Four Alabama historically Black colleges and universities will receive a combined $4 million as part of what UNCF is calling a historic gift aimed at strengthening HBCUs for the long haul.
Miles College in Fairfield, Oakwood University in Huntsville, Stillman College in Tuscaloosa and Tuskegee University will each receive $1 million in permanent endowment funding through the newly established Dimon Fund to Advance Economic Opportunity.
The funding is part of a $12 million gift from the James and Judith K. Dimon Foundation announced Thursday by UNCF. The fund was established within UNCF’s $1.5 billion capital campaign and will provide endowment funding to 12 UNCF member institutions across the country.
Unlike funding designated for a particular program or project, the money will become part of the schools’ permanent endowments, giving the institutions additional resources for long-term planning and future needs.
UNCF said the schools were selected based on the strength of their leadership and governance, as well as their records of preparing educators, nurses and other healthcare professionals. Some of the schools also have partnerships that allow students to transfer credits between institutions in health-related fields, helping create a more direct path from college to careers.
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., previously served on UNCF’s board of directors. Judy Dimon is president of the Dimon Foundation, where she oversees grantmaking focused on career-connected learning.
“Our country’s future and strength depend on our young people. Our system of HBCUs continue to serve as the springboard to success for thousands of students in pursuit of the American Dream,” Jamie and Judy Dimon said. “As the children of first-generation high school and college graduates, we were imbued with a thirst for knowledge and a drive to succeed—principles that we have passed on to our own children and that we wish to share with all the students at the selected HBCUs. We are honored to help UNCF strengthen the long-term financial viability of these critical schools of higher learning.”
UNCF said building the schools’ endowments can strengthen their financial position and give them more flexibility to plan for the future while supporting research, academics and infrastructure.
Dr. Michael Lomax, UNCF president and CEO, said that kind of long-term investment is central to the organization’s approach.
“At UNCF, we have long believed the strongest way to expand opportunity is to strengthen the institutions making opportunity possible. Endowments create permanence. Permanence creates independence. Independence creates the freedom to innovate, to lead, and to serve generations of students. Jamie and Judy Dimon have embraced that vision, and their investment will strengthen the future of HBCUs in the years to come,” Lomax said.
The four Alabama schools make up one-third of the 12 institutions selected for the funding, bringing $4 million of the $12 million investment to HBCUs in the state.
Sherri Blevins is a staff writer for Yellowhammer News.You may contact her at [email protected].
