Dillard University is One of 12 HBCU’s to Receive $1 Million Gift from Dimon Foundation
New Orleans’ Dillard University is among 12 HBCUs receiving permanent endowment funding designed to strengthen institutional finances and expand pathways into healthcare and education.
Edited by Tribune Staff
Dillard University is one of a dozen Historically Black colleges and universities receiving a major boost to their long-term financial stability through a $12 million commitment from The James and Judith K. Dimon Foundation to the United Negro College Fund.
The permanent endowment capital comes through the newly established Dimon Fund to Advance Economic Opportunity.
The gift, announced by UNCF on Aug. 20, is part of the organization’s $1.5 billion capital campaign and is intended to help participating HBCUs build stronger financial foundations while expanding opportunities for students pursuing careers in education, nursing and other healthcare fields.
The 12 institutions will use the funding as part of a required $5 million institutional match within UNCF’s pooled endowment fund. Unlike short-term grants that typically support specific programs or immediate expenses, endowment funding is designed to provide institutions with resources that can support their work for generations.
UNCF said the recipient schools were selected based on the strength of their leadership and governance and their track records of preparing students for high-demand professions.
The institutions receiving $1 million each are:
Benedict College — Columbia, South Carolina
Dillard University — New Orleans, Louisiana
Edward Waters University — Jacksonville, Florida
Huston-Tillotson University — Austin, Texas
Jarvis Christian University — Hawkins, Texas
Johnson C. Smith University — Charlotte, North Carolina
Miles College — Fairfield, Alabama
Oakwood University — Huntsville, Alabama
Shaw University — Raleigh, North Carolina
Stillman College — Tuscaloosa, Alabama
Tuskegee University — Tuskegee, Alabama
Voorhees University — Denmark, South Carolina
A focus on economic mobility
The Dimon Fund is built around the foundation’s broader focus on economic mobility and creating stronger connections between education and high-demand careers.
UNCF said several of the selected institutions have developed cross-institutional partnerships, including credit-transfer agreements in health-related disciplines that can help students move more quickly from college coursework into the workforce.
The organization characterized those partnerships as a potential national model for developing healthcare and education talent pipelines at scale.
For the participating HBCUs, the endowment investments are also intended to strengthen institutional balance sheets, increase capacity for long-term planning and provide additional resources for research, academics and infrastructure.
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., previously served on UNCF’s board of directors. His wife, Judy Dimon, is president of The Dimon Foundation, where she leads a grantmaking portfolio focused on career-connected learning for students in grades nine through 14 in New York City public schools.
The couple said their support reflects their belief in the role HBCUs play in creating opportunities for young people.
“Our country’s future and strength depend on our young people,” Jamie and Judy Dimon said in a statement. “Our system of HBCUs continue to serve as the springboard to success for thousands of students in pursuit of the American Dream.”
The Dimons said they were particularly interested in helping strengthen the long-term financial viability of the institutions receiving the funds.
Building institutions for the long term
The partnership was cultivated under the leadership of Dr. Johnnetta Betsch Cole, UNCF president-in-residence and co-chair of the organization’s capital campaign.
Cole described the gift as both an endorsement of HBCUs and an investment in their ability to make long-term decisions.
“I am enormously grateful for this generous donation and the unwavering support of HBCUs by Jamie and Judy Dimon,” Cole said. “Their gift is both a vote of confidence and a catalyst.”
UNCF Board Chair Milton H. Jones Jr. emphasized the significance of directing philanthropic dollars toward permanent endowments rather than one-time initiatives.
By building endowment, Jones said, the gift gives institutions greater freedom to plan for the future and make decisions with a longer horizon.
UNCF President and CEO Dr. Michael Lomax said strengthening HBCUs themselves is central to the organization’s approach to expanding economic opportunity.
“At UNCF, we have long believed the strongest way to expand opportunity is to strengthen the institutions making opportunity possible,” Lomax said.
The $12 million commitment comes as HBCUs continue to face the challenge of building financial resources capable of sustaining academic programs, faculty, infrastructure and student support over the long term.
For Dillard University and the other 11 institutions, the Dimon Fund represents an investment not only in current students, but in the institutions expected to educate future generations of teachers, nurses, healthcare professionals and other workers in critical fields.