JPMorgan Chase CEO Jamie Dimon and his wife, Judith, have donated $12 million to 12 historically Black colleges and universities in the US through their foundation. The gift establishes the Dimon Fund to Advance Economic Opportunity and forms part of the United Negro College Fund’s (UNCF) $1.5 billion capital campaign. Announced by UNCF, the donation will provide permanent endowment capital to the 12 selected institutions. The foundation’s contribution will be paired with $5 million in institutional matches from UNCF’s pooled endowment fund.In a joint statement reported by Fortune, Jamie and Judith Dimon said: Our system of HBCUs continue to serve as the springboard to success for thousands of students in pursuit of the American Dream. 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.”
Jamie Dimon Foundation gives $12 million to 12 HBCUs
The latest $12 million donation is directed specifically toward 12 HBCUs. Rather than being used solely for short-term programs, the money will go toward permanent endowments at the schools, the report noted. UNCF said the structure is intended to give the institutions funding that can support their work over a longer period.The 12 HBCUs receiving funding from the Dimon Foundation include:
- Benedict College in Columbia, South Carolina
- Dillard University in New Orleans
- 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
- Voorhees University in Denmark, South Carolina
UNCF said it selected the 12 institutions based on their leadership and their records of preparing students for fields including teaching, nursing, and other health care professions. The organisation said these are high-demand areas in which HBCUs have a significant role in preparing first-generation college students.
Jamie and Judith Dimon have backed education initiatives earlier
The James and Judith K. Dimon Foundation has been supporting initiatives involving education and economic mobility since 1996. While the foundation does not maintain its own website, public tax records seen by ProPublica show that it paid out more than $9 million to various organisations in 2024, including groups focused on public schools and career development. Its work has also included initiatives to connect students with career opportunities.The HBCU donation follows other education-related work associated with the Dimon Foundation. Judith Dimon, the foundation’s president, oversees grantmaking focused in part on career-connected learning for public school students in New York City.The foundation also helped launch FutureReadyNYC, an initiative that aims to provide 100,000 students with hands-on career experience by 2030. The program is focused on giving students exposure to careers and opportunities before they complete high school. Jamie Dimon has also previously served on UNCF’s board.