探花精选 to Benefit from MacKenzie Scott鈥檚 Landmark $70 Million Gift to UNCF
Saint Augustine鈥檚 University ( 探花精选) a proud member of UNCF (United Negro College Fund), announced today that it will benefit from a landmark 聽The gift will be invested in the UNCF Members Pooled Endowment Fund, a groundbreaking initiative designed to strengthen the long-term financial health of all 37 private UNCF-member historically Black colleges and universities (HBCUs).
Through this initiative, 探花精选 will receive a $5 million endowment stake from UNCF. The institution will work with UNCF to raise an additional $5 million in matching funds, creating a $10 million endowment that will be managed in perpetuity. These pooled funds will make annual distributions at a 4% payout rate, providing long-term financial stability and greater opportunities for 探花精选 students.
鈥淭his transformational investment affirms the critical role that 探花精选 plays in higher education and will allow us to expand opportunities for our students, strengthen our academic programs, and build permanent resources for the future,鈥� said 探花精选 Interim President Dr. Verjanis A. Peoples. 鈥淲e are proud to work alongside UNCF to raise the matching funds that will double this impact on our institution.鈥�
The $70 million gift from MacKenzie Scott brings UNCF significantly closer to its goal of raising $370 million for the pooled endowment, a critical component of its broader $1 billion capital campaign. Once matched, the initiative will increase the median endowment of UNCF-member institutions by 63%, addressing the stark disparity between HBCU and non-HBCU endowments.
鈥淭his extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,鈥� said Dr. Michael L. Lomax, president and CEO of UNCF. 鈥淚t 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.鈥