Lilly Endowment Bestows Transformative $100 Million Grant to UNCF in Landmark Achievement
Michael Lomax, president and CEO of the United Negro College Fund, Photo by Olivia Bowdoin for the Atlanta Journal-Constitution
In a press conference held on January 11, 2024, Jenette M. Hill, President of the Lilly Endowment Inc., made a groundbreaking announcement. The Endowment has decided to bestow an unrestricted grant of $100 million upon the United Negro College Fund (UNCF) to bolster its ongoing capital campaign.
Dr. Michael L. Lomax, President and CEO of UNCF, along with his team, presented a compelling proposal that resonated with the selectors, resulting in this transformative award. The grant is a pivotal contribution to UNCF's ambitious $1 billion capital campaign, designed to support five essential components of their mission: scholarships, unrestricted HBCU endowment support, capacity-building programs (such as technology and research initiatives), cash reserves, and backing for UNCF's annual campaign.
This specific $100 million grant is strategically aligned with the campaign's objective to build endowment suppor for its 37 member HBCUs. Lomax expressed, "Lilly Endowment's unrestricted grant will serve as UNCF's initial investment towards the establishment of an HBCU pooled endowment totaling $370 million." This groundbreaking initiative will immediately augment each member school's endowment by $2.7 million. UNCF's press release details the benefits of pooled endowments, emphasizing increased investment power that can yield higher returns.
The Lilly Endowment, established in 1937 by J.K. Lilly and sons Eli and J.K. Jr., focuses on supporting causes in the realms of religion, education, and community development. During the press conference, Hill revealed that the Endowment has consistently championed UNCF since its inception in 1944. The Endowment has played a pivotal role in fortifying UNCF member institutions and elevating the educational attainment of students attending these institutions.
This year marks the 80th anniversary of UNCF, an organization born out of the collaboration of 27 small, private historically Black colleges and universities in the South. Facing financial struggles, this group of schools decided to pool their resources to raise funds more effectively, gain greater visibility, and collectively address their challenges.
The significance and impact of Historically Black Colleges and Universities (HBCUs) has gained prominence, particularly in light of the Supreme Court's ruling against affirmative action, George Floyd's tragic death, and vocal acknowledgments from leaders such as Education Secretary Miguel Cardona. Cardona highlighted the "unacceptable funding inequities" that have compelled many distinguished HBCUs to operate with inadequate resources, delaying critical investments in areas ranging from campus infrastructure to research and development and student support services. In alignment with the Lilly Endowment's commitment, Blue Meridian Partners have also recently made substantial investments in HBCUs through the UNCF and The HBCU Transformation Project.