MacKenzie Scott’s recent gift of $70 million to the United Negro College Fund (UNCF) marks a major boost for historically Black colleges and universities (HBCUs). Scott’s donation supports UNCF’s ongoing effort to raise $1 billion to strengthen the financial footing of all 37 private HBCUs in its network. This is one of Scott’s largest contributions and targets investment in the UNCF Members Pooled Endowment Fund, a cornerstone of the campaign launched four years ago.
UNCF is the leading nonprofit dedicated to supporting Black students and HBCUs. For more than 80 years, it has awarded scholarships and worked to narrow the funding inequities HBCUs face compared to other U.S. colleges. These 37 member institutions often operate with endowments significantly lower than those of predominantly White universities.
Scott’s $70 million will advance the pooled endowment fund’s $370 million target. The fund is designed to give each member school a $5 million stake, which they will then match with another $5 million from other sources. This approach aims to create $10 million stakes per institution. The endowment is to be managed permanently, with an annual 4% payout used to support student success, campus programs, and financial stability.
The donation will boost the median endowment of UNCF member schools by 63%, increasing it from $15.9 million to about $25.9 million. While that still leaves HBCUs behind their peers, endowments at non-HBCU schools trail by roughly 70%, it is a major step toward closing a deep and persistent funding gap. Prior contributions from MacKenzie Scott include a $10 million gift in 2020, bringing her total donations to UNCF to $80 million.
UNCF leaders regard this as an opportunity to build lasting assets and strengthen the foundations of Black higher education. Michael L. Lomax, UNCF’s president and CEO, described Scott’s gift as a strong vote of confidence in the future of these schools. Milton H. Jones, Jr., Chair of the UNCF Board, emphasized the need for collective investment, stating this gift is transformational but part of a broader effort to fund scholarships, operating costs, and technological improvements.
Historically Black colleges and universities hold a unique place in American education. Although they make up just 3% of all U.S. colleges, they enroll about 10% of Black college students and award over 15% of bachelor’s degrees to Black students nationwide. HBCUs have long provided crucial opportunities for academic achievement and social mobility, despite limited access to the kinds of private funding available to most other institutions.
The pooled endowment fund helps smaller HBCUs benefit from shared financial growth and avoid reliance solely on unpredictable funding cycles. The 4% annual payout on the fund will ensure a steady revenue stream for campuses, allowing them to plan ahead for infrastructure, student services, and academic programs.
Scott’s donation is a clear example of philanthropy that tackles educational inequity through strategic investment. Rather than a temporary fix, it supports structural financial stability for institutions that have historically faced barriers in accessing capital and donor support.
Though UNCF’s campaign still needs to meet goals for scholarships and operational funding, this boost substantially strengthens member schools’ ability to grow their endowments and improve the educational experience for thousands of students. The investment helps ensure these vital institutions will continue to serve generations, fueling academic success and economic advancement in communities across the country.
