Five historically Black colleges and universities in Georgia are celebrating a major win thanks to philanthropist MacKenzie Scott. On Monday, the United Negro College Fund (UNCF) announced Scott’s $70 million donation, a gift that will strengthen schools for generations to come.
The “landmark” contribution will go into the UNCF Members Pooled Endowment Fund, which focuses on building the long-term financial health of 37 private HBCUs. It will also help power UNCF’s $1 billion capital campaign, designed to give HBCUs the resources they need to thrive.
Which Georgia schools are benefiting?
In Georgia, the recipients include Clark Atlanta University, the Interdenominational Theological Center, Morehouse College, Spelman College, and Paine College in Augusta.
“Today is a historic day for UNCF and our member institutions,” said 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 predominantly white institutions (PWIs), so this infusion of permanent capital will be game-changing for our schools and our students.”
How much will each school receive?
Each school is slated to receive a $5 million stake from the initiative. UNCF will then work with the schools to secure matching funds of $5 million, bringing each institution’s share to $10 million, a 63% boost to the median endowment.
Schools will also receive annual distributions of 4% of the pooled funds, creating a permanent source of financial stability.
“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” said UNCF president and CEO Dr. Michael L. Lomax. “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.”
A pattern of generosity
This isn’t the first time Scott has stepped up for HBCUs. Back in 2020, she gave $10 million to UNCF’s emergency reserve fund, along with $15 million to Clark Atlanta and $20 million each to Morehouse and Spelman.
Her latest gift cements her as one of the most significant private supporters of historically Black institutions in the country, and for Georgia’s HBCUs, the future just got a whole lot brighter.
