Billionaire philanthropist Mackenzie Scott has made a significant donation of $70 million to the United Negro College Fund (UNCF), a key provider of scholarships aimed at supporting historically black colleges and universities (HBCUs). This donation is among Scott’s largest single contributions to date and forms part of a broader initiative to raise $1 billion for minority students.
Dr. Michael L. Lomax, UNCF’s president, expressed gratitude for Scott’s trust in the organization, emphasizing that this gift will bolster the financial stability of member institutions and support students for years to come. The fund will aim to generate around 4% annually, stabilizing budgets at HBCUs, which have historically received less funding compared to other institutions.
Scott’s past philanthropy has focused heavily on HBCUs, reaffirming her commitment to addressing disparities in funding, as highlighted by a 2023 study showing stark contrasts in philanthropic contributions between top Ivy League schools and HBCUs. Since pledging to donate over half of her fortune in 2019, Scott has contributed $19.2 billion, with a significant focus on supporting black communities.
Her approach allows recipient nonprofits considerable freedom in using the funds, fostering trust and empowerment in their missions. Lomax hopes that Scott’s example will inspire other donors to invest similarly in HBCUs.
Overall, Scott’s generous donation is positioned as a vital investment in the future of HBCUs and their students, highlighting the need for increased support in this area.
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