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In what was described as a “Glory Hallelujah Day,” Stillman College, along with the United Negro College Fund (UNCF), reveled in the announcement of a monumental $100 million grant. This significant financial boost, revealed at a media event at Clark Atlanta University, comes as part of an ambitious $1 billion capital campaign spearheaded by the UNCF, thanks to the generosity of Lilly Endowment Inc.
The campaign, a strategic initiative of the UNCF, is multifaceted. It aims to enhance student scholarships, increase unrestricted funds to bolster endowments for historically Black colleges and universities (HBCUs), and invest in capacity-building programs. These programs will focus on technological advancements, training, and research. Additionally, the campaign will fortify cash reserves and endowed funds for UNCF itself, while also supporting its annual campaign efforts.
A significant portion of this $100 million grant is earmarked to create a pooled endowment fund. This fund will augment the endowments at each of the 37 member institutions of the UNCF by an impressive $10 million. Dr. Michael L. Lomax, the President and CEO of UNCF, emphasized that the Lilly Endowment’s unrestricted grant serves as the initial investment towards establishing an expansive HBCU pooled endowment fund, projected to reach $370 million.
Stillman College, represented by its eighth president, Yolanda W. Page, expressed gratitude for this transformative gift. Speaking on behalf of all 37 UNCF member institutions, Page underscored the profound and enduring impact this grant would have on their financial stability. “For Stillman, in particular, this effort will significantly strengthen our endowment, a feat that could not be achieved in such brief time were it not for UNCF and this capital campaign,” she remarked. Page highlighted the transformative nature of this investment, envisioning a future where graduates can achieve upward social mobility, thereby creating thriving opportunities for families and communities.
Page further elaborated on the benefits that such a financial injection would bring. She pointed out that endowment growth is crucial for attracting quality faculty, sustaining academic programs, and providing scholarships to students. For Stillman College, and indeed for other institutions, these resources are not just financial assets, but catalysts for academic enhancement and student success.
