Scotts June 15 post was the most detailed explanation of her philanthropic philosophy to date (attempting to give away a fortune that was enabled by systems in need of change) and gently chided the news media for paying more attention to her wealth than to the organizations receiving money. 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. 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. In 2020, a year of incredible need, Ms. Scott gave away nearly $6 billion to 500 organizations. Terms & Conditions. Similar scenes were playing out at charities nationwide. Scott's post lists all the recipients but doesn't state the amount of money they've been granted. Ms. Scott is working on her giving with the Bridgespan Group, a nonprofit organization in Boston that advises charities and philanthropies, including those set up by Mr. Gates and Michael Bloomberg, as well as the Ford and Rockefeller foundations. MacKenzie Scott promised she would give her fortune away until the safe is empty. That has proved to be harder than expected. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Scott is a signee of the Giving Pledge, a promise made by billionaires to give away half of their wealth in their lifetimes or after their deaths. "We are so grateful for MacKenzie Bezos' support of our work to empower LGBTQ students and springboard a new generation of LGBTQ leaders toward success," said Jorge Valencia, executive director and CEO of the Point Foundation, the nation's largest LGBTQ scholarship fund. Scotts gifts come in the form of unrestricted grants, meaning that nonprofits can spend the money however they want rather than on particular programs. 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. But the criticism of Ms. Scott has tended to be more constructive than pointed. Scotts made quite the impression on the world of philanthropy as a result, even while shunning the spotlight and not talking to reporters. While a windfall grant can boost organizational legitimacy, organizations and donors must intentionally craft a strategic message around organizational impact and priorities. Saying that she's troubled by the increasing concentration of wealth, philanthropist MacKenzie Scott says she is giving away another $2.7 billion of her fortune to 286 nonprofit organizations. In her post on Medium, she explained that her teams focus, which includes new areas, has been to support the needs of underrepresented people from groups of all kinds. According to the Giving Pledge signatory, approximately 60 percent of the organizations that have received gifts are led by women, and 75 percent are led by people with lived experience in the regions they support and the issues they seek to address. We don't have a lot of time. Power deserves scrutiny.. Mackenzie Scott gave nearly $6 billion to charity in 2020. . MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, is giving away her $46 billion fortune faster than anyone in history. The university said Scott and Jewett "were drawn to UTSA because of the university's strong commitment to create pathways to success for students from communities with significant educational attainment and income disparities" as well is its commitment to serving Latino students. PAST COVERAGE: San Jacinto College anonymous donor gives free tuition to 2021 high school grads. Dance Theater of Harlem, which received $10 million, said the gift was the largest in its history. 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. Ms. Scotts team recently sent out hundreds of out-of-the-blue emails to charities, notifying them of an incoming gift. There is no evident mechanism by which organizations can apply for donations. MacKenzie Scott's 2020 giving outstripped the over $5 billion in grants given by the Bill and Melinda Gates Foundation in 2019. We learned that organizations navigated tough decisions around saving vs. spending balancing the need to create financial sustainability vehicles, such as endowments and setting funds aside for innovation, alongside urgent spending to attend to growing needs amid the pandemic. Charitable groups applauded the unconditional nature of Ms. Scotts gifts. The recipients span from institutions of higher education and arts and culture, to organizations fighting poverty, working on interfaith issues and building community engagement. Each nonprofit it will list was selected through a rigorous process, and has a strong track record of serving under-supported needs. Morgan could do with it as it saw fit. Notably, Scott didnt publicly announce these donations herself, as she has done in the past. But shares of the company's stock rose sharply during the pandemic, and despite giving away billions, Scott's wealth keeps growing. I was quite emotional. Offers may be subject to change without notice. To date, Scott has committed $586.7 million in support of efforts to advance racial equity; $46 million to advance LGBTQ+ equity; $133 million to advance gender equity; $399.5 million to improve economic mobility in the United States; $55 million to help build empathy and bridge divides; $72 million in support of efforts to create a "functional democracy"; $128.3 million for public health initiatives; $130 million in support of global development; and $125 million to address climate change. "Their gift enables us to increase our impact for generations of students and inspires others to invest in building the future of America," he wrote. By enabling organizations to explore power dynamics, redefine scale in a way that empowers communities, and invest in organizational resilience and sustainability, funders can support them to chart new terrain and advance systems change across global development. At the time, her portion of the settlement, some 4 percent of Amazon shares, was valued at around $36 billion. "Though this work is ongoing and will last for years," she wrote, "I'm posting an update today because my own reflection after recent events revealed a dividend of privilege I'd been overlooking: the attention I can call to organizations and leaders driving change.". 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! Scott, the ex-wife of Amazon founder Jeff Bezos, made the announcement in a Medium blog post on Tuesday. Many only barely meet that requirement, instead hoarding their cash and giving away less than the profits they earn through investments. The latest grants will be distributed to 286 organizations including major universities, distinguished arts groups, and nonprofits working to combat racial injustice and domestic violence. So far, MacKenzie Scott has donated almost $6 billion in gifts. It stings to be on the outside when others in the network are receiving gifts.. please try again later. Some of the messages were viewed as possible scams or landed in spam filters. Scott also announced that she has made a recent decision to invite recipients to share details of the gift, if they desire, before she shares recipients names and that her team is in the process of designing a website that will detail the recipients. 