Lilly Endowment Awards $100M Grant to United Negro College Fund

The Lilly Endowment Inc. has awarded a $100 million unrestricted grant to help the United Negro School Fund’s capital marketing campaign.

The United Negro School Fund includes 37 member faculties and universities in help of scholars’ training and growth by scholarships and different applications.United Negro School Fund Inc.UNCF introduced that it’s enterprise a $1 billion capital marketing campaign that features 5 parts: scholar scholarships; unrestricted funds to boost the endowments for traditionally Black faculties and universities (HBCUs); capacity-building applications for member HBCUs, equivalent to know-how, coaching, and analysis; money reserves and endowed funds for UNCF; and help for UNCF’s annual marketing campaign.

The grant is the most important unrestricted non-public grant UNCF has ever acquired, in line with UNCF President and CEO Dr. Michael L. Lomax. It follows a $50 million grant from Lilly Endowment in 2015 that enabled UNCF to launch the Career Pathways Initiative to assist improve profession outcomes for college kids.

UNCF plans to deploy monies from its newest grant award to constructing a pooled endowment fund that may enhance the endowments at its 37 member establishments by $10 million every.

“Lilly Endowment’s unrestricted grant will probably be used as UNCF’s preliminary funding towards the institution of an HBCU pooled endowment fund of $370 million,” mentioned Lomax.

The UNCF president mentioned the group expects to boost $185 million, or $5 million per establishment, by its capital marketing campaign. It plans to collaborate with the establishments to match the contribution by their fundraising efforts.