Annual Report 2024

Our Momentum Toward Growth Continues

Welcome to UNCF’s 2024 fiscal year annual report. In a word, the 2024 UNCF fiscal year was “remarkable.”

We celebrated UNCF’s 80th anniversary with the theme “Honoring the Legacy, Transforming our Future.” Celebrations of the 80th anniversary began in January 2024, highlighting UNCF’s impact over the last eight decades as the nation’s largest private provider of scholarships to underrepresented students and its work to transform its 37-member institutions and other historically Black colleges and universities (HBCUs).

These institutions are the engines propelling the economic and upward social mobility of underrepresented students so they can achieve greater outcomes in society. Founded on April 25, 1944, UNCF has raised more than $6 billion to help more than 550,000 students go to and through college.

During the 80th anniversary year of celebration, Forbes magazine ranked UNCF 58th on its list of top 100 U.S. charities and recognized UNCF in a feature cover story. "With an ambitious capital campaign, CEO Michael Lomax has led his nonprofit back onto the Forbes list of America's Top 100 Charities, ranked by private donations," the national magazine reported.

READ THE LETTER

Milton H. Jones, Jr.
Board Chair, UNCF

Michael L. Lomax, Ph.D.
President and CEO UNCF

READ THE LETTER

Impact

“This remarkable accomplishment was a defining highlight of the fiscal year and a testament to the power of UNCF’s relentless advocacy on behalf of HBCUs.”
— Lodriguez M. Murray, senior vice president, public policy and government affairs, UNCF

Government Affairs

Historic Passage of Largest Increase in Discretionary Funding for HBCUs in FY24

Chief among them was the historic increase in discretionary funding by Congress and the Biden administration for the Title III Part B, Strengthening Historically Black colleges and universities (HBCUs) Program, which surpassed $400 million for the first time.

PGIM, UNCF Study Finds Private HBCU Endowments Need Investment Support

Private HBCUs are essential for providing quality higher education to Black students in the United States but face systemic challenges in accumulating substantial endowments. The study gathered insights from endowment professionals at nearly one-third of all private HBCUs through an online survey and focus groups, revealing several key constraints.

50k~

students attend UNCF-member HBCUs for the education they need and deserve

Student Leadership Conference video snapshot

UNCF’s Annual Student Leadership Conference Attracts the Best and Brightest

UNCF hosted its 13th annual Student Leadership Conference (SLC) in fiscal year 2024, attracting more than 100 of the best and brightest minds from historically Black colleges and universities (HBCUs) and other higher education institutions.

Robert Pinkney: Graduating Debt-Free and Succeeding, All Thanks to UNCF

When Robert Pinkney earned his bachelor’s degree from Morehouse College in 2024, he achieved what most in his position can only dream of—graduating debt-free.

How We Make a Difference

$ M+

in scholarships is awarded annually

Our Reach is Far and Wide

Member Colleges Scholarships Fundraising Events Local Offices

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US Map showing UNCF Member College Locations

37

Historically Black colleges and universities are UNCF-member institutions. UNCF provides these colleges and universities with a range of support that enables them to keep their academic programs strong and their tuitions affordable.

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+ SHOW STAT

10,885

Students received scholarships during fiscal year 2024 across the United States from UNCF.

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+ SHOW STAT

72

Fundraising events were conducted during fiscal year 2024 to help UNCF support its mission of getting as many students to and through college as possible.

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US Map showing locations of UNCF local offices

23

UNCF local offices are located throughout the United States, which help provide organizational fundraising support, mission awareness and HBCU representation in local communities across the country.

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Innovate

“I don’t seek to inspire with my story. I want to inspire individuals with their own stories. My journey is ongoing, and I hope it serves as a testament to the power everyone holds within their unique experiences.”
— Dennis Richmond, JR., M.Ed.

A Banner Year

Livingstone College

Livingstone College has been at the forefront of empowering underprivileged communities, receiving $1 million in biomanufacturing equipment from former President Biden’s Build Back Better Initiative. This investment will enable the college to provide comprehensive job training through its biomanufacturing hub.

UNCF invests in students by providing

12,000+

scholarships every year

How UNCF Scholarships Empower Students: One HBCU Student’s Journey to Entertainment Law

Mahogony Jules, a senior majoring in political science at UNCF-member Bethune-Cookman University (BCU), one of UNCF’s member HBCUs, received the UNCF Social Justice Scholarship.

An image of a man and woman walking together in an airport, carrying bags.

UNCF Partners with Axim Collaborative and Harvard University to Develop HBCUv

HBCUv will broaden access to education, improve online learning experiences and promote inclusivity for all HBCUs nationwide. Spearheaded by the UNCF Institute for Capacity Building and supported by nine partnering HBCUs, HBCUv seeks to redefine the Black college experience in the digital age.

