JPMorgan Chase Chairman and CEO Jamie Dimon and his wife are investing in HBCUs.
The James and Judith K. Dimon Foundation was created in 1996 to invest in the next generation through education and economic mobility, according to a press release. It has played a role in advancing FutureReadyNYC (FRNYC), which ensures high school students are equipped for 21st-century careers, alongside NYC Public Schools and other partners, according to a press release. At least 100,000 public high school students will graduate better positioned for employment by 2030.
The foundation’s latest effort is a $12 million donation to the United Negro College Fund, which coincides with the launch of The Dimon Fund to Advance Economic Opportunity, which will strengthen participating Historically Black Colleges and Universities (HBCUs) through permanent endowment support, backed by a $5 million match from UNCF’s pooled endowment fund. The Dimon Fund is part of UNCF’s $1.5 billion capital campaign.
The couple’s interest in UNCF should come as no surprise, as Jamie previously served on its board of directors, per the release.
“Our system of HBCUs continues to serve as the springboard to success for thousands of students in pursuit of the American Dream,” Jamie and Judith Dimon said in a joint statement, per the press release. “As the children of first-generation high school and college graduates, we were imbued with a thirst for knowledge and a drive to succeed—principles that we have passed on to our own children and that we wish to share with all the students at the selected HBCUs.”
Dr. Johnnetta Betsch Cole, UNCF president-in-residence and co-chair of UNCF’s capital campaign, commented:
“Their gift is both a vote of confidence and a catalyst. By accelerating endowment growth, this commitment from The Dimon Foundation will strengthen the financial position of these vital institutions and expand their capacity to make long-term decisions benefiting students, faculty, and the broader communities they serve as they prepare the teachers who awaken young minds today and the healers who will mend our communities tomorrow.”
Miles College is one of the 12 HBCU’s set to benefit from the fund. According to a press release shared with AFROTECH™, the support will extend to the HBCU’s academic programs, partnerships, student opportunities, and long-term growth.
“Endowment growth is an important part of advancing President Knight’s vision for Miles College and ensuring that the progress we make today continues well beyond our generation,” said Vice President of Institutional Advancement and Development at Miles College Dr. Erskine Faush, Jr., in the press release. “We are grateful to UNCF for its continued advocacy, diligence, and commitment to HBCUs. Support of this magnitude strengthens our ability to continue rising, growing, and creating greater opportunity for Miles College and our scholars.”
The following HBCUs are also set to benefit:
- Benedict College (Columbia, S.C.)
- Dillard University (New Orleans)
- Edward Waters University (Jacksonville, Fla.)
- Huston-Tillotson University (Austin, Texas)
- Jarvis Christian University (Hawkins, Texas)
- Johnson C. Smith University (Charlotte, N.C.)
- Oakwood University (Huntsville, Ala.)
- Shaw University (Raleigh, N.C.)
- Stillman College (Tuscaloosa, Ala.)
- Tuskegee University (Tuskegee, Ala.)