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. If you look at the motivations for the way women engage in philanthropy versus the ways that men engage in philanthropy, theres much more ego involved in the man, its much more transactional, its much more status driven, said Debra Mesch, a professor at the Womens Philanthropy Institute at Indiana University. Ms. Scott appears attuned to the fact that her vast and growing fortune is made possible through Amazon, a company that has long faced scrutiny for its harsh working conditions and the myriad ways it has reshaped the economy, often centralizing wealth and power along the way. 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. She has so far given away more than $8 billion in three rounds of funding revealed in the same manner. And rather than a few targeted donations, she gave broadly to hundreds of groups. This system forces them to constantly fundraise and use a patchwork approach to finance their missions, rather than letting them focus on accomplishing those missions. She has not been transparent either about the vehicles being used for philanthropy or about the process, said Mr. Reich of Stanfords Center on Philanthropy and Civil Society. The money hit the street, he says. We want to invest it over decades.. On July 28, 2020, MacKenzie Scott shocked the philanthropic community by donating USD 1.7 billion to 116 nonprofits around the world. 2023 Fortune Media IP Limited. 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. While Scott's participation in funder collaboratives and initiatives such asBlue Meridian Partnersand theEquality Can't Wait Challengehas been noted previously, she had not announced details of her giving. 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. The unrestricted grants offered organizations space to learn and experiment lessons that can be shared to uplift an entire field. MacKenzie Scott announces recipients of $1.67 billion in. MacKenzie Bezos Makes Major Gift to Point Foundation & LGBTQ Youth, Howard University receives transformative gift from philanthropist MacKenzie Scott, Pivotal Ventures launches challenge to accelerate gender equality, U.S. billionaires' wealth up $434 billion during pandemic, study finds, Blue Meridian Announces $100 Million COVID-19 Response Initiative, MacKenzie Scott launches giving website, details charitable process, Mormon Church obscured control of $32 billion portfolio, SEC finds, Applications and funding surge at HBCUs following racial reckoning, Citi Foundation launches $25 million food security initiative, Community-based efforts to reduce gun violence launched in four cities, Carnegie Mellon, Rales Foundation launch $150 million STEM initiative. Between the pandemic and the recession, it had been a difficult year for the Chicago Y.W.C.A., which runs a rape crisis hotline and provides counseling to women on jobs, mortgages and other issues. David Callahan, founder of the website Inside Philanthropy, added that while Ms. Scott was clearly focused on organizations doing work on the front lines, she had so far shown little interest in the think tanks and research institutes that often shape policy in Washington and statehouses around the country. They were farmers of Ealing who wanted to leave . Here are some deeper insights from our pilot cohort of Scott grant recipients for the global development sector: Global recipient organizations are redefining the notion of scale and increasing impact by reaching more people in ways that give communities greater agency. She gave surprise gifts totaling $410 million to historically Black colleges and universities in December 2020 alone, adding to the nearly $6 billion she gave away last year. Her fortune comes from shares of Amazon that she got after her divorce last year from Jeff Bezos, the companys founder. 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. But a new Bloomberg report makes excellent use of a visual timeline to provide some perspective on just how much more generous Scott has been with her money compared to her ex-husband Jeff Bezos: Since their divorcein 2019, shes become one of themost consequential philanthropists of her generation. Subscribe here. Shes moved extraordinary sums out the door, quickly, in an anti-paternalistic way, said Rob Reich, co-director of the Center on Philanthropy and Civil Society at Stanford. What do we think they might do with more cash on hand than they expected? Eventually. Image Credit: Instagram MacKenzie Scott Foundation Website But the $2.74 billion. "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. But now Scott, who is also an author and the ex-wife of Amazon founder Jeff Bezos, has announced in . MacKenzie Scott has unveiled a website to provide more transparency around her philanthropic efforts. Scotts July 2020 giving could not have come at a better time for Accion Opportunity Fund, a small business loan provider in California focusing on women and Black-owned businesses. Mackenzie Investments Charitable Foundation grants in 2018: $801,000 35 charities received grants in 2018 Largest grant to a partner charity in 2018: $50,000 Our Partner Charities The Foundation focuses on giving high-impact grants to charities across the country, with a special focus on organizations that help children and youth at risk. Ms. Scott has a recognition that the organizations are doing the good work and let us be the stewards of those dollars.. And something greater rises up every time we give." MacKenzie Scott Announces $4.2 Billion More in Charitable Giving "She's disrupting the norms around billionaire philanthropy by moving quickly," an expert on charities said. please try again later. Her net worth, which Forbes estimates at $60 billion, keeps rising, thanks to Amazon stock. This can include advocacy to push a cause forward, convening peers for knowledge exchange, introducing new funders to locally based peers, and organizing to regrant to more grassroots organizations. The university will use the funds to meet needs in four areas, including campus infrastructure improvement projects, a new faculty development plan, a program focused on social innovation and entrepreneurship, and one of its signature retention programs, the Graduation & Retention Access to Continued Excellence (GRACE) Grant. 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