UNCF has announced the establishment of The Dimon Fund to Advance Economic Opportunity, a new initiative backed by a $12 million gift from The James and Judith K. Dimon Foundation. This investment will distribute $1 million in permanent endowment capital to each of twelve selected historically Black colleges and universities across the United States.
The funding is part of UNCF’s broader $1.5 billion capital campaign aimed at improving the long-term financial stability of its member institutions.
Unlike grants designated for immediate expenses or short-term programs, this capital is intended to remain invested. The structure is designed to strengthen each school’s balance sheet over time, providing greater flexibility for long-range investments in academics, research, facilities, and student success. Each $1 million allocation will also count toward the institution’s $5 million match requirement within UNCF’s pooled endowment fund.
The twelve recipient schools include Benedict College in Columbia, South Carolina; Dillard University in New Orleans, Louisiana; 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.
According to UNCF, the selection process considered the strength of leadership and governance at these institutions, as well as their success in preparing students for careers in education, nursing, and other healthcare fields. Several of the schools also participate in cross-institutional partnerships that facilitate credit transfer in health-related disciplines, creating direct pathways into high-demand careers.
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., previously served on UNCF’s board of directors, while Judy Dimon serves as president of The Dimon Foundation. The couple stated that they are honored to help strengthen the long-term financial viability of these schools, noting that HBCUs continue to serve as a springboard for students pursuing the American Dream.
