JPMorgan Chase CEO Jamie Dimon and his wife, Judith, have donated $12 million to 12 historically Black colleges and universities (HBCUs) to support economic opportunity and the institutions' long-term financial stability.
The 12 institutions receiving funding are 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.
The donation, announced by the United Negro College Fund (UNCF) on August 20, will establish the Dimon Fund to Advance Economic Opportunity as part of UNCF's $1.5 billion capital campaign, Fortune reported.
The James and Judith K. Dimon Foundation will provide the money as permanent endowment funding, while UNCF will add a $5 million institutional match from its pooled endowment fund.
“Our system of HBCUs continue to serve as the springboard to success for thousands of students in pursuit of the American Dream,” Jamie and Judith Dimon said in a joint statement.
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“As the children of first-generation high school and college graduates, we were imbued with a thirst for knowledge and a drive to succeed,principles that we have passed on to our own children and that we wish to share with all the students at the selected HBCUs,” they said.
UNCF said the schools were selected for their leadership and track records in preparing students for high-demand fields, including teaching, nursing and other healthcare professions. The organisation said HBCUs play an important role in supporting first-generation students entering these sectors.
Unlike donations tied to a specific programme, the Dimons' contribution will go towards permanent endowments. UNCF said this approach gives the institutions greater flexibility to plan for the long term instead of relying on annual fundraising.
The donation is part of the Dimon Foundation's broader focus on education and economic mobility. Judy Dimon, who serves as the foundation's president, oversees grants supporting career-connected learning for New York City public school students. The foundation also helped launch FutureReadyNYC, an initiative targeting hands-on career experience for 100,000 students by 2030.
Jamie Dimon has previously served on UNCF's board.
The donation comes as HBCUs face uncertainty over federal funding. Philanthropists including MacKenzie Scott have also increased support for HBCUs, with Scott having donated more than $700 million to HBCUs and affiliated organisations, according to Fortune.
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