Anyone can read what you share. All Rights Reserved. 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 announced the names of groups that got gifts, but she didnt disclose how much each received. The unrestricted grants offered organizations space to learn and experiment lessons that can be shared to uplift an entire field. However, some organizations have revealed how much money they'll receive. They are tackling questions of power head-on by: Building local leadership and capacity. Scaling community mobilization. Decentralizing boards and staff. Exploring clustering/regional hubs rather than centralized headquarters. The billionaire philanthropist has so far given away more than $8 billion of her fortune in three rounds of funding. Her net worth, estimated at $36.1 billion in October 2019, has increased by some $23 billion since then. She has so far given away more than $8 billion in three rounds of funding revealed in the same manner. MacKenzie Scott details recipients of recent awards, Habitat for Humanity receives $436 million from MacKenzie Scott, Boys & Girls Clubs of America receives $281 million gift, National 4-H Council receives $50 million from MacKenzie Scott, MacKenzie Scott announces recipients of $1.67 billion in grants, 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. Thanks to the soaring value of that stock, Ms. Scott is accumulating wealth faster than she can give it away. 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. 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! 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. 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. 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. Some interactive form features may not be fully supported when using Google Chrome. Experts on philanthropy said Ms. Scotts nearly $6 billion in gifts might be among the most ever handed out directly to charities in a single year by a living donor (as opposed to a billionaire making a huge one-time gift to a foundation to be disbursed over decades). Dance Theater of Harlem, which received $10 million, said the gift was the largest in its history. But the Red Door had the rug pulled out from under it when Covid hit. Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. We want to invest it over decades.. 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. Recognizes the positive impact of diversity to improve lives in our community. LinkedIn has officially entered its cringe era, and its working. Foundations are required by law to pay out at least 5 percent of their endowments a year. Scott alluded to her thinking behind helping groups helping others in her latest Medium post, writing, We believe that teams with experience on the front lines of challenges will know best how to put the money to good use. Ultimately, Urrutia says, Scotts philanthropy sends the message that you and your team know how to best deploy the dollars.. MacKenzie Scott announced on Tuesday her second major charitable contribution of the year, giving away nearly $4.2 billion to 384 organizations as part of a plan to donate a majority of her fortune. Free was forced to lay off employees. Now, for the third time in under a year, Ms. Scott has announced a new round of grants, worth a combined $2.74 billion, demonstrating that her dedication to rapidly disbursing her fortune has not abated. Scott prefers simply to announce via blog post the organizations she has chosen for her next multibillion-dollar giveaway. [It] will go live only after it reflects the preferences of every one of these nonprofit teams about how details of their gifts are shared., We look forward to sharing the work of these remarkable organizations through this database of their gifts, 1257 to date since my pledge to give away this money with steadiness and care, Scott wrote. MacKenzie Scott in 2018. November 2023 meeting - applications close on the 27th of October 2023. Women-led, Black women-led organizations tend to be at the very bottom of the pile for philanthropists, Ms. McWhorter said. For global south organizations in the cohort that had rarely received unrestricted funds, using this grant to build stronger, more flexible and more diverse revenue streams was a top priority. Metropolitan Chicago, got a phone call from a representative of the billionaire philanthropist MacKenzie Scott. Ms. McWhorter was not the only recipient who cried. 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. MacKenzie Scott : "There are lots of resources each of us can pull from our safes to share with others. 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. Calling the donations to individual organizations "relatively large," Scott described the new cash as a means to do more good work with less financial stress. It is a pathbreaking approach to megaphilanthropy that seems designed to protect her tightly guarded privacy. This Foundation was established in 1976 by brothers Alan and Don Mackenzie. It is with gratitude and irrepressible smiles that the sisterhood of Urgent Action Funds announces our collective receipt of MacKenzie Scott's generous, transformative, and indeed "human and soft" gift of $20 million.. All the words we could possibly use would be an understatement of the impact that this gift will have on the Urgent Action Funds. Political candidates or organizations, fraternal organizations or veteran organizations. Groups across the country have received funds, and in a variety of areas: public health, education, the arts, racial equity, climate change and economic mobility, to name just a few. 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. Ms. Scotts 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. In February alone, nine organizations announced gifts from Scott totaling $264.5 million. Many of the gifts were the largest the charities had ever received. The news was almost too good to be true: Her group would be receiving a $9 million gift. The development community can learn about how to fund internationally from the choices, questions, and experiences of Scott grant recipients. 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. Scott noted that all were awarded general operating support grants but did not disclose individual grant amounts. Money was tight. The purpose of the Grants Process is to accomplish the mission of the Foundation through innovative and effective grantmaking and stewardship in a way that: All organizations applying for Foundation funds must be able to demonstrate the following organizational characteristics: Copyright 2014 - McKenzie Foundation - All rights reserved. 