MacKenzie Scott gives $70 million to UNCF to financially strengthen HBCUs

""This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF," the nonprofit's President and CEO Dr. Michael L. Lomax told The Associated Press in a statement. "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." Lomax said Scott's donation would be used for UNCF's pooled endowment, which aims to establish a $370 million fund - $10 million for each UNCF member HBCU."

"That fund will be invested and designed to pay out about 4% annually, which will then be divided among the HBCUs to help stabilize their budgets. Increasing HBCU endowments is a priority since they trail endowments at non-HBCUs by 70%, according to the UNCF. The broader $1 billion fundraising effort is an attempt to help HBCUs address the funding disparity they face when compared to other colleges and universities. A 2023 study by philanthropic research group Candid and ABFE, a nonprofit that advocates for investments in Black communities, found that the eight Ivy League schools received $5.5 billion from the 1,000 largest U.S. foundations compared to $45 million for the 99 HBCUs in 2019."

MacKenzie Scott donated $70 million to the UNCF to strengthen historically Black colleges and universities. The donation will fund UNCF's pooled endowment, which aims to create a $370 million fund allocating $10 million to each UNCF member HBCU. The pooled fund will be invested to target about a 4% annual payout, with distributions divided among HBCUs to help stabilize budgets and build permanent assets. HBCU endowments trail non-HBCU endowments by roughly 70%. The broader $1 billion campaign seeks to address systemic funding disparities highlighted by foundation giving data. Scott is famously private and confirms donations only after recipients disclose them.

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