MEMPHIS, TENN. — LeMoyne-Owen College, a proud member of UNCF (United Negro College Fund), announced 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, LeMoyne-Owen College 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 LeMoyne-Owen College students.
“This transformational investment affirms the critical role that LeMoyne-Owen College plays in higher education and will allow us to expand opportunities for our students, strengthen our academic programs, and build permanent resources for the future,” said Dr. Christopher B. Davis, the 14th President of LeMoyne-Owen College. “As Memphis’ only HBCU and one of the nation’s oldest historically Black institutions, we are proud to work alongside UNCF to raise the matching funds that will double this impact on our institution and ensure we continue to serve our community with excellence.”
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 committed to meeting our $5 million match, which will allow us to claim a $10 million endowment stake,” added Dr. Davis. “This will change the trajectory of our institution and ensure we can provide opportunities for generations of students to come.
Under this initiative, LeMoyne-Owen College will be better positioned to continue our mission of providing transformative educational experiences that prepare urban-focused leaders for scholarship, service, and professional careers.”