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. Since Ms. Scott does not have a foundation, at least some of her contributions are made through a donor-advised fund, a controversial vehicle that facilitates some charitable donations. Since divorcing Bezos in 2019, the 51-year-old Scott has emerged as one of the most secretive and prolific philanthropists in the world. If you are looking for a way to serve humanitys common cause, every one of them is a great candidate. We're looking at the crisis of the epidemic, the economic crisis, the climate crisis, and this moment of racial reckoning. Many only barely meet that requirement, instead hoarding their cash and giving away less than the profits they earn through investments. While a windfall grant can boost organizational legitimacy, organizations and donors must intentionally craft a strategic message around organizational impact and priorities. By Alexandra Hutzler Newsweek. An elected, engaged Board of Directors which fairly reflects the organizations constituencies and has the ability and policy-making authority to complete the proposed project. In a recent analysis, we looked at the characteristics of the December cohort, which totaled $4.2 billion to 384 nonprofits. The Scott R. MacKenzie Foundation grants funding for genome research in order to advance cures. The surprising part was the unrestricted . Our programs and grants help create joyful, enriching experiences that lay the foundation for a lifetime of learning, and provide adults with the knowledge and skills they need to give children the best possible start. Conference expenses, memberships, tickets to events or informational visits by experts or recognized speakers. 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. In September, she quietly filed for divorce from her second husband, a science teacher named Dan Jewett, who had briefly shared her Giving Pledge page and apparently participated in her donation process. Additionally, the National 4-H Council, an agriculturally focused youth organization, received $50 million. A significant amount was granted to organisations focused on issues of equity, with noteworthy support to leaders of colour and those identifying as LGBTQIA+. Forbes takes the position that people with billions of dollars at their disposal warrant more scrutiny than average Americans because of the power that money wields. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. If you want to have a leading voice in addressing inequality, you have to address Amazons profit maximization in the private sector.. 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. It stings to be on the outside when others in the network are receiving gifts.. But she is not using a foundation. Not only are nonprofits chronically underfunded, they are also chronically diverted from their work by fund-raising and by burdensome reporting requirements that donors often place on them, Ms. Scott wrote. Less than two months into 2022, Scott isnt showing any signs of slowing down. A new MacKenzie Scott Opportunity Scholarship Fund, set to launch this year, is expected to yield an estimated $400,000 per year in new funding for scholarships. Where Scott grant recipients chose to spend their unrestricted grants offers clues about the areas of global development that have historically been underfunded.. This is why Panorama Globallaunched the Collaborative Learning from Impact Philanthropy, CLIP, initiative, which includes several peer learning cohorts designed for Scott grant recipients at their request. Yield Givings website doesnt include any sort of contact information, and a page on Inquiries politely discourages what must be a deluge of informal pitches from anyone who knows anyone who knows Scott. The billionaire philanthropist has so far given away more than $8 billion of her fortune in three rounds of funding. We have to quantum leap., This is a BETA experience. Like her previous public letters, Ms. Scotts latest blog post was a personal reflection on privilege, need and responsibility. She just doesnt seem to be tuned in to that kind of stuff at all, Mr. Callahan said. Mr. Bezos, the richest man in the world, has made big charitable commitments but not made philanthropy a top priority. MacKenzie Scott has unveiled a website to provide more transparency around her philanthropic efforts. 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. Instead, at least some of her donations including the gift to the Chicago Y.W.C.A. Scott, the ex-wife of Amazon founder Jeff Bezos, made the announcement in a Medium blog post on Tuesday. Must be postmarked by April 30th. A social enterprise, we connect and inform 1,021,000+ development, health, humanitarian, and sustainability professionals through news, business intelligence, and funding & career opportunities so you can do more good for more people. The money hit the street, he says. In each post, Scott includes a short essay explaining her view on philanthropy alongside the list of groups receiving funds. (I'm still chuckling at the image for the year 2014 when the Bezoses donated a total of $2.25 million to fund clinical food allergy . But Scott gave directly to charitable organizations: Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies, notes that cash went directly to charities, rather than sitting in a foundation. Scotts windfall grants have few or no strings attached and center on race, gender, equity, and localized decision-making. Two groups focusing on reproductive rights, the Guttmacher Institute and the Collaborative for Gender + Reproductive Equity, received $15 million and $25 million respectively. It also distinguished her from her former husband, the richest man in the world. 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. She then dampens any of our hopes that she might reconsider all those press interview requests: In order to cede focus to the organizations were supporting, we choose not to participate in events or media stories.. In a break from the way many foundations operate, Ms. Scott said her gifts were not earmarked for specific programs. Accions Covid relief fund provided support to The Red Door, helping Free to pivot her business model. Her fortune comes from shares of Amazon that she got after her divorce last year from Jeff Bezos, the companys founder. 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. 