Jamie Dimon, CEO of America’s largest bank JPMorgan Chase along with his wife Judith have donated $12 million via the James and Judith K. Dimon Foundation to support 12 historically Black colleges and universities (HBCUs). According to a report by Fortune, the gift announced by the United Negro College Fund (UNCF), establishes the Dimon Fund to Advance Economic Opportunity and comes amid shrinking federal support for public institutions and HBCUs. Rather than funding a single program, the Dimon donation flows into permanent endowments, giving schools long-term financial stability
What James and Judith K. Dimon Foundation said about the donation
In a joint statement, 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.”
The gift, and where it’s going
The James and Judith K. Dimon Foundation’s donation was announced by the United Negro College Fund (UNCF) on August 20. The gift establishes the Dimon Fund to Advance Economic Opportunity and is part of UNCF’s broader $1.5 billion capital campaign, providing permanent endowment capital to the selected schools as part of a $5 million institutional match drawn from UNCF’s pooled endowment fund.The 12 recipient institutions 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.UNCF said the schools were chosen specifically for their leadership and strong track records preparing teachers, nurses, and other healthcare professionals — fields where HBCUs have historically excelled at supporting first-generation students.
Jamie Dimon donates directly into permanent endowments
Rather than funding a single initiative, the Dimons’ donation flows directly into permanent endowments. UNCF argues this structure gives schools the flexibility to plan years or even decades ahead, rather than having to scramble annually for fresh donations to sustain existing programs.In a joint statement, Jamie and Judith Dimon described HBCUs as a longstanding springboard toward the American Dream for thousands of students, tying the gift to their own family history as children of first-generation high school and college graduates who were raised with a strong drive toward education and success — values they said they’ve since passed on to their own children and hope to extend to students at the selected schools.
Jamie Dimon’s quieter philanthropic pattern
While Dimon is widely known for his tenure leading JPMorgan Chase, the world’s largest bank, and for his frequent commentary on the economy and workplace culture, his philanthropic work through the Dimon Foundation is considerably less publicized. The foundation, established in 1996, doesn’t even maintain its own website, but according to ProPublica data drawn from its most recent tax filing, it distributed more than $9 million in 2024 alone, largely toward organizations focused on public education and career advancement.That focus lines up with the foundation’s other work: Judith Dimon, who serves as its president, oversees grantmaking centered on career-connected learning for New York City public school students, and the foundation helped launch FutureReadyNYC, an initiative aiming to give 100,000 students hands-on career experience by 2030. Jamie Dimon has also previously served on UNCF’s board.The donation from Jamie Dimon arrives at a moment when federal funding for HBCUs and other public institutions has grown increasingly uncertain under the Trump administration. Other billionaire philanthropists have moved to fill similar gaps — most notably MacKenzie Scott, who has donated more than $700 million to over a dozen HBCUs and affiliated organizations in recent years.
