The United Negro College Fund has announced a donation of $100 million from the Lily Endowment. The gift is the single largest unrestricted grant to the organization since it’s founding 80 years ago. The gift will go toward 37 Historically Black colleges and universities in an effort to boost HBCUs long term financial stability.
The UNCF is the nation’s largest and most effective minority education organization. UNCF supports HBCUs students’ education and development through scholarships and other programs. UNCF strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness.
The UNCF also shared their exciting announcement via Twitter, stating the impact of the donation will help “shape better futures for HBCU students.”
Lilly Endowment Inc. is an Indianapolis-based private foundation created in 1937 by J. K. Lilly and his sons, Eli and J.K. In keeping with its founders’ wishes, the Endowment supports the causes of community development, education and religion.
“Since our founding in 1944, Lilly Endowment has been a consistent and significant philanthropic supporter. This $100 million grant is the largest unrestricted private grant we have ever received,” said UNCF.
After careful consideration on the utilization of the unrestricted grant, UNCF will deploy it to the campaign’s objective of building a pooled fund to increase endowments at UNCF’s 37 member HBCUs by $10 million each.
“Lilly Endowment’s unrestricted grant will be used as UNCF’s initial investment toward the establishment of an HBCU pooled endowment fund of $370 million,” UNCF President, Dr. Michael L. Lomax said.
The objective is to increase the unrestricted endowment for each of UNCF’s 37 member institutions by $10 million, or a total of $370 million. Through its capital campaign, UNCF will raise $185 million, or $5 million per institution. It will collaborate with the institutions to match this contribution through their own fundraising efforts.
This infusion of $100 million will immediately increase each UNCF member’s endowment by $2.7 million, at least doubling the endowments of several institutions.
As we reported late last year, HBCUs are reportedly underfunded by $12 billion. At least 16 states were found to have underfunded their HBCUs, but according to the U.S. Department of Education, the shortfall is more than $12 billion.
Despite this shortfall, significant strides such as these help ensure the financial success of students at HBCUs. These contributive efforts will present a vital financial resource to our students.
The announcement was made today at Clark Atlanta University. CAU President and Chair of UNCF’s Institutional Board Dr. George T. French, Jr., spoke on the “immense support” this gift will provide to students.
“Today’s announcement is a major accomplishment and will provide unprecedented support for the financial stability and continued success of UNCF’s member institutions. Our campuses stand ready to work with UNCF to accomplish the $370 million goal for the pooled unrestricted endowment.”
Learn more at UNCF.org or for continuous updates and news, follow UNCF on Twitter.
