United Negro College Fund announces getting $100 million unrestricted gift, member schools to get $10 million for endowment
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Jaylen Tatum
Superstar
watch alot of that money go missing...
get these nets
Veteran
*just jokes, hehehe
get these nets
Veteran
*slightly more detailed than the IG post
January 11, 2024
Jennett M. Hill, president of Lilly Endowment Inc. announced at Clark Atlanta University that it would give a $100 million grant to UNCF, which instantly brought on applause from those attending the press conference
During a press conference held today at Clark Atlanta University, UNCF (United Negro College Fund) announced that Lilly Endowment Inc. has awarded a $100 million unrestricted grant to support UNCF’s capital campaign.
UNCF is undertaking a bold $1 billion capital campaign that includes five components: student scholarships, unrestricted funds to enhance the endowments for historically Black colleges and universities (HBCUs), capacity-building programs for member HBCUs (such as technology, training and research), cash reserves and endowed funds for UNCF and support for UNCF’s annual campaign.
After careful consideration on how to utilize Lilly Endowment’s unrestricted grant, UNCF has decided to deploy it to the capital campaign’s objective of building a pooled endowment fund that will increase the endowments at UNCF’s 37 member institutions by $10 million each.
“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,” Lomax said.
The objective is to increase the unrestricted endowment for each of UNCF’s 37 member institutions by $10 million, or a total of $370 million. Through its capital campaign, UNCF will raise $185 million, or $5 million per institution. It will collaborate with the institutions to match this contribution through their own fundraising efforts. This infusion of $100 million will immediately increase each UNCF member’s endowment by $2.7 million, at least doubling the endowments of several institutions.
“We plan to establish endowments for our member HBCUs that will be pooled and managed at UNCF. They will become permanent assets of the institutions. Rising tides do lift all boats and UNCF is committed to making this a reality because 100 percent of this grant will be used to enhance the endowments at our 37 member colleges and universities. We believe this is the most prudent way to use Lilly Endowment’s transformational support,” said Lomax.
Pooled endowments can offer several benefits to HBCUs, including increased investment power to access a wider range of investment opportunities in stocks, bonds and real estate that can potentially generate higher returns. In addition, pooled endowments promote collaboration and networking among HBCUs, which can lead to enhanced fundraising efforts, increased visibility and improved financial stability.
Research from UNCF’s Frederick D. Patterson Research Institute found that the median endowment for UNCF member institutions is $15.9 million. After the successful completion of the capital campaign, the median will grow to $25.9 million, an increase of 63%, bringing it closer to the median private college endowment of $214.6 million as determined by the National Association of College University Business Officers (NACUBO).
$100 million gift from Lilly Endowment to United Negro College Fund will support HBCU endowments
January 11, 2024
During a press conference held today at Clark Atlanta University, UNCF (United Negro College Fund) announced that Lilly Endowment Inc. has awarded a $100 million unrestricted grant to support UNCF’s capital campaign.
UNCF is undertaking a bold $1 billion capital campaign that includes five components: student scholarships, unrestricted funds to enhance the endowments for historically Black colleges and universities (HBCUs), capacity-building programs for member HBCUs (such as technology, training and research), cash reserves and endowed funds for UNCF and support for UNCF’s annual campaign.
After careful consideration on how to utilize Lilly Endowment’s unrestricted grant, UNCF has decided to deploy it to the capital campaign’s objective of building a pooled endowment fund that will increase the endowments at UNCF’s 37 member institutions by $10 million each.
“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,” Lomax said.
The objective is to increase the unrestricted endowment for each of UNCF’s 37 member institutions by $10 million, or a total of $370 million. Through its capital campaign, UNCF will raise $185 million, or $5 million per institution. It will collaborate with the institutions to match this contribution through their own fundraising efforts. This infusion of $100 million will immediately increase each UNCF member’s endowment by $2.7 million, at least doubling the endowments of several institutions.
“We plan to establish endowments for our member HBCUs that will be pooled and managed at UNCF. They will become permanent assets of the institutions. Rising tides do lift all boats and UNCF is committed to making this a reality because 100 percent of this grant will be used to enhance the endowments at our 37 member colleges and universities. We believe this is the most prudent way to use Lilly Endowment’s transformational support,” said Lomax.
Pooled endowments can offer several benefits to HBCUs, including increased investment power to access a wider range of investment opportunities in stocks, bonds and real estate that can potentially generate higher returns. In addition, pooled endowments promote collaboration and networking among HBCUs, which can lead to enhanced fundraising efforts, increased visibility and improved financial stability.
Research from UNCF’s Frederick D. Patterson Research Institute found that the median endowment for UNCF member institutions is $15.9 million. After the successful completion of the capital campaign, the median will grow to $25.9 million, an increase of 63%, bringing it closer to the median private college endowment of $214.6 million as determined by the National Association of College University Business Officers (NACUBO).
Claflin 
MoveForward
Veteran
This is awesome!
Gucci cleats!
Rose gold Balmain engraved book covers!
Elephant hide Brunello Cucinelli backpacks
Salt Bae dinners for 3 days!
Rose gold Balmain engraved book covers!
Elephant hide Brunello Cucinelli backpacks
Salt Bae dinners for 3 days!
get these nets
Veteran
They seem to have a well developed long term plan in place.
In terms of the $370 million pool of money, the only thing I would do differently is to earmark the contributions in inverse proportion to what the current endowments of the member schools are. If the organization is supposed represent all 37 schools, I'd use this rare opportunity to build up the schools with fewer resources. Somewhat similar to the way sports drafts operate.
How would you spend the money?
That makes sense.
The nation builder in me would probably invest in tech business incubation centers at all the schools - churning out something like a Waze would be better than improving the grounds or hiring more staff or hiring a 37 Cornell West types.
But at the same time, a lot of places do need actual capital improvement.
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This shouldn't be happening for instance.
That said when I look at this...
Fast Facts: Endowments (73)
The NCES Fast Facts Tool provides quick answers to many education questions (National Center for Education Statistics). Get answers on Early Childhood Education, Elementary and Secondary Education and Higher Education here.
nces.ed.gov
100 milli ain't that much.
get these nets
Veteran
@B1G_controversy
You recently made some comments in the Rate HBCU/ Howard U. profile.
I thought it distracted from that thread, so was going to tag you in a more appropriate thread. This will do.
In the case of this gift, brokered by the head of UNCF and the president of Lilly, each member school is getting equal distribution now and in the future. I'd distribute it in a way that would bolster the under funded member schools.
In the general scenarios of donor to school, I don't think the recipient school(s) should have to apologize, the outsider donor is not required to send his/her money in any direction, and each school should court mega donors on behalf of why/how gifts can help continue their school's mission.
When you said that it's not a coincidence that the outsider gifts go to the same schools, what exactly did you mean?
You recently made some comments in the Rate HBCU/ Howard U. profile.
I thought it distracted from that thread, so was going to tag you in a more appropriate thread. This will do.
In the case of this gift, brokered by the head of UNCF and the president of Lilly, each member school is getting equal distribution now and in the future. I'd distribute it in a way that would bolster the under funded member schools.
In the general scenarios of donor to school, I don't think the recipient school(s) should have to apologize, the outsider donor is not required to send his/her money in any direction, and each school should court mega donors on behalf of why/how gifts can help continue their school's mission.
When you said that it's not a coincidence that the outsider gifts go to the same schools, what exactly did you mean?