MacKenzie Scott, billionaire philanthropist and novelist, has announced a $70 million donation to the United Negro College Fund (UNCF), marking one of her largest single contributions to date. The gift comes as UNCF works toward a $1 billion campaign to strengthen all 37 of its member historically Black colleges and universities (HBCUs).
UNCF President and CEO Dr. Michael L. Lomax described the donation as “a once-in-a-generation opportunity,” saying the funding will support the organization’s pooled endowment, currently valued at $370 million.
Once invested, the fund is expected to generate annual returns of about 4 percent, creating a steady source of income for schools that have traditionally operated with far smaller endowments than their peers.
Mackenzie Scott Gifts HBCUs With $70 Million
That gap remains stark. According to UNCF, HBCU endowments lag behind non-HBCUs by about 70 percent. A 2023 report by Candid and ABFE found that in 2019, the eight Ivy League universities collectively received $5.5 billion from major foundations, while 99 HBCUs together received just $45 million.
Scott’s donation underscores her ongoing commitment to addressing inequities in higher education. Since signing the Giving Pledge in 2019, she has directed billions to organizations serving underrepresented communities, including a $10 million gift to UNCF in 2020. To date, she has donated $19.2 billion, with Forbes estimating her net worth at $34 billion.
Known for her low-profile approach, Scott rarely comments publicly on her giving. Instead, she quietly lists recipients on her website, leaving organizations to confirm the gifts. Her donations are also notable for coming without restrictions, granting nonprofits autonomy in how funds are used.
Phil Buchanan, president of the Center for Effective Philanthropy, said Scott’s model has challenged assumptions about unrestricted giving. “If you carefully vet nonprofits, they can be trusted to make good use of funds,” he said.
For UNCF, the $70 million represents both financial stability and momentum. Lomax emphasized that the gift validates the critical role of HBCUs and could encourage other philanthropists to follow Scott’s lead. “The impact will ripple across generations,” he said, ensuring students and institutions gain long-term support.
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