Mackenzie Scott Donates HUGE $70M to Black Colleges! Why It Matters
Mackenzie Scott's Generous Gift to HBCUs
Billionaire philanthropist Mackenzie Scott has once again demonstrated her commitment to social impact by donating a staggering $70 million to the United Negro College Fund (UNCF). This substantial gift aims to bolster the financial stability of Historically Black Colleges and Universities (HBCUs), which have historically faced significant funding disparities compared to predominantly white institutions.
This donation is one of Scott's largest single gifts to date and underscores her dedication to supporting organizations that uplift marginalized communities. Scott, who obtained the majority of her wealth following her divorce from Amazon founder Jeff Bezos, has pledged to donate the majority of her fortune to philanthropic causes.
Impact on HBCUs
The UNCF plans to use Scott's donation to support its pooled endowment, with the goal of establishing a $370 million fund – $10 million for each of the 37 UNCF-member HBCUs. This fund is designed to generate a stable annual payout of approximately 4%, which will be distributed among the HBCUs to strengthen their budgets and ensure long-term financial sustainability.
“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” said Dr. Michael L. Lomax, President and CEO of UNCF. He further emphasized that this donation provides a “once-in-a-generation opportunity” for HBCUs to build permanent assets.
Addressing Funding Disparities
HBCUs have historically been underfunded compared to other colleges and universities. A 2023 study revealed that Ivy League schools received significantly more funding from major US foundations than HBCUs. Scott's donation aims to address this imbalance and provide HBCUs with the resources they need to thrive.
Scott's Philanthropic Approach
Scott is known for her hands-off approach to philanthropy, often providing unrestricted grants that allow recipient organizations to use the funds as they see fit. She signed the Giving Pledge in 2019, committing to donate at least half of her wealth to charitable causes. Her donations have spanned a wide range of issues, including racial justice, gender equality, and economic opportunity.
- $84 million gift to Girl Scouts
- $20 million to Vermont’s Champlain Housing Trust
- $436 million to Habitat for Humanity
- $275 million to Planned Parenthood
This recent donation to UNCF further solidifies Scott's reputation as a transformative philanthropist who is committed to creating a more equitable and just world.