Five of Georgia’s historically Black colleges and universities will soon reap the benefits of a $70 million donation given to the UNCF, formerly known as the United Negro College Fund.

The donation from billionaire philanthropist MacKenzie Scott will be invested in a UNCF pooled endowment fund that is designed to bring long-term financial stability to its 37 member institutions.

“Today’s gift means that our institutions will see a transformative impact on their endowments, resources that are desperately needed,” Clark Atlanta University President George T. French, Jr. said in a statement. “HBCU endowments are significantly smaller than those of predominately white institutions (PWIs), so this infusion of permanent capital will be game-changing for our schools and our students.”

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