Scott’s $70 Million gift to UNCF bolsters Rust College endowment
HOLLY SPRINGS, Miss. — Rust College, one of the nation’s Historically Black Colleges and Universities (HBCU) and a member of the UNCF (United Negro College Fund), is set to significantly increase its financial stability following a landmark $70 million donation from philanthropist MacKenzie Scott to the UNCF.
The massive gift is earmarked for the UNCF Members Pooled Endowment Fund, an innovative initiative designed to strengthen the long-term financial health of all 37 private UNCF-member HBCUs.
Rust College will receive a $5 million stake in this endowment from UNCF. The institution has committed to a crucial step: working with the UNCF to raise an additional $5 million in matching funds. This effort will establish a $10 million endowment for the college, which will be managed in perpetuity.
The pooled funds will provide financial stability through annual distributions at a 4% payout rate, creating greater, long-term opportunities for Rust College students.
“I graduated from an HBCU, and there is something very special about learning in an environment that was established for you and is dedicated then, now, and forever, to your success,” said Dr. Johnny M. Moore, President of Rust College. “This $5 million endowment—and $5 million in matching funds, which we commit to raise—will help ensure the continued success of Rust and all UNCF-member HBCUs. We appreciate and recognize the importance of this landmark gift.”
Moore, who embraced the opportunity to serve as the college’s 13th president earlier this year, noted that his decision was based on the fact that Rust is the oldest HBCU in Mississippi with a long track record of graduating “smart, generous, principled men and women.”
The $70 million donation from Scott significantly advances the UNCF toward its goal of raising $370 million for the pooled endowment, a key component of its broader $1 billion capital campaign. Once the matching funds are secured, the initiative is expected to increase the median endowment of UNCF-member institutions by 63%, directly addressing the stark endowment disparity between HBCUs and non-HBCUs.
“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.”
