Jamie Dimon, CEO of JPMorgan, and his wife Judith donated $12 million to 12 historically Black colleges and universities (HBCUs) through their foundation, The James and Judith K. Dimon Foundation. The donation was announced on August 20 and establishes The Dimon Fund to Advance Economic Opportunity. This contribution is part of the United Negro College Fund's (UNCF) $1.5 billion capital campaign to support HBCUs, according to fortune.com.
The Dimon Foundation, established in 1996, has a history of supporting education and economic mobility. In 2024, it paid out over $9 million to organizations focused on public schools and career advancement, as shown in its most recent 990-PF tax form. The $12 million gift will provide permanent endowment capital to the selected HBCUs as part of a $5 million institutional match from UNCF’s pooled endowment fund. Jamie and Judith Dimon emphasized the importance of HBCUs as a springboard to success in their joint statement.
This donation underscores the ongoing efforts to strengthen HBCUs, which play a critical role in higher education for Black students in the United States. The UNCF’s $1.5 billion capital campaign aims to enhance the financial stability and resources of these institutions. The Dimon Foundation’s support aligns with broader philanthropic trends targeting educational equity and economic opportunity for underrepresented communities, comparable to other major gifts in the sector.
The Dimon Fund to Advance Economic Opportunity will directly benefit the 12 selected HBCUs, contributing to their permanent endowment. The UNCF’s $1.5 billion campaign continues to attract significant philanthropic support, with this donation marking one of the largest single contributions announced this year, as reported by fortune.com.