It was a “Glory Hallelujah Day,” according to officials with the UNCF (United Negro College Fund) and Stillman College President Yolanda W. Page following the landmark $100 million grant announcement today.
Page was on hand at a media event at Clark Atlanta University, where UNCF announced the $100 million unrestricted grant to support UNCF’s capital campaign, courtesy of Lilly Endowment Inc.
UNCF is undertaking a bold $1 billion capital campaign that includes five components: student scholarships, unrestricted funds to enhance the endowments for historically Black colleges and universities (HBCUs), capacity-building programs for member HBCUs (such as technology, training and research), cash reserves and endowed funds for UNCF and support for UNCF’s annual campaign.
UNCF has decided to deploy it to the capital campaign’s objective of building a pooled endowment fund that will increase the endowments at UNCF’s 37 member institutions by $10 million each.
“Lilly Endowment’s unrestricted grant will be used as UNCF’s initial investment toward the establishment of an HBCU pooled endowment fund of $370 million,” said Dr. Michael L. Lomax, president and CEO, UNCF.
Stillman College’s eighth president delivered remarks on behalf of the 37-member institutions of UNCF. Page said the gift will have a “lasting impact” on the financial positions of each member institution.
“For Stillman, in particular, this effort will significantly strengthen our endowment, a feat that could not be achieved in such brief time were it not for UNCF and this capital campaign, said Page. “This investment will transform lives and allow graduates to achieve upward social mobility -creating opportunities for families and communities to thrive.”
She also highlighted how the resources will help Stillman College and other institutions bolster academic programs.
“Endowment growth is critical for attracting faculty, sustaining programs, and providing scholarships to students,” she said.
For more information, please visit the UNCF website, or to watch the full remarks, visit HBCU Plus.
