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The James and Judith K. Dimon Foundation announced a $12 million endowment funding to 12 historically Black colleges and universities.

The United Negro College Fund (UNCF) confirmed the gift which comes as HBCUs continue confronting a major foundation funding gap and demonstrating an outsized role in producing Black STEM graduates.

UNCF announced that the donation will establish the Dimon Fund to Advance Economic Opportunity within the organization’s $1.5 billion capital campaign.

Each of the 12 selected UNCF member institutions will receive $1 million in permanent endowment capital.

The recipients 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 selected based on leadership and governance as well as their track records of preparing educators, nurses and other healthcare professionals.

Several of the institutions also have credit-transfer partnerships in health-related fields designed to move students more efficiently from college into careers.

The money will count toward each school’s $5 million institutional match within UNCF’s pooled endowment fund.

UNCF said growing those endowments can strengthen institutional balance sheets, support long-range planning and give schools more capacity to invest in research, academics and infrastructure.