Interview, Fireside Chat
Dr. Michael Lomax, President and CEO of the United Negro College Fund
- Dr. Lomax plans to grow the UNCF endowment from $100 million to $6 billion and projects achieving $1 billion in growth within his remaining tenure.
- A capital campaign will be executed to fund scholarships, with a provision to draw from the existing endowment to address resource needs for low-income students.
- To support 1,200 students returning to college in the fall, over 10% ($6 million) of a $40 million donation is allocated for the first year.
- Engagement efforts are expected to limit HBCU enrollment decline to between 3% and 5%, deviating from a projected 20% loss.
- Material risks include students being forced to max out loans, graduate with excessive debt, or drop out entirely if sufficient resources are not secured.
- External assistance is deemed necessary for families impacted by COVID-19 or job losses, as the crisis has shifted from an existential threat to an investment opportunity.
- The organization intends to link all activities to outcomes to transform the current moment into a sustainable movement that fosters a "resiliency generation."
- Success is predicated on providing low-income, first-generation students with enough support to return to their education, viewed as a long-term solution for upward mobility.
- Closing the endowment gap between HBCUs and elite institutions is expected to enable adequate scholarship funding and prevent students from succeeding with insufficient resources.