Washington, D.C., Aug. 22, 2022 (GLOBE NEWSWIRE) -- UNFC today announced it has received a significant grant from the Daughters of Charity of St. Vincent de Paul for scholarships to help make higher education more accessible for Black students, especially from lower income families, to go to and through college. This is the largest endowed donation in UNCF’s 78-year history.
The funds will establish two endowed scholarship programs: the Associates Scholars Empowerment Program for Black students receiving certificates and two-year degrees and the HBCU Scholars Empowerment Program for Black students receiving four-year degrees at predominantly Black institutions (PBIs) and historically Black colleges and universities (HBCUs). Under the grant, the first 125 eligible students will be identified for scholarships starting in the fall of 2022. Additional scholarships will be awarded annually to 125 eligible students in perpetuity.
“Like so many organizations in the US today, the Daughters of Charity have delved into their past to examine their explicit and implicit participation in our country’s gross history of slavery and oppression. Having identified specific involvement of their predecessors in Maryland, Louisiana, and Missouri, and knowing that the institution of slavery itself has resulted in an economic disparity out of which they have gained, the Daughters have committed financial resources to invest in Black communities to foster greater economic opportunity, social equity, and racial justice,” said Sister Catherine Mary Norris, Daughters of Charity’s president / Visitatrix.
“This incredibly generous gift from the Daughters of Charity exemplifies an organization that cares deeply about education, equity and the future of our country,” said Dr. Michael L. Lomax, UNCF’s president and CEO. It is the largest endowed donation so far in our 78-year history. The Daughters of Charity have a legacy of working to help this nation achieve racial equity and systemic change for more than 100 years. This investment is consistent with that legacy and will have a profound impact on Black students, especially those from low-income families, realize their dreams of attending college and living better lives for themselves, their local communities, and the society.”
As America continues searching for ways to address the inequities facing Blacks in this nation, UNCF urges other philanthropists and charitable organizations to invest in HBCUs. These institutions have proven they can improve socio-economic mobility of students and create new generations of leaders—helping increase justice, equality and opportunity in America.
Yet they are disadvantaged when it comes to philanthropy. Endowments at HBCUs currently trail those of other institutions by at least 70%. A U.S. GAO study found HBCUs have an average of $15,000 in endowment per student, compared to $410,000 at comparable non-HBCUs. The median endowment across all of America’s HBCUs is $13.7 million compared to $36.7 million for non-HBCUs. No HBCU endowment ranks in the top 100.
Smaller endowments mean less money for HBCU faculty salaries, scholarships, research, programs expansions and day-to-day operations. Increased public- and private-sector funding is required to help HBCUs achieve parity in their endowments and to ensure Black students and HBCUs have the resources they need to thrive.
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About UNCF
UNCF (United Negro College Fund) is the nation’s largest and most effective minority education organization. To serve youth, the community and the nation, UNCF supports students’ education and development through scholarships and other programs, supports and strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness. UNCF institutions and other historically Black colleges and universities are highly effective, awarding nearly 20% of African American baccalaureate degrees. UNCF administers more than 400 programs, including scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum and faculty development programs. Today, UNCF supports more than 60,000 students at over 1,100 colleges and universities across the country. Its logo features the UNCF torch of leadership in education and its widely recognized trademark, ‟A mind is a terrible thing to waste.”® Learn more at UNCF.org or for continuous updates and news, follow UNCF on Twitter at @UNCF.
About Daughters of Charity, Inc.
Founded in 1633 in Paris, France, the Daughters of Charity are a worldwide community of nearly 13,000 Sisters. In the United States, there are about 450 Daughters of Charity. For more than 100 years, the Daughters of Charity have continued their pledge to move further in the work of racial equity and systemic change.
