Philanthropist MacKenzie Scott has announced details of the more than $3.86 billion in gifts she has awarded since June of 2021.. Over the past nine months, Scott has awarded grants to 465 nonprofits. By Alexandra Hutzler Newsweek. Shaw. They are sworn to secrecy at first but are allowed to talk about the money once Ms. Scotts latest letter is posted. After deeper research into 822 of them, she and her advisers selected 384 groups to receive nearly $4.2 billion in funds. Morgan State is one of about 780 organizations to receive part of the $8.5 billion given away by Scott in three rounds since July 2020. A large, unrestricted grant can shift an organizations position providing greater visibility, more opportunities to influence the fields direction, and greater legitimacy with donors. To maximize time for giving and ensure information reaches us at times when we are prepared to review it, we do not invite unsolicited messages suggesting candidates, including forwards from friends, family, or personal connections, Scotts website says. Mr. Bezos has made some big charitable commitments but has not made philanthropy a top priority. Many donors of large amounts have specific instructions for how they want charities to use their funds. Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies, said at the time of Scott's last round of donations that she was "putting to shame the other 650 U.S. billionaires who haven't [figured] out comparable ways to boldly share. Anyone can read what you share. Another education nonprofit, Leading Educators, got $10 million to provide professional development for teachers. Weve looked at the impact of these grants with the ambition to share lessons with other windfall gift recipients and to inspire other funders on how to localize, decentralize, and shift power from elite corridors of development aid to the community level. If Ms. Scott was making her donations through a foundation, she would be required to publicly disclose the amounts and recipients of all gifts. While Scott publicly announces each round on Medium, the blogging website, she does not appear to speak directly to the nonprofits. Staff capacity, sound fiscal policy and responsible financial management. Among those receiving grants the average size was just under $10 million were the Alaska Native Heritage Center, Broward College in Florida and Jazz at Lincoln Center. Ms. Scott also gave to higher-education institutions including schools in the University of California and the University of Texas systems; organizations focused on racial justice, such as Race Forward and Borealis Philanthropy; groups focused on gender equity and combating domestic violence; and an assortment of other nonprofits including the Authors League Fund, which helps writers in financial need, and Afrika Tikkun, which works to end child poverty in South Africa. MacKenzie. 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She doesnt appear to have an office or even a mailing address for her philanthropy, instead working through nonprofit firm Bridgespan. Its really critical for any philanthropist to address the inequities of how their wealth was created, she said. She has so far given away more than $8 billion in three rounds of funding revealed in the same manner. The money hit the street, he says. Were not looking to spend the money right away, he says. Because we believe that teams with experience on the front lines of challenges will know best how to put the money to good use, we encouraged them to spend it however they choose, she said. These are the kinds of stories Scotts grant was able to propel, says Urrutia. Image Credit: Instagram MacKenzie Scott Foundation Website If he needs some pointers on how to have a meaningful impact with his gigantic fortune, he could do a lot worse than to take a few tips from his ex. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Corporate events, the companys bread and butter, dried up overnight. Long Beach City College, in California, thanked Scott for $30 million also the single largest donation in its history. If you want to have a leading voice in addressing inequality, you have to address Amazons profit maximization in the private sector.. That mentality of trust is what we need in philanthropy, said Katie Carter, chief executive of the Pride Foundation in Seattle, an L.G.B.T.Q.+ charity that received a $3 million donation. Less than two months into 2022, Scott isn't showing any signs of . Grant recipients include Howard University, which announced that it received a $40 million the largest gift in the school's history from Scott, a former student of alumna Toni Morrison. were made through a Fidelity donor-advised fund. And even fewer support organizations to restructure and shift control closer to the communities they support. Money was tight. During the Covid-19 pandemic, MacKenzie Scott accompanied three rounds of billion-dollar donations to hundreds of organizations with separate announcements elaborating on her philanthropic approach. (Im still chuckling at the image for the year 2014 when the Bezoses donated a total of $2.25 million to fund clinical food allergy research at Stanford University: a photo of peanuts. Editor's note: Updated on Feb. 15, 2022 to include a donation to Leading Educators. Buy needed supplies. Much as a judge has to explain their logic, or a senator has to answer to their constituents, a philanthropist owes it to the public to explain how and why they came to their decisions.. All Rights Reserved, By submitting your email, you agree to our. In the course of a few months, Ms. Scott has turned traditional philanthropy on its head. However accessible the promised application process will make Scotts team, the woman herself isnt changing her communication strategy. So far, MacKenzie Scott has donated almost $6 billion in gifts. We have to accelerate. On a Monday evening in November, Dorri McWhorter, the chief executive of the Y.W.C.A. Ms. Scott announced the names of groups that got gifts, but she didnt disclose how much each received. We don't have a lot of time. MacKenzie Scott promised she would give her fortune away until the safe is empty. That has proved to be harder than expected. Dia DipasupilGetty Images MacKenzie Scott, the reclusive billionaire who has in three. She does not have a foundation of her own, which would require detailed public filings and a potentially large staff. chapters. Recognizes the positive impact of diversity to improve lives in our community. Its no secret MacKenzie Scott has committed some stunning acts of philanthropy of late. MacKenzie Scott, the reclusive billionaire who has in three years donated upwards of $14 billion to more than 1,600 nonprofits, may start accepting applications from would-be recipients. Please do not submit any medical/patient information or other private information through this form. Scotts operations have been largely shrouded in secrecy: A writer who calls herself a private person, she and her team refuse all interview requests. While many donors want scale, few offer space to experiment and learn or to deepen community impact. In 2020, a year of incredible need, Ms. Scott gave away nearly $6 billion to 500 organizations. As she has before, Ms. Scott also included a literary reference, this time from the Sufi poet Rumi. "These are people who have spent years successfully advancing humanitarian aims, often without knowing whether there will be any money in their bank accounts in two months. