Twelve Historically Black Colleges and Universities received a major financial boost through a $12 million gift from JPMorgan Chase Chairman and CEO Jamie Dimon and his wife, Judy Dimon.
Giving to HBCUs
Jamie Dimon has an estimated net worth of approximately $3.2 billion
The couple’s James and Judith K. Dimon Foundation donated the funds to the United Negro College Fund (UNCF), creating the Dimon Fund to Advance Economic Opportunity. UNCF announced the gift Aug. 20 as part of its broader $1.5 billion capital campaign focused on strengthening the financial future of its member institutions.
Each participating HBCU will receive $1 million in permanent endowment funding.
The 12 schools receiving the funding are Benedict College in Columbia, South Carolina; Dillard University in New Orleans; Edward Waters University in Jacksonville, Florida; Huston-Tillotson University in Austin, Texas; Jarvis Christian University in Hawkins, Texas; Johnson C. Smith University in Charlotte, North Carolina; Miles College in Fairfield, Alabama; Oakwood University in Huntsville, Alabama; Shaw University in Raleigh, North Carolina; Stillman College in Tuscaloosa, Alabama; Tuskegee University in Tuskegee, Alabama; and Voorhees University in Denmark, South Carolina.
UNCF said the institutions were selected in part based on leadership and governance, as well as their records of preparing students for careers in education, nursing and other health care professions.
The $12 million gift will also contribute to each institution’s $5 million match within UNCF’s pooled endowment fund, making the donation part of a larger strategy to build long-term financial stability at HBCUs.
“We are honored to help UNCF strengthen the long-term financial viability of these critical schools of higher learning,” the couple said.
Not only have the Dimons donated to HBCUs, in 2022 JPMorgan Chase committed $30 million over five years to support HBCUs. The investment was through the company’s Advancing Black Pathways initiative and focused on career development, financial education, scholarships, mentorship and student support. At the time, JPMorgan Chase had expanded its HBCU partnerships from three schools to 19.
