Four historically Black colleges and universities in Alabama are among 12 institutions nationwide selected to receive $1 million each from a new $12 million gift announced by the United Negro College Fund.
The James and Judith K. Dimon Foundation’s gift will provide permanent endowment funding to the selected schools, including Miles College in Fairfield, Oakwood University in Huntsville, Stillman College in Tuscaloosa and Tuskegee University in Tuskegee.
The funding, established as the Dimon Fund to Advance Economic Opportunity, is part of UNCF’s $1.5 billion capital campaign and is intended to strengthen the long-term financial sustainability of participating HBCUs.
UNCF said growing institutional endowments can help schools expand long-term planning, strengthen their financial positions and increase their ability to invest in academic programs, research and infrastructure.
The 12 recipient institutions were selected in part for their leadership, governance and track records preparing students for careers in education, nursing and other healthcare fields.
The Dimon Foundation said the gift reflects its focus on economic mobility and creating pathways from education to high-demand careers.
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., and Judy Dimon, president of The Dimon Foundation, said they hoped the investment would help strengthen the long-term viability of the participating HBCUs.
The four Alabama institutions are among the schools that will receive permanent endowment capital through the fund. UNCF officials said the investment is intended to provide lasting resources that can benefit students, faculty and the communities served by the institutions for years to come.