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. But shares of the company's stock rose sharply during the pandemic, and despite giving away billions, Scott's wealth keeps growing. Women-led, Black women-led organizations tend to be at the very bottom of the pile for philanthropists, said Dorri McWhorter, the head of the Y.W.C.A. Ms. Scott is under no obligation to publicly disclose anything about her giving. (Editor's note: The amount of money transferred into Lehman College's endowment has been changed based on updated information provided by the college.) Less than two months into 2022, Scott isnt showing any signs of slowing down. Get the latest nonprofit news, funding opportunities, job openings, and more delivered to your inbox with Philanthropy News Digest newsletters. Chef Reign Free received support to keep her catering business afloat during the pandemic due to Scott's philanthropy. Ms. Scott's latest round of giving was less than the $4.2 billion in grants announced in December, which she linked directly to the enormous needs generated by the pandemic. Some things Jeff Bezos can do with his $193 billion, Meta backs new tool for removing sexual images of minors posted online, Mark Zuckerberg says Meta now has a team building AI tools and personas, Whoops! The total amount of her giving in 2020 outstripped the entirety of the $5.1 billion in grants given by the Bill and Melinda Gates Foundation in 2019, one of the worlds top philanthropic organizations. Me, Dan, a constellation of researchers and administrators and advisors we are all attempting to give away a fortune that was enabled by systems in need of change, she wrote. Usually you dont have very large philanthropists wandering the landscape looking to drop millions of dollars very quietly into organizations that they care about, said Adam Zimmerman, president and chief executive of Craft3, which gives loans to small businesses in Oregon and Washington and which received a $10 million gift from Ms. Scott. Feel free to contact us anytime. In a recent analysis, we looked at the characteristics of the December cohort, which totaled $4.2 billion to 384 nonprofits. This Foundation was established in 1976 by brothers Alan and Don Mackenzie. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. Her Oakland neighborhood was beset by pollution and gang violence. Get the latest nonprofit news, funding opportunities, job openings, and more delivered to your inbox with Philanthropy News Digest newsletters. But during a deep recession and an era of epic inequality, the traditional approach has fueled criticisms that foundations are more interested in preserving themselves than in helping those in desperate need. Charitable groups applauded the unconditional nature of Ms. Scotts gifts. Please Note: We are NOT MacKenzie Scott or Dan Jewett. She thought she had found her lifes calling, but says there were a lack of opportunities. Including February's gifts, she has given away a total of $8.8 billion in less than two years to more than 780 organizationsmore than four times what her ex-husband has donated so far in his lifetime, Forbes calculates. A base of community and financial support. Subscribe here. All told, Ms. Scott whose fortune comes from shares of Amazon that she got after her divorce last year from Jeff Bezos, the companys founder had given more than $4 billion to 384 groups, including 59 other Y.W.C.A. To subscribe, select any of the newsletters listed below. As a subscriber, you have 10 gift articles to give each month. Her net worth, which Forbes estimates at $60 billion, keeps rising, thanks to Amazon stock. She has swiftly followed through, and by 2021 had become the third most generous U.S. philanthropist on paper. Her main expression of that critique is giving away so much money so quickly, and supporting so many bottom-up organizations, Mr. Callahan said. MacKenzie Scott (formerly Bezos) has announced the recipients of $1.67 billion in grants awarded since she signed the Giving Pledge fourteen months ago. You may opt-out by. | Chattanooga Web Design by Strafire. She had a tough childhood, she says, having grown up in the 1980s as the child of Peruvian immigrants in San Franciscos Bay Area amid the onset of the war on drugs and era of mass incarceration. In December 2021, Scott briefly tried to withdraw even further from the limelight, and announced that she would let her recipients announce her gifts themselves. The president of the University of Central Florida said his institution will receive $40 million the largest donation in the university's history. $15M MacKenzie Scott grant helps vision sector out of a blind spot, As MacKenzie Scott donates $3.9B, one grantee expresses ambivalence, Global nonprofits among grantees in MacKenzie Scott's $2.7B donation. Instead, most grant recipients first learn of their potential windfall when they are approached by representatives of Ms. Scott, often from the nonprofit consulting firm the Bridgespan Group, and told that they are under consideration for a substantial sum from an anonymous giver. Hes stepping down as Amazon CEO later this year and says he plans to focus on other passions, including the Bezos Earth Fund, the Day 1 Fund, and The Washington Post. Over the past nine months, Scott has awarded grants to 465 nonprofits. Two previous Accion loans allowed Free to expand her Oakland, California catering business, The Red Door, from a couple of employees and a van in 2011 to dozens of employees and a 5,000 square foot kitchen before the pandemic. She did make some of her personal life public this year when she announced that she had married Dan Jewett, a chemistry teacher at her childrens school. Ms. Scott has moved away from the heavy hand of the philanthropy in steering the direction of social change, said Benjamin Soskis, a senior research associate in the Center on Nonprofits and Philanthropy at the Urban Institute. The wide array of gifts, and the manner in which they were announced, reflect Ms. Scotts highly unconventional approach to philanthropy. Scotts gifts come in the form of unrestricted grants, meaning that nonprofits can spend the money however they want rather than on particular programs. She noted that she had made unsolicited and unexpected gifts given with full trust and no strings attached. Such strings are a mainstay of modern philanthropy: onerous grant proposals and nerve-racking site visits, followed by reports on the variety of performance benchmarks that charities are required to meet to keep the money flowing. The billionaire philanthropist has so far given away more than $8 billion of her fortune in three rounds of funding. MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, is giving away her $46 billion fortune faster than anyone in history. Please note: Mackenzie Charitable Foundation do not make grants to individuals. 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