Billionaire philanthropist MacKenzie Scott has once again made headlines with her generosity, recently donating $70 million to the United Negro College Fund (UNCF). The UNCF is the nation’s largest provider of scholarships to minority students attending historically Black colleges and universities (HBCUs). Scott’s donation marks one of her largest single gifts and is among the most significant announced so far this year.
Dr. Michael L. Lomax, President and CEO of the UNCF, described the donation as a transformative moment, calling it a “powerful vote of confidence in HBCUs and in the work of UNCF.” He emphasized that the gift offers a rare opportunity for member institutions to build permanent assets that will support students and campuses for generations.
The UNCF currently serves around 37 HBCUs nationwide. Scott’s $70 million donation will contribute to the organization’s pooled endowment, part of a larger initiative to create a $370 million fund. The aim is to ensure that each HBCU receives $10 million, providing a reliable annual payout to help address the significant endowment gap between HBCUs and non-HBCUs. The UNCF ultimately seeks to raise $1 billion to help close these funding disparities.
This is not the first time Scott has supported HBCUs. In 2020, she donated millions to several prominent HBCUs and contributed $10 million to the UNCF. Her philanthropic efforts accelerated after she signed the Giving Pledge in 2018, following her divorce from Amazon founder Jeff Bezos. Since then, Scott has given away approximately $19.2 billion to various causes, with Forbes estimating her current net worth at $34 billion.
A unique aspect of Scott’s philanthropy is her approach to unrestricted giving. Unlike many large donations that come with strict stipulations, Scott allows recipient organizations to determine how best to use the funds. The UNCF has expressed deep gratitude for this flexibility, noting that it empowers them to make the most significant impact.
Lomax hopes Scott’s generosity will inspire other philanthropists to invest in HBCUs and help bridge the longstanding gaps in funding and resources. By placing trust in the UNCF and HBCUs, Scott’s donation not only strengthens these institutions but also supports the next generation of leaders and changemakers.
