Jacksonville – Edward Waters University announced a $1 million donation from the James and Judith K. Dimon Foundation that will lift the school’s endowment to $8.6 million. President A. Zachary Faison Jr. said the infusion will expand student scholarships, support faculty development and improve campus resources for the historic Black university located in the New Town neighborhood.
Endowment growth and impact on students
Faison called the gift “a significant, significant addition to our endowment that is going to allow us to have more capacity in all of those aforementioned areas in terms of how we support our students and our academic community.” Since 2018, when the endowment stood at $2.3 million, it has nearly quadrupled, and the Dimon contribution marks the latest milestone in that growth.
The new funds will be earmarked for merit‑based scholarships, faculty‑led research initiatives, and upgrades to classrooms and student‑life facilities. By strengthening the university’s financial footing, the endowment creates permanence, independence and the freedom to innovate—principles echoed by United Negro College Fund (UNCF) CEO Michael Lomax.
Broader HBCU support
The Dimon Foundation’s $1 million gift is part of a coordinated effort that provided the same amount to eleven other historically Black colleges and universities (HBCUs) across the South, including institutions in South Carolina, Texas, Louisiana, North Carolina and Alabama. The foundation was created by Jamie Dimon, chairman and CEO of J.P. Morgan Chase, and his wife Judy, who said the donation reflects their own experience as children of first‑generation graduates and a desire to help the next generation achieve the American Dream.
“Our system of HBCUs continues to serve as the springboard to success for thousands of students in pursuit of the American Dream,” the Dimons said in a statement. Their support is directed through the UNCF, which works to strengthen the long‑term financial viability of these critical schools.
STEM success and new programs
Edward Waters is a member of a UNCF cohort that produces a disproportionate share of Black graduates in science, technology, engineering and mathematics (STEM). Although HBCUs represent only about 9 % of four‑year degree institutions, they award roughly 28 % of Black‑earned bachelor’s degrees in STEM fields, according to the UNCF’s latest report.
In recent years the university has launched a public‑health program and forged a partnership with the University of Florida College of Nursing to create additional pathways into the nursing profession. Both initiatives were added after data‑driven revisions to the school’s strategic plan, which is slated for an update in January.
Community and economic implications
The endowment boost arrives as enrollment at Edward Waters has risen 37 % since 2019, signaling growing demand for higher‑education options that blend academic rigor with a strong sense of community and cultural heritage. Strengthening the university’s finances not only benefits students but also contributes to the economic vitality of Jacksonville’s New Town area, where the campus serves as a cultural anchor and employer.
“Endowments create permanence. Permanence creates independence. Independence creates the freedom to innovate, to lead, and to serve generations of students,” Lomax said. The Dimon Foundation’s investment aligns with that vision, promising a more resilient future for Edward Waters and its peer HBCUs.
Looking ahead
With the new endowment funds in place, Edward Waters University is poised to expand its scholarship portfolio, attract and retain top faculty, and enhance campus facilities—all while continuing to produce graduates who excel in STEM fields and serve the broader Jacksonville community.
Original reporting: Jacksonville Today — read the source article.
