MEMPHIS, Tenn. – A Memphis college received a big boost thanks to a donation from one of the richest women in the world.
MacKenzie Scott, novelist, philanthropist, and ex-wife of Jeff Bezos, donated $70 million to the United Negro College Fund (UNCF). LeMoyne-Owen College, a Historically Black College and University in Memphis, said it will receive $5 million from that donation.
The college said it would work with the UNCF to raise an additional $5 million, matching Scott’s contribution to make a $10 million endowment that will be managed in perpetuity. The university plans for those pooled funds to make annual distributions at a four-percent payout rate, providing long-term stability and greater opportunities for LeMoyne-Owen College students…