UNCF Received A $100 Million Grant, Largest Unrestricted Grant in 80 Years

Today the UNCF (United Negro College Fund) announced that they have received a $100 Million “unrestricted grant” from Lilly Endowment Inc. that will help continue to support UNCF campaign initiatives. UNCF’s president and CEO, Dr. Michael L. Lomax, shared in a press conference earlier this afternoon that this is the largest private grant the UNCF has ever been gifted.

Per the UNCF website:

“UNCF is undertaking a bold $1 billion capital campaign that includes five components: student scholarships, unrestricted funds to enhance the endowments for historically Black colleges and universities (HBCUs), capacity-building programs for member HBCUs (such as technology, training and research), cash reserves and endowed funds for UNCF and support for UNCF’s annual campaign.”

It was also shared during the press conference that this unrestricted grant would go towards the “pooled endowments” for all 37 (HBCU) member institutions. Per the UNCF’s website, the average endowment for UNCF institutions will increase by 63% – taking the median from $15.9 million to $25.9 million per institution.

The UNCF was founded in 1944 and serves to continually support the education and advancement of minority students. While the UNCF started with 27 member colleges and universities serving 12,000 students; they have now grown to serving 37 member colleges and universities with over 60,000 students.