Shaw University Receives MacKenzie Scott’s $70M UNCF Gift

RALEIGH, N.C. — Shaw University, a proud member of UNCF (United Negro College Fund), announced today that it will benefit from a landmark $70 million gift from philanthropist MacKenzie Scott to UNCF. 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, Shaw University 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 Shaw University students.

“This transformational investment affirms the vital role Shaw University continues to play in higher education as the first historically Black university in the South,” said Dr. Paulette Dillard, president of Shaw University. “With this endowment support, we will expand opportunities for our students, strengthen our academic programs, and build permanent resources that help secure the future of Shaw University for generations to come.”

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.

“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” said Dr. Michael L. Lomax, president and CEO of UNCF. “It 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.”

“We are proud to be part of a collective effort among UNCF member institutions to harness this endowment and elevate access, excellence, and sustainability across our campuses,” Dr. Dillard said. “At Shaw University, we will do our part, and we look forward to seeing the widespread impact felt by our students, faculty, and communities throughout this initiative.”