MacKenzie Scott Donates $70 Million to Strengthen 37 HBCUs via UNCF

Philanthropist MacKenzie Scott has donated $70 million to the United Negro College Fund (UNCF) as part of its $1 billion campaign to support 37 historically Black colleges and universities (HBCUs) across the United States. This donation will be invested in UNCF's pooled endowment fund, providing approximately $10 million per institution, which is expected to generate a 4% annual return to help stabilize each school's budget and significantly increase their financial endowments. UNCF President Dr. Michael L. Lomax called Scott's gift a "once-in-a-generation opportunity" and a powerful vote of confidence in the future of HBCUs. Scott, who has pledged to give away the majority of her fortune through the Giving Pledge, has given over $19 billion to various nonprofits with a trust-based, unrestricted giving model. This gift is among her largest single donations and continues her commitment to addressing funding disparities faced by minority-serving institutions. The endowment boost is expected to increase the median fund of member schools by 63%, promoting long-term financial stability and growth for these institutions.