The United Negro College Fund has announced that the Lily Endowment fund is donating $100 million, the biggest-ever unrestricted grant to the UNCF.
The UNCF explained that the money will be given to 37 different HBCUs to help maintain and uphold their financial stability. The UNCF is recognized as the United States’ largest organization supporting minority education by supplying students with scholarships and educational support with accessible programs.
Lilly Endowment Inc. is an Indianapolis-based private foundation created in 1937 by J. K. Lilly and his sons, The endowment supports the causes of community development, education and religion.
The donation is just one in a long history of the organization’s actions to advocate for college readiness and minority accessibility to proper resources.
Clark Atlanta University, CAU, and President and Chair of UNCF’s Institutional Board, Dr. George T. French, Jr., said Jan. 11 the money would allow for “immense support” for Black students across the United States.
“Today’s announcement is a major accomplishment and will provide unprecedented support for the financial stability and continued success of UNCF’s member institutions. Our campuses stand ready to work with UNCF to accomplish the $370 million goal for the pooled unrestricted endowment.”
UNCF President, Dr. Michael L. Lomax, added, “Lilly Endowment’s unrestricted grant will be used as UNCF’s initial investment toward the establishment of an HBCU pooled endowment fund of $370 million.”
“Since our founding in 1944, Lilly Endowment has been a consistent and significant philanthropic supporter. This $100 million grant is the largest unrestricted private grant we have ever received.”
The organization further celebrated the initiative with an X post, claiming it would help students improve their educational means everywhere.
The UNCF plans to use the unrestricted grant to increase each of the 37 HBCUs’ endowments by $10 million with further assistance from its ongoing capital campaign.