Jeff Bezos’ Ex-Wife, Billionaire Philanthropist MacKenzie Scott, Donates $70 Million To HBCUS

Here's some good news!

via: Vibe

The United Negro College Fund (UNCF) has announced a substantial financial gift from a billionaire source. The organization revealed Mackenzie Scott, ex-wife of Jeff Bezos, has donated $70 million, supporting its $1 billion capital campaign.

The $70 million gift will be invested in the UNCF Members Pooled Endowment Fund, an initiative designed to strengthen the long-term financial health of all 37 private UNCF member Historically Black Colleges and Universities (HBCUs). This includes institutions such as Clark Atlanta University, Spelman College, Miles College, Oakwood University, Fisk University, Rust College, Wilberforce University, and more.

“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” expressed Dr. Michael L. Lomax, president and CEO, UNCF, in a press release. “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.”

According to the organization, Scott’s philanthropy pushes UNCF now significantly closer to its goal of raising $370 million specifically for the pooled endowment, a critical component of the broader $1 billion campaign, which was launched in 2021. Each of UNCF’s 37 private member HBCUs will receive a $5 million stake from this initiative. UNCF will then work with each school to raise an additional $5 million in matching funds, creating a $10 million stake per institution.

“This gift allows us to demonstrate the power of collective investment in our institutions,” relayed Milton H. Jones, Jr., chair of the UNCF Board. “At the same time, we must finish the work of this campaign. We still need to raise $100 million in scholarship endowments, $80 million to increase UNCF’s operating endowment, and $100 million to advance technology across our membership. Together, these efforts will build the permanent capacity our institutions need to thrive.”

The commitment follows Scott’s gift of $10 million in 2020, bringing her total giving to UNCF to $80 million.

“We are deeply grateful for MacKenzie Scott’s continued support,” added Dr. Lomax. “By entrusting UNCF to decide how best to use these funds, she affirms that HBCUs merit investment at this scale and her generosity will strengthen our member institutions and provide pathways to success for tomorrow’s changemakers.”