Four HBCUs Across the Carolinas Receive Share of $12 Million Dimon Foundation Investment
Four Historically Black Colleges and Universities across North and South Carolina are among 12 HBCUs receiving a combined $12 million investment from the James and Judith K. Dimon Foundation to strengthen the institutions’ long-term financial stability.
Johnson C. Smith University in Charlotte, Shaw University in Raleigh, Benedict College in Columbia, South Carolina, and Voorhees University in Denmark, South Carolina, will each receive $1 million through the United Negro College Fund’s $1.5 billion capital campaign.
The campaign is focused on building pooled endowment resources that participating HBCUs can use to support their long-term institutional needs. The universities will be able to direct the resulting resources toward priorities such as scholarships, infrastructure and other areas that strengthen the student experience.
UNCF has established a targeted 4% annual payout rate for the pooled fund. Based on that rate, each $1 million contribution could generate approximately $40,000 annually for an institution, with the potential for the underlying investment to increase in value over time.
For Johnson C. Smith University, the $1 million contribution will be applied toward the university’s required contribution to the campaign. Participating schools have until the end of 2031 to raise matching funds.
The investment comes at a significant time for HBCUs, which have historically faced financial disparities compared with predominantly white institutions. Building larger endowments can provide schools with more financial flexibility and create resources that can support students and institutional priorities for years to come.
The four Carolinas institutions also represent different parts of the region’s HBCU legacy. JCSU, founded in Charlotte in 1867, has served generations of students in North Carolina. Shaw University, founded in Raleigh in 1865, is one of the oldest HBCUs in the South. Benedict College and Voorhees University continue South Carolina’s long tradition of HBCU education and leadership development.
The James and Judith K. Dimon Foundation was established in 1996 by JPMorgan Chase Chairman and CEO Jamie Dimon and his wife, Judy. Jamie Dimon previously served on UNCF’s board.
The $12 million commitment gives the four Carolinas HBCUs an opportunity to strengthen their financial foundations while continuing to invest in the students, programs and communities they serve. For these institutions, the value of the gift extends beyond the initial $1 million. It is an investment designed to keep generating support well into the future.
