Saint Augustine's University to receive funds from $70 million Mackenzie Scott's gift

RALEIGH, N.C. (WTVD) -- Saint Augustine's University (SAU) is set to receive $5 million from a massive gift to the United Negro College Fund (UNCF) by billionaire philanthropist MacKenzie Scott.

Scott donated $70 million to the UNCF, as the nation's largest private provider of scholarships to minority students works to raise $1 billion to strengthen all 37 of its Historically Black Colleges and Universities.

SAU said it will work with UNCF to raise an additional $5 million to match the shares it receives to create a $10 million endowment that will be managed in perpetuity.

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"This transformational investment affirms the critical role that SAU plays in higher education and will allow us to expand opportunities for our students, strengthen our academic programs, and build permanent resources for the future," said SAU Interim President Dr. Verjanis A. Peoples.

The pooled funds will make an annual distribution at a 4% payout rate.

The gift is one of MacKenzie Scott's largest single donations ever via her Yield Giving Foundation and among the first to be publicly disclosed in 2025.