The United Negro College Fund has received a $70 million donation from 
The donation will fund UNCF's Members Pooled Endowment Fund, designed to strengthen the financial foundation of all 37 private historically Black colleges and universities in the organization's network.
Under the pooled endowment initiative, each HBCU will receive a $5 million stake, which institutions must match with an additional $5 million in fundraising to create $10 million endowments per school. The funds will be managed in perpetuity with annual distributions at a 4% payout rate.
The gift would increase the median endowment of UNCF member schools from $15.9 million to $25.9 million—a 63% jump. HBCUs currently trail non-HBCU institutions in endowment size by at least 70%, according to UNCF data.
"This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF," said Dr. Michael L. Lomax, UNCF president and CEO. "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."
The donation brings UNCF significantly closer to its goal of raising $370 million for the pooled endowment, a key component of the broader $1 billion campaign launched in 2021. The comprehensive fundraising effort aims to increase UNCF's reach and provide HBCUs with resources needed for long-term sustainability.
Scott previously donated $10 million to UNCF in 2020 for an emergency reserve fund. Her latest contribution brings her total giving to the organization to $80 million.
UNCF still needs to raise $280 million to complete its capital campaign, including $100 million for scholarship endowments, $80 million for UNCF's operating endowment, and $100 million for technology improvements across member institutions.
Dr. Marc A. Barnes, senior vice president for the capital campaign, will coordinate with member institutions as they launch matching fund campaigns to leverage the gift.
