A major new investment in HBCU financial sustainability will provide $12 million in permanent endowment funding to 12 historically Black colleges and universities across the country.
UNCF announced the creation of The Dimon Fund to Advance Economic Opportunity, funded through a $12 million gift from The James and Judith K. Dimon Foundation.
Each of the 12 selected HBCU institutions will receive $1 million in permanent endowment capital as part of UNCF’s ongoing $1.5 billion capital campaign.
Unlike funding designated for a short-term program or immediate expense, the money is designed to remain invested and strengthen each HBCU’s financial position for years to come.
12 HBCU institutions will receive $1 million
The funding will support the following UNCF member schools:
- Benedict College — Columbia, South Carolina
- Dillard University — New Orleans, Louisiana
- Edward Waters University — Jacksonville, Florida
- Huston-Tillotson University — Austin, Texas
- Jarvis Christian University — Hawkins, Texas
- Johnson C. Smith University — Charlotte, North Carolina
- Miles College — Fairfield, Alabama
- Oakwood University — Huntsville, Alabama
- Shaw University — Raleigh, North Carolina
- Stillman College — Tuscaloosa, Alabama
- Tuskegee University — Tuskegee, Alabama
- Voorhees University — Denmark, South Carolina
According to UNCF, the schools were selected based in part on the strength of their leadership and governance and their success preparing students for careers in education, nursing and other healthcare professions.
Several also participate in cross-institutional partnerships that allow students to transfer credits in health-related disciplines, creating more direct pathways from the classroom into high-demand careers.
Why HBCU endowments matter
The structure of the $12 million gift is particularly significant.
Each $1 million allocation will count toward an institution’s $5 million match within UNCF’s pooled endowment fund.
Building larger endowments has become an important part of the conversation surrounding long-term HBCU financial sustainability. Permanent capital can strengthen balance sheets while giving colleges greater flexibility to make long-range investments in academics, research, facilities and student success.
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., previously served on UNCF’s board of directors. Judy Dimon serves as president of The Dimon Foundation.
“Our system of HBCUs continue to serve as the springboard to success for thousands of students in pursuit of the American Dream,” Jamie and Judy Dimon said.
“We are honored to help UNCF strengthen the long-term financial viability of these critical schools of higher learning.”
UNCF makes HBCU sustainability a priority
The gift advances a central goal of UNCF’s $1.5 billion capital campaign: strengthening its member HBCU institutions through permanent endowment growth.
The partnership was cultivated under the leadership of Dr. Johnnetta Betsch Cole, UNCF president-in-residence and co-chair of the capital campaign. Cole called the Dimons’ investment both “a vote of confidence and a catalyst.”
UNCF President and CEO Dr. Michael L. Lomax said building stronger institutions ultimately expands opportunities for generations of students.
“Endowments create permanence,” Lomax said. “Permanence creates independence. Independence creates the freedom to innovate, to lead, and to serve generations of students.”
For 12 HBCU institutions, the new fund represents more than an immediate infusion of money. It is $1 million in permanent capital for each school, designed to continue producing financial resources well beyond the life of the initial gift.
Source: HBCU Gameday
