"Philanthropist MacKenzie Scott donated $70 million to the United Negro College Fund last week. The funds will be distributed to private historically Black colleges and universities that are UNCF members. The $70 million will be spread across 37 member institutions."
"Scott's donation contributes to UNCF's goal of raising $370 million (as part of a larger $1 billion capital campaign) for a pooled endowment to be split across its membership. UNCF plans to distribute $5 million to each member and work with universities to raise matching funds, in the hopes of "creating a $10 million stake per institution," with annual distributions of 4 percent."
""This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF," said Michael L. Lomax, president and CEO of UNCF, in a news release announcing the donation last week. "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.""
MacKenzie Scott donated $70 million to the United Negro College Fund to support private historically Black colleges and universities that are UNCF members. The gift will be distributed across 37 member institutions. The donation contributes to UNCF's effort to raise $370 million, part of a larger $1 billion capital campaign, to build a pooled endowment split among member institutions. UNCF plans to allocate $5 million to each member and partner with universities to raise matching funds, aiming to create a $10 million stake per institution with annual distributions of 4 percent. Scott previously gave $10 million to UNCF in 2020 and made additional donations to HBCUs and tribal colleges that year.
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