MacKenzie Scott Donates $70M to UNCF Boosting 37 HBCUs

MacKenzie Scott donated $70 million to the United Negro College Fund to help strengthen the nation’s 37 Historically Black Colleges and Universities as part of UNCF’s broader $1 billion fundraising effort. The gift will be placed into UNCF’s pooled endowment program, which aims to build a $370 million fund — roughly $10 million for each member HBCU — to be invested and is expected to pay out about 4% annually to stabilize campus budgets. UNCF President and CEO Dr. Michael L. Lomax called the donation a powerful vote of confidence and a once-in-a-generation opportunity; Scott previously gave UNCF $10 million in 2020 and signed the Giving Pledge in 2019. Organizers said the move targets long-standing funding disparities — HBCU endowments trail non-HBCUs by about 70% — and cited data showing Ivy League schools received $5.5 billion from major foundations in 2019 versus $45 million for 99 HBCUs. Scott typically announces gifts only after recipients confirm them.