MacKenzie Scott Donates $70M to Strengthen UNCF HBCU Endowments

Billionaire philanthropist MacKenzie Scott donated $70 million to the United Negro College Fund (UNCF) to support historically Black colleges and universities (HBCUs), including Saint Augustine's University (SAU) and Johnson C. Smith University. SAU and Johnson C. Smith University will each receive $5 million stakes from this gift and aim to raise an additional $5 million in matching funds to create $10 million endowments managed in perpetuity, providing long-term financial stability with a 4% annual payout. This donation significantly advances UNCF's goal of raising $370 million for its Members Pooled Endowment Fund, which is part of a broader $1 billion capital campaign to strengthen 37 private HBCUs. The initiative will increase the median endowment of UNCF-member institutions by 63%, helping to address funding disparities between HBCUs and predominantly white institutions (PWIs). UNCF President Dr. Michael Lomax highlighted that these endowments will reduce institutions' reliance on debt and enhance support for students, faculty, and facilities. Despite this historic gift, ongoing funding disparities for HBCUs remain a challenge, underscoring the need for continued investment.