ATLANTA — Billionaire philanthropist MacKenzie Scott has donated $70 million to the United Negro College Fund (UNCF) to support its $1 billion capital campaign, which will benefit historically Black colleges and universities in Georgia.

The donation will be invested in the UNCF Members Pooled Endowment Fund, an initiative aimed at strengthening the financial health of all 37 private UNCF member HBCUs.

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Five Georgia HBCUs, including Clark Atlanta University, Spelman College, Morehouse College, the Interdenominational Theological Center in Atlanta, and Paine College in Augusta, will each receive $5 million from this fund.

“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 of UNCF.

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Launched in 2021, UNCF’s $1 billion Capital Campaign is a major philanthropic effort designed to elevate the organization’s reach and effectiveness. The campaign aims to provide HBCUs with the resources they need to succeed in their critical work.

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.

The impact of this donation will be substantial, as the median endowment of UNCF member schools is expected to rise from $15.9 million to $25.9 million, marking a 63% increase.

This increase is significant given 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.

The $70 million donation from MacKenzie Scott marks a transformative moment for UNCF and its member institutions, providing a much-needed boost to their financial stability and capacity to support students.

“Today’s gift means that our institutions will see a transformative impact on their endowments, resources that are desperately needed,” Dr. George T. French, Jr., president of Clark Atlanta University and chair of UNCF’s Institutional Members, said in a statement.

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