UNCF Receives Landmark $70 Million Gift, Bolstering $1 Billion Capital Campaign
Washington, DC, Sept. 22, 2025 (GLOBE NEWSWIRE) -- UNCF (United Negro College Fund) today announced that it has received a landmark gift of $70 million from philanthropist MacKenzie Scott that will be used to support its bold $1 billion capital campaign. The $70 million gift will be invested in the UNCF Members Pooled Endowment Fund, an initiative designed to strengthen the long-term financial health of all 37 private UNCF member HBCUs.
“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” said Dr. Michael L. Lomax, president and CEO, UNCF. “It provides a once-in-a-generation opportunity for our member institutions to build permanent assets that will support students and campuses for decades to come.”
Launched in 2021, UNCF’s $1 billion Capital Campaign is a major philanthropic effort designed to elevate the organization’s reach and effectiveness and to provide HBCUs with the resources they need to succeed in their critical work. This ambitious, comprehensive vision consists of mutually reinforcing pillars of transformation that, together, create a virtuous cycle of social mobility in underrepresented communities, increase the impact of HBCUs, draw more funding and students to these institutions, and enrich the tapestry of our country.
With this latest gift, UNCF is now significantly closer to its goal of raising $370 million specifically for the pooled endowment, a critical component of the broader $1 billion campaign. Each of UNCF’s 37 private member HBCUs will receive a $5 million stake from this initiative. UNCF will then work with each institution to raise an additional $5 million in matching funds, creating a $10 million stake per institution. These pooled funds will be managed in perpetuity and will make annual distributions at a 4% payout rate, providing long-term financial stability for the campuses and their students.
The impact will be substantial: the median endowment of UNCF member schools would rise from $15.9 million to $25.9 million—a 63% increase. This $10 million stake per school is a consequential addition when compared to the stark gap between HBCU and non-HBCU endowments, where HBCUs trail by at least 70%.
Dr. Marc A. Barnes, senior vice president for the capital campaign, will work closely with the member institutions as they launch their matching campaigns to fully leverage this transformational gift.
“This gift allows us to demonstrate the power of collective investment in our institutions,” said Milton H. Jones, Jr., chair of the UNCF Board. “At the same time, we must finish the work of this campaign. We still need to raise $100 million in scholarship endowments, $80 million to increase UNCF’s operating endowment, and $100 million to advance technology across our membership. Together, these efforts will build the permanent capacity our institutions need to thrive.”
“Today is an historic day for UNCF and our member institutions, added Dr. George T. French, Jr., Clark Atlanta University President and Chair of UNCF’s Institutional Members. “The pooled endowment fund is a bold idea whose time has come. Today’s gift means that our institutions will see a transformative impact on their endowments, resources that are desperately needed. HBCU endowments are significantly smaller than those of predominately white institutions (PWIs), so this infusion of permanent capital will be game-changing for our schools and our students.”
This gift also builds on Scott’s previous generosity to UNCF: in 2020, she contributed $10 million to bolster the UNCF emergency reserve fund. Today’s $70 million contribution is seven times that investment, bringing her total giving to UNCF to $80 million.
“We are deeply grateful for MacKenzie Scott’s continued support. By entrusting UNCF to decide how best to use these funds, she affirms that HBCUs merit investment at this scale and her generosity will strengthen our member institutions and provide pathways to success for tomorrow’s changemakers,” stated Dr. Lomax.
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About UNCF®
UNCF is one of the nation’s largest and most effective supporters of higher education and serves as a leading advocate for college-bound students. Since its founding in 1944, UNCF has raised more than $6 billion to support students' access to higher education, provide scholarships and strengthen historically Black colleges and universities (HBCUs). Each year, UNCF awards more than 11,000 scholarships totaling more than $62 million. The scholarships support students attending more than 600 US-based colleges and universities including 37 UNCF-member HBCUs. Through its efforts, UNCF has helped generations of students to get to and through college. We believe a college education plays a vital role in fortifying the pipeline of leaders and professionals who contribute to the advancement of our society. Our logo features the UNCF torch of leadership in education and our widely recognized trademark is, ‟A mind is a terrible thing to waste.”® Learn more at UNCF.org or for continuous updates and news, follow UNCF on Instagram.
Roy Betts UNCF 240.703.3384 roy.betts@uncf.org
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