The United Negro School Fund has obtained a $70 million donation from 
The donation will fund UNCF’s Members Pooled Endowment Fund, designed to strengthen the monetary basis of all 37 personal traditionally Black faculties and universities within the group’s community.
Underneath the pooled endowment initiative, every HBCU will obtain a $5 million stake, which establishments should match with an extra $5 million in fundraising to create $10 million endowments per faculty. The funds will probably be managed in perpetuity with annual distributions at a 4% payout price.
The present would improve the median endowment of UNCF member colleges from $15.9 million to $25.9 million—a 63% soar. HBCUs at the moment path non-HBCU establishments in endowment dimension by not less than 70%, in keeping with UNCF knowledge.
“This extraordinary present is a robust vote of confidence in HBCUs and within the work of UNCF,” stated Dr. Michael L. Lomax, UNCF president and CEO. “It gives a once-in-a-generation alternative for our member establishments to construct everlasting property that may assist college students and campuses for many years to come back.”
The donation brings UNCF considerably nearer to its aim of elevating $370 million for the pooled endowment, a key element of the broader $1 billion marketing campaign launched in 2021. The excellent fundraising effort goals to extend UNCF’s attain and supply HBCUs with sources wanted for long-term sustainability.
Scott beforehand donated $10 million to UNCF in 2020 for an emergency reserve fund. Her newest contribution brings her complete giving to the group to $80 million.
UNCF nonetheless wants to lift $280 million to finish its capital marketing campaign, together with $100 million for scholarship endowments, $80 million for UNCF’s working endowment, and $100 million for know-how enhancements throughout member establishments.
Dr. Marc A. Barnes, senior vp for the capital marketing campaign, will coordinate with member establishments as they launch matching fund campaigns to leverage the present.
