New York (AP) – billionaire philanthropist Mackenzie Scott donated $ 70 million in the JTKF, as the country’s largest private scholarship provider is working for minority students to raise $ 1 billion to strengthen all 37 historically black colleges and universities.
The gift is one of the highest sacrifice of Scott of all time and one of the first to publicly reveal in 2025. Loudly private, Scott discusses his victims only through his site and does not confirm them until the recipients do so.
“This extraordinary gift is a powerful voice of trust in HBCU and UNCF at work,” said Dr. Michael L. Lomax. “This allows our members to create permanent assets to our members to support students and towns for decades to come.”
Lomax said Scott’s donation would be used for UNCF -joined grant aimed at setting up $ 370 million. USD fund – $ 10 million. This fund will be invested and designed to pay about 4% per year, which will be divided between HBCU to help stabilize their budgets. As HBCU grants increase, they are a priority as they do not follow HBCUS 70%according to UNC.
A wider $ 1 billion -raising effort is an attempt to help Hbcus solve the differences in funding they face compared to other colleges and universities. 2023 A study by the Philanthropic Research Group Candid and Abfe – a non -profit organizations in favor of black communities, found that eight IVY League schools received $ 5.5 billion out of $ 1,000 largest US funds compared to $ 45 million. USD for 99 HBCU 2019
Ever since Scott, a novelist who received most of his fate, after divorcing Jeff Bezos, founder of Amazon, 2019. Signed a promise of giving, promising to donate more than half of her assets, Hbcu was one of its favorite recipients. Earlier in 2020. She gave UNCF $ 10 million.
Although Scott did not pay attention to Hbcu’s victims, it was 2020. Wrote that its financing solutions are “determined by the deep belief that the value of the different origin is due to the problem solving on any matter”.
Scott has not announced any reports of his donation as 2024 Acknowledged $ 2 billion gifts, so its total amount is $ 19.2 billion. According to Forbes, Scott’s net value is currently around $ 34 billion.
Its unusual victims, which are much larger than most funds donate at the same time and have no restrictions on when they can be used or to whom they can be used – financially strengthened their non -profit organizations, said Phil Buchanan, the president of the Effective Philanthropian Center, who has studied a Scott gift within three years.
“We didn’t see people predicted that people would happen,” said Buchanan, who revealed that the effective philanthropy center from Scott received a one-time grant of $ 10 million. Although some worried that the recipients of large gifts would increase the staff too much or would harm their money collection efforts, Buchachan said their 2000 non -profit organizations had seen little evidence. “People are quite smart,” he said. “This shows that if you carefully check non -profit organizations, we can trust them that you will use the funds well.”
This is a lesson that UNCF expects other financiers to find out based on Scott’s example.
“We are very grateful for the constant support of Mackenzie Scott,” said Lomax. “By entrusting the UNCF to decide how to best use these funds, she claims that Hbcus’s merit to this extent will strengthen our members’ institutions and give the success of tomorrow’s replacement specialists.”
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