MacKenzie Scott Donates $70 Million to UNCF, Bolstering HBCU Financial Stability
NEW YORK (AP) — Billionaire philanthropist MacKenzie Scott has once again demonstrated her profound commitment to strengthening educational institutions, donating an extraordinary $70 million to the UNCF. This substantial gift arrives as the nation’s largest private provider of scholarships to minority students embarks on an ambitious $1 billion fundraising initiative designed to bolster the financial stability of all 37 of its historically Black colleges and universities (HBCUs).
This donation stands as one of Scott’s largest individual contributions publicly disclosed for 2025. Known for her famously private philanthropic approach, Scott typically reveals her donations through her personal website, `yieldgiving.com`, only after the recipient organizations have confirmed them.
A Transformative Gift for HBCUs
Dr. Michael L. Lomax, President and CEO of UNCF, expressed profound gratitude for the impactful contribution. “This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” Lomax stated to The Associated Press. “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.”
Strategic Investment to Combat Disparities
The $70 million will be strategically channeled into UNCF’s pooled endowment, a critical component of its larger fundraising drive. This pooled endowment aims to accumulate $370 million, allocating $10 million for each of the 37 UNCF-member HBCUs. These funds will be invested, designed to generate an annual payout of approximately 4%, which will then be distributed among the HBCUs to help stabilize and strengthen their operational budgets. The focus on increasing HBCU endowments is paramount, as these institutions currently possess endowments that are 70% smaller than those of non-HBCU counterparts, according to UNCF data.
This initiative directly confronts the longstanding funding disparities faced by HBCUs. A compelling 2023 study by philanthropic research group Candid and ABFE, an organization advocating for investments in Black communities, revealed a stark contrast: the eight Ivy League schools collectively received $5.5 billion from the 1,000 largest U.S. foundations, while the 99 HBCUs received a mere $45 million in 2019.
MacKenzie Scott’s Enduring Support for Education
MacKenzie Scott, a novelist who received a significant portion of her wealth following her divorce from Amazon founder Jeff Bezos, has been a consistent champion of HBCUs since signing the Giving Pledge in 2019. This pledge commits her to donating more than half of her substantial fortune. Her support for UNCF is not new; she previously gifted the organization $10 million in 2020. While Scott has not specifically detailed her rationale for HBCU donations, she articulated her broader philanthropic philosophy in 2020, writing that her funding decisions are “driven by a deep belief in the value different backgrounds bring to problem-solving on any issue.”
The Impact of Trust-Based Philanthropy
Scott’s unique approach to philanthropy, characterized by large, unrestricted grants, has been widely studied for its transformative effect on recipient nonprofits. Phil Buchanan, president of The Center for Effective Philanthropy—an organization that itself received a $10 million grant from Scott and conducted a three-year study on her giving—noted the positive outcomes. “We didn’t see the fears people predicted come to pass,” Buchanan commented, dispelling concerns that large, unrestricted gifts might lead to excessive staffing or hinder future fundraising. “Folks are pretty prudent,” he added, concluding that “this shows that if you carefully vet nonprofits, we can trust them to make good use of funds.”
Scott last announced her giving in 2024, acknowledging $2 billion in gifts, which brought her total philanthropic contributions to an impressive $19.2 billion. Forbes estimates her current net worth at approximately $34 billion.
Inspiring a New Era of Giving
UNCF hopes that Scott’s exemplary generosity will inspire other funders to embrace a similar trust-based philanthropic model. “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,” Lomax reiterated, emphasizing the profound and lasting impact expected from this transformative donation.
