Dimon Foundation pledges $12 million endowment to twelve HBCUs

The James and Judith K. Dimon Foundation disclosed a $12 million donation to twelve historically Black colleges and universities, establishing the Dimon Fund to Advance Economic Opportunity. United Negro College Fund will match the gift with a $5 million institutional contribution from its pooled endowment, creating permanent endowments for each school. The recipient institutions—Benedict College, Dillard University, Edward Waters University, Huston-Tillotson University, Jarvis Christian University, Johnson C. Smith University, Miles College, Oakwood University, Shaw University, Stillman College, Tuskegee University and Voorhees University—were selected for their leadership in preparing teachers, nurses and other healthcare professionals.

The Dimons, who have a long-standing philanthropic focus on education and economic mobility, said the grant reflects their own first-generation background and desire to support similar students. Judy Dimon oversees grantmaking that emphasizes career-connected learning, including the FutureReadyNYC initiative. The gift arrives as federal support for HBCUs has become uncertain following recent budget cuts and a government shutdown, prompting other wealthy donors such as MacKenzie Scott to step in.