MacKenzie Scott Donates $70M To UNCF For HBCU Funding
Jeff Bezos Ex-Wife, MacKenzie Scott, Donates $70M To UNCF For HBCU Funding
Jeff Bezos’ ex-wife, MacKenzie Scott, is out here doing all the good work her former hubby never did by taking a nice slice of her fortune and donating it to the cause of strengthening the foundation of our nation’s historically Black colleges and universities.
According to CNN, Scott has donated $70 million to the United Negro College Fund (UNCF), America’s largest private provider of scholarships to minority students, which is on a mission to raise $1 billion to strengthen all 37 of its HBCUs.
“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” the nonprofit’s President and CEO, Dr. Michael L. Lomax, said in a statement. “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.”
From CNN:
Lomax said Scott’s donation would be used for UNCF’s pooled endowment, which aims to establish a $370 million fund — $10 million for each UNCF member HBCU. That fund will be invested and designed to pay out about 4% annually, which will then be divided among the HBCUs to help stabilize their budgets. Increasing HBCU endowments is a priority since they trail endowments at non-HBCUs by 70%, according to the UNCF.
The broader $1 billion fundraising effort is an attempt to help HBCUs address the funding disparity they face when compared to other colleges and universities. A 2023 study by philanthropic research group Candid and ABFE, a nonprofit that advocates for investments in Black communities, found that the eight Ivy League schools received $5.5 billion from the 1,000 largest US foundations compared to $45 million for the 99 HBCUs in 2019.
As we’ve previously reported, the underfunding of HBCUs has been a “chronic” issue, even after they received over $2.7 billion in federal funding under President Joe Biden’s administration under the American Rescue Plan. Of course, the current administration has only made the future of HBCU funding more uncertain. In February, President Donald Trump’s anti-DEI policies caused the suspension of a scholarship program for HBCUs by the U.S. Department of Agriculture (USDA).
Then, in April, Trump signed an executive order purported to “Promote Excellence and Innovation at Historically Black Colleges and Universities,” but that order also rescinded orders related to HBCUs signed by Biden, because those orders, apparently, violated Trump’s order that terminated “illegal DEI and ‘diversity, equity, inclusion, and accessibility’ (DEIA) mandates, policies, programs, preferences, and activities in the Federal Government.” Then, this month, the Trump administration said it will redirect $435 million to HBCUs “as it defunds grant programs for other minority students at other institutions,” according to Capital B News. (So, basically, the Trump administration is out here solving problems it created again.)
As for Scott, who CNN noted “received the bulk of her fortune after divorcing” Bezos, she wrote in 2020 that her funding decisions were “driven by a deep belief in the value different backgrounds bring to problem-solving on any issue.” Outside of information that can be found on her website, Scott hasn’t made any public statements about her latest act of generosity towards HBCUs. (Turns out that some people do good without using it as an opportunity to clout chase.)
So, a big, grateful shout-out to MacKenzie Scott. It’s nice to see there are at least a few billionaires out there who know what to do with all of that wealth.
Salute!
SEE ALSO:
MacKenzie Scott Gifts Healthcare Equity Nonprofit With $12M
MacKenzie Scott Donates Billions To ‘High-Impact’ Orgs
Jeff Bezos Ex-Wife, MacKenzie Scott, Donates $70M To UNCF For HBCU Funding was originally published on newsone.com
