MacKenzie Scott, ex-wife of Jeff Bezos, donates $70 mn to black college fund in landmark gift

Philanthropist MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, has made a historic $70 million donation to the United Negro College Fund (UNCF) one of the largest gifts in the organisation’s history. The contribution will power UNCF’s bold $1 billion capital campaign, which aims to strengthen the long-term financial health of its 37 private Historically Black Colleges and Universities (HBCUs).

The $70 million will be invested in the UNCF Members Pooled Endowment Fund, with each member HBCU receiving a $5 million stake. Schools will then work to match that amount, creating a $10 million permanent endowment per institution. Annual distributions at a 4% payout rate will provide lasting financial support for campuses and students, raising the median endowment of UNCF member schools by 63% from $15.9 million to $25.9 million.

UNCF president and CEO Dr Michael L Lomax hailed the gift as a “once-in-a-generation opportunity” to build permanent assets and secure the future of Black higher education. UNCF Board Chair Milton H Jones Jr emphasised the need to continue the capital campaign to raise additional funds for scholarships, operations, and technology.

Scott’s latest contribution follows her $10 million donation to UNCF in 2020, bringing her total giving to the organisation to $80 million. Known for her rapid and transformative philanthropy, Scott has given away billions of dollars to education and equity-focused causes since her 2019 divorce from Bezos, consistently ranking among the world’s most generous donors.

Leaders say the gift will help close the massive wealth gap between HBCUs and predominately white institutions (PWIs), where endowments remain far smaller, and will create pathways to success for future generations of Black students.