MacKenzie Scott Donates $70M to UNCF for HBCUs
MacKenzie Scott has made a substantial donation of $70 million to the United Negro College Fund (UNCF), marking her second contribution to the organization. This significant gift is set to benefit historically Black colleges and universities (HBCUs), providing a 'once-in-a-generation opportunity' as described by UNCF president Michael L. Lomax.
Scott's donation will be distributed among 37 UNCF member institutions. This includes a recent donation of $40 million to Morehouse College, an HBCU. UNCF plans to allocate 4 percent of the endowment annually to these institutions. Scott's philanthropic efforts towards HBCUs and tribal colleges are not new, as she has previously given tens of millions of dollars to individual institutions. UNCF's goal is to raise $370 million in total for a pooled endowment, with each member institution receiving $5 million and working to secure matching funds.
MacKenzie Scott's $70 million donation to UNCF will provide a substantial boost to HBCUs, supporting their financial stability and future growth. UNCF's strategic distribution plan ensures that this significant gift reaches and benefits a broad range of member institutions.
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