CHARLOTTE — The United Negro College Fund has received a $12 million gift from the James and Judith K. Dimon Foundation to support the long-term sustainability of historically Black colleges and universities.
Twelve HBCUs will each receive $1 million, including Charlotte-based Johnson C. Smith University, according to the Charlotte Business Journal.
UNCF says the schools were selected based on their leadership, governance and track records of preparing educators, nurses and other healthcare professionals.
The money will support UNCF’s $1.5 billion capital campaign, which creates a pooled endowment fund for participating HBCUs. The universities will be able to use the funds for priorities including scholarships and infrastructure.
UNCF says the pooled fund has a targeted 4% annual payout rate, meaning each $1 million contribution could generate about $40,000 a year for an institution, with the potential to grow over time.
JCSU says its $1 million gift will go toward the university’s required contribution to the campaign. The schools have until the end of 2031 to raise matching funds.
Three other Carolinas schools are also receiving $1 million: Shaw University in Raleigh, Benedict College in Columbia and Voorhees University in Denmark, South Carolina.
The James and Judith K. Dimon Foundation was established in 1996 by JPMorgan Chase CEO and Chairman Jamie Dimon and his wife, Judy. Jamie Dimon previously served on UNCF’s board.
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