The grant will be doled out over five years.
"This will be transformational," University president Michael Ortiz said in a statement. "With these resources we will be able to change lives and contribute to the economic growth and prosperity of the region."
The donation comes at a crucial time for the state's public universities as their budgets are being slashed due to the state's financial crisis.
"As the 12th most ethnically diverse university in the United States, Cal Poly Pomona's deep commitment to and track record of providing access to quality college education for students of color strongly aligns with the foundation's work to support racial healing and to remove systemic barriers that hold some children back," said Sterling K. Speirn, the foundation's president and CEO, in a statement.