Cultivating Black Excellence: HBCUs, Dennis Richmond, Jr. and the UNCF K-12 Education Program

One of the leading advocates for HBCUs in FY24 was Dennis Richmond, Jr., M.Ed., who serves as an embodiment of the transformative power of HBCUs. As an author, middle school teacher and advocate for HBCUs, Richmond’s journey reflects the essence of Black excellence.

Group of students in front of a UNCF 80th anniversary sign

Lighted Pathways Program making a way for Life Sciences, Asset Management Students

To truly create job opportunities for students who might not otherwise have access to such a career path, students must gain access to opportunity, feel a sense of belonging and community and see others like them in the industry thriving.

Inspire

“…as a judge in the nation’s capital, I have seen the critical need for bodies such as the UNCF to offer young minority men and women a beacon of hope and reward through education.”
— Mike Farrell

Shaping Futures

Dr. Rubye Taylor-Drake’s Lifelong Dedication to Empowering Students

Dr. Taylor-Drake transitioned to teaching after earning her bachelor's degree in English from Tuskegee in just three years. Although she started in K-12 education, she quickly realized her passion was in higher education. "I knew I didn't want to teach children anymore, so I transitioned to teaching college students," she said. This shift led her to a lasting career as a college English professor, a role she continues to hold part-time. "I teach one semester a year at Lewis University now," she said. "It keeps me connected to what I've done for the last 40 years."

Making Change that Truly Counts: Costco Co-Founder and Former CEO Jim Sinegal

Finding social changemakers is one of the challenges UNCF often undertakes to complete its mission of investing in better futures for underrepresented students. That kind of superpower is something UNCF found in an unexpected source: Costco Wholesale's former chief executive officer (CEO) and co-founder, Jim Sinegal.

HBCUs produce

20%

of all African American college graduates

Legacy Giving: Making a Lasting Impact for Generations to Come

There are many who choose to leave a legacy at UNCF by giving a planned gift, either today or in the future through their estate. These donors give in different ways, but all of them have significantly impacted the mission of UNCF, benefiting thousands of students attending HBCUs. Lorraine Mayhew Hinds and the Hon. Michael William Farrell are two impactful donors.

Invest

“Students represent the best of the human spirit. When all students have an equal chance to succeed, their dreams become realities and inspire us all.”
— Ralph Lauren, executive chairman and chief creative officer, Ralph Lauren

UNCF: 80 Years Young

Still Going Strong

The 80th anniversary highlighted UNCF’s impact over the last eight decades and its work to transform HBCUs. With UNCF’s support, HBCUs continue to drive the engines propelling the economic and upward social mobility of minority students, helping them achieve greater outcomes in society.

The Gray Foundation welcomes the newest Gray NYC Scholars at a reception

UNCF.org serves

2.5M+

visitors each year

Clark Atlanta University Student Succeeding Thanks to UNCF and Foot Locker Foundation Scholarship

Honesty McQueen credits the success of her college journey to a scholarship she received from UNCF and the Foot Locker Foundation.

FanDuel makes donation on football field to UNCF with large check

FanDuel Expands Partnership and Commitment to Support HBCU Students

FanDuel launched its partnership with UNCF in 2021 with a $1 million grant establishing the FanDuel/Washington Football Team Emergency Student Aid Fund for students enrolled in Virginia’s five HBCUs.

UNCF and Illinois State Lottery Launch First-Ever Lottery Ticket to Raise $5M to Support HBCUs

In a groundbreaking collaboration aimed at empowering underrepresented students and advancing educational opportunities, UNCF and the Illinois State Lottery unveiled an unprecedented initiative in fiscal year 2024: the $200,000! Bingo Tripler Instant Ticket. Released to the public in Jan. 2024, the ticket offers players the chance to win up to $200,000 by spending just $5.

“As we look beyond our 80th anniversary and into the future, UNCF remains more committed than ever to continue the legacy of our founders in building a robust and nationally recognized pipeline of African American students in ways that help them become highly qualified graduates and leaders in our society.”
– Dr. Michael L. Lomax, president and CEO, UNCF

Financial Highlights

Charitable Income

Assets and Liabilities

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Officers and Directors

The men and women who guide the actions of the organization are a diverse group of people, and with their help, the organization ensures as many students as possible make it to and through college successfully.

MEET THE BOARD

Our Mission

UNCF envisions a nation where all Americans have equal access to a college education that prepares them for rich intellectual lives, competitive and fulfilling careers, engaged citizenship and service to our nation.

UNCF’s mission is to build a robust and nationally recognized pipeline of underrepresented students who, because of UNCF support, become highly qualified college graduates and to ensure that our network of member institutions is a respected model of best practices in moving students to and through college.

UNCF’s North Star is to increase the total annual number of African American college graduates by focusing on activities that ensure more students are college-ready, enroll in college and persist to graduation. This is done through a three-pillar strategy:

• Positioning member institutions as a viable college option for students and investing in institutional capacity to improve student outcomes.

• Creating transformational support programs to ensure that students are enrolling and persisting through college completion.

• Building awareness of educational attainment and cultivating college-going behaviors within the African American community.

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