Saint Augustine’s University (SAU) is set to receive $5 million in shares from a massive gift to the United Negro College Fund (UNCF) by billionaire philanthropist MacKenzie Scott.
Scott donated $70 million to the UNCF, as the nation’s largest private provider of scholarships to minority students works to raise $1 billion to strengthen all 37 of its Historically Black Colleges and Universities.
SAU said it will work with UNCF to raise an additional $5 million to match the shares it receives to create a $10 million endowment that will be managed in perpetuity…