its member schools. The new funds are expected to reduce financial strain on HBCUs, many of which serve large numbers of first-generation and low-income students, and to help ensure that scholarships, faculty support and student services remain accessible for years to come.
The donation is part of a broader movement to close the wealth gap between HBCUs and wealthier, predominantly white institutions, advocates say. For many schools, the long-term income generated from the pooled endowment could prove transformative, giving them the resources to expand academic programs, retain staff and improve graduation rates.
“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.”