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. Scott's post lists all the recipients but doesn't state the amount of money they've been granted. Evan Agostini/Invision, via Associated Press, inaccurate and at times bizarre responses. Feel free to contact us anytime. Yield Givings website includes a page devoted to Scotts process, describing the quiet research and evaluations her team has relied upon to pick recipients. Its no secret MacKenzie Scott has committed some stunning acts of philanthropy of late. "Many reported that this trust significantly increased the impact of the gift," Scott wrote. A spokeswoman for Bridgespan said that the group was not in a position to share details about our clients processes, adding, What we can say is that we feel very privileged to get to do this work.. $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. And even fewer support organizations to restructure and shift control closer to the communities they support. Instead, three times in the past 11 months, she has written a blog post on the website Medium, shared some reflections on philanthropy and the causes she supports, and announced that she had given away $1 billion or more. "These are people who have spent years successfully advancing humanitarian aims, often without knowing whether there will be any money in their bank . chapters. 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. The largest donation, $133.5 million, went to Communities in Schools, a non-profit that helps keep at-risk children in schools. Editor's note: Updated on Feb. 22, 2022 to include a donation to National 4-H Council. They were farmers of Ealing who wanted to leave . I was quite emotional. Were not looking to spend the money right away, he says. A representative for MacKenzie Scottcurrently the worlds 19th richest person with a net worth of $59 billionhad a message to deliver. 5 min read. But the criticism of Ms. Scott has tended to be more constructive than pointed. Chef Reign Free received support to keep her catering business afloat during the pandemic due to Scott's philanthropy. Buy chairs for them. Ms. Scott described in her Medium post how her team used hundreds of emails and phone interviews and thousands of pages of data analysis to sift through 6,490 potential gift recipients. Change happens from the bottom up, and also the top down.. 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. Today, they are worth about $62 billion, although its unclear how many of the shares Ms. Scott still holds. | Chattanooga Web Design by Strafire. Scott is now married to Seattle teacher Dan Jewett. As part of their split, she received 4 percent of the outstanding shares of Amazon. 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. This followed an announcement. It's not only a significant moment for myself, but it's a moment for BIPOC-led and BIPOC-serving art institutions at a time when we have been devastated by the pandemic, she says. 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. And, unlike much philanthropic giving to institutions of higher education, the Scott money came with no strings attached. 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. The pilot cohort, which ran from May to November 2022, included 22 global development and human rights organizations based in Africa, Asia, Europe, and the U.S. All rights reserved. She seems to have a handle on how to do the most good as directly as possible. In ablog post, Scott whose divorce from Amazon founder and CEO Jeff Bezos reportedly left her with Amazon stock valued at more than $35 billion and whotweetedon Tuesday that she would begin using her middle name as her last name wrote that she had been working with nonprofit advisors from historically marginalized race, gender, and sexual identity groups to help identify and evaluate potential grantees. 2023 Fortune Media IP Limited. I even shed a tear. Wilson says he plans to add 95% of Scotts donation to Morgans $100 million endowment, which will help fund scholarships, academic research and innovative new programs including work on health equity and intergenerational mobility. But the $2.74 billion. To subscribe, select any of the newsletters listed below. Yet in the latest batch of grantees, Ms. Morey saw little evidence that Ms. Scott was attempting to use her wealth to counter Amazons influence. 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. While many donors want scale, few offer space to experiment and learn or to deepen community impact. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Its really critical for any philanthropist to address the inequities of how their wealth was created, she said. After deeper research into 822 of them, she and her advisers selected 384 groups to receive nearly $4.2 billion in funds. Please Note: We are NOT MacKenzie Scott or Dan Jewett. GRANT APPLICATION Jacksonville's Scott R. MacKenzie Foundation offers grants for genetic research. Morgan State University, a historically Black public college in Baltimore that traces its roots to the year 1867, has always struggled financially. All of this adds up, as 10 Scott recipients told Forbes, to a new way of philanthropyand their hope that other big donors will follow Scotts lead. Little is known about how Ms. Scott selects her grantees, and there is no formal method for groups to apply for funds. Editor's note: Updated on Feb. 15, 2022 to include a donation to Leading Educators. We know that LGBTQ young people are powerful and resilient, and Bezos' gift will allow us to help more LGBTQ young people pursue higher education and achieve their full potential as leaders in our society.". Her net worth is estimated to be nearly $60 billion. Since colleges and universities began shuttering their campuses, our students have faced incredible challenges, from losing safe housing after campus closures to losing jobs and income. 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. If Ms. Scott was making her donations through a foundation, she would be required to publicly disclose the amounts and recipients of all gifts. Find new creative ways to help. Bipasha Ray is vice president of scalable solutions at Panorama Global, where she designed and facilitated the pilot peer learning cohort of Panoramas CLIP Initiative. Morgan could do with it as it saw fit. That changed in December 2020. "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.". 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