Historically, HBCUs have been given the smallest endowments compared to other colleges, receiving less funding for educational resources for their students. Although work still needs to be done, these donations have increased recently.
Though 2024 has yet to hit its halfway mark, this year has already proven to be one of the most historic years for HBCU donations. In January, the Indianapolis-based foundation, Lilly Endowment Inc., pledged to donate a $100 million unrestricted grant to the United Negro College Fund (UNCF), the nation’s largest minority education organization.
After carefully considering how to utilize Lilly Endowment’s unrestricted grant, UNCF has deployed it to the capital campaign’s objective of building a pooled endowment fund to increase the endowments at UNCF’s 37 member institutions by $10 million each. The campaign will eventually total $1 billion and go to student scholarships, unrestricted funds to enhance the endowments for 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.
This $100 million grant is the largest unrestricted private grant we have ever received,” Dr. Michael L. Lomax, the president and CEO of UNCF, stated. “We plan to establish endowments for our member HBCUs that will be pooled and managed at UNCF…100% of this grant will be used to enhance the endowments at our 37 member colleges and universities. We believe this is the most prudent way to use Lilly Endowment’s transformational support.”
A week after this donation was announced, Spelman College, an all-women’s HBCU, announced that they had received the largest single donation of any HBCU in history. Donated by businesswoman, philanthropist and 27-year trustee of the college, Ronda Stryker, the school received $100 million to expand its reach and resources. As a result of the donation, $75 million of the school’s funds will be put into scholarships for incoming students. The rest of the donation will be used to develop an academic focus on public policy and democracy, improve student housing and provide flexible funding to meet critical strategic needs.
“I have seen first-hand the enormous impact financial investment has generated for Spelman’s highly talented students,” Stryker told NBC News. “It’s important to me that all women be provided an opportunity to explore their talents, challenge their self-doubts and realize the power of achieving individual success.”
“We are invigorated and inspired by this incredible act of generosity,” said Dr. Helene Gayle, president of Spelman College. “This gift is a critical step in our school’s mission to eliminate financial barriers to starting and finishing a Spelman education.”
The increased support of HBCUs and other underrepresented groups is just one of the ways in which we can create a more promising, equitable world in the future.
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