Philanthropist MacKenzie Scott donated $70 million to the United Negro College Fund last week. The funds will be distributed to private historically Black colleges and universities that are UNCF members.

The $70 million will be spread across 37 member institutions.

Scott’s donation contributes to UNCF’s goal of raising $370 million (as part of a larger $1 billion capital campaign) for a pooled endowment to be split across its membership. UNCF plans to distribute $5 million to each member and work with universities to raise matching funds, in the hopes of “creating a $10 million stake per institution,” with annual distributions of 4 percent.

“This extraordinary gift is a powerful vote of confidence in HBCUs and in the work of UNCF,” said Michael L. Lomax, president and CEO of UNCF, in a news release announcing the donation last week. “It provides a once-in-a-generation opportunity for our member institutions to build permanent assets that will support students and campuses for decades to come.”

Scott’s donation follows a $10 million gift to UNCF in 2020. Scott, the ex-wife of Amazon founder Jeff Bezos, also donated heavily to HBCUs and tribal colleges in 2020, giving away tens of millions of dollars to individual institutions, many of which have historically been underfunded.