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. Stop having to work every weekend. "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.". She has until now announced her donations, and named the nonprofits shes funding, through reflective, literary essays posted twice a year on Medium. MacKenzie Scott has unveiled a website to provide more transparency around her philanthropic efforts. Please note: Mackenzie Charitable Foundation do not make grants to individuals. Where Scott grant recipients chose to spend their unrestricted grants offers clues about the areas of global development that have historically been underfunded.. That allows their endowments to keep growing and the foundations to survive in perpetuity, and some foundations argue that it allows them to take the time to make grants that will yield the best results. The unrestricted grants offered organizations space to learn and experiment lessons that can be shared to uplift an entire field. She thought she had found her lifes calling, but says there were a lack of opportunities. Jeff Bezos and MacKenzie Scott in 2018. FORTUNE may receive compensation for some links to products and services on this website. 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. 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. 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. In a December Medium post, Scott said she would not reveal the latest recipients of her donations, arguing that the media focuses too much on her and not on the groups she gives money to. 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. Ms. Scott made that pledge in 2019, after her divorce from Jeff Bezos. The president of the University of Central Florida said his institution will receive $40 million the largest donation in the university's history. Less than two months into 2022, Scott isnt showing any signs of slowing down. Though she has donated more than $8 billion over the past 11 months, primarily through direct gifts to nonprofits, today she is richer than ever, worth some $60 billion, according to Forbes. Many of the cohort organizations experiencedrapid growth related to the grant, which in some cases was accompanied by growing pains and staff burnout. Ms. McWhorter was not the only recipient who cried. were made through a Fidelity donor-advised fund. (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. The remaining funds will go to initiatives such as fellowships for artists that include full salary and benefits, support for LGBTQ people of color breaking into Hollywood and administrative tasks like hiring additional staff. That changed in December 2020. 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. But the criticism of Ms. Scott has tended to be more constructive than pointed. Ms. Scott is under no obligation to publicly disclose anything about her giving. Like the $4 billion Scott gave to 384 organizations in the last four months of 2020, the donations are unrestricted, so recipients can use the money as they see fit. Metropolitan Chicago. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. But now Scott, who is also an author and the ex-wife of Amazon founder Jeff Bezos, has announced in . Yield Givings website also appears to address another criticism that Fortune highlighted in our reporting earlier this year: Scotts lack of availability to those with good reason to seek her money, and the difficulties this lack of accessibility can cause for those shes trying to help. Learn more Adolescent Learning She had three children from her former marriage and they adopted one girl from China. 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. Feasibility studies for capital campaigns. 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. Bezos said in 2017 he wanted to include right now donations among his mostly long-term philanthropic efforts since the bulk of his donations went to foundations. 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. Scott's post lists all the recipients but doesn't state the amount of money they've been granted. MacKenzie Scott(formerly Bezos) has announced the recipients of $1.67 billion in grants awarded since she signed theGiving Pledgefourteen months ago. historically Black colleges and universities, community colleges. She was behind the wheel when she and Mr. Bezos drove to Seattle to start an online bookstore named after a Brazilian river. Staff capacity, sound fiscal policy and responsible financial management. Subscribe here. This shift in the locus of decision-making is critical. Many only barely meet that requirement, instead hoarding their cash and giving away less than the profits they earn through investments. Though this kind of giving isnt new, Scott (and possibly Melinda French Gates) is putting a spotlight on trust-based philanthropy, which seeks to address the power imbalances between wealthy funders and nonprofits. 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. In a break from the way many foundations operate, Ms. Scott said her gifts were not earmarked for specific programs. The money hit the street, he says. Scotts operations have been largely shrouded in secrecy: A writer who calls herself a private person, she and her team refuse all interview requests. Ms. McWhorter shed tears of joy on the call. All completed Initial Grant Applications must be submitted by April 30 for consideration in that year. 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. Anyone can read what you share. Florida International University is receiving the same amount. 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. The largest donation, $133.5 million, went to Communities in Schools, a non-profit that helps keep at-risk children in schools. Must be postmarked by April 30th. please try again later. MacKenzie Scott has revolutionized philanthropy and the civil society and development sector by rapidly awarding more large grants faster than any other philanthropist: almost 1,600 grants . As gestures of transparency, she released lists of recipient organizations in July and in December. MacKenzie Scott is a private citizen, but she is playing a public role, said Maribel Morey, founding executive director of the Miami Institute for the Social Sciences. Editor's Note: This article was updated on February 19, 2022 to include two additional donations, to Shatterproof and Young People in Recovery. Dance Theater of Harlem, which received $10 million, said the gift was the largest in its history. Terms & Conditions. MacKenzie Scott has unveiled a website to provide more transparency around her philanthropic efforts. Ms. Scott has not given a media interview recently, and maintains a close circle of friends and advisers. BEGIN THE APPLICATION PROCESS. And rather than a few targeted donations, she gave broadly to hundreds of groups. 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. 2023 Fortune Media IP Limited. These organizations work in agriculture, civic engagement, community-led development, access to education and health, gender equity, legal empowerment, and poverty alleviation. MacKenzie Scott announces recipients of $1.67 billion in. 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Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. They included well-known arts groups such as the Apollo Theater and Ballet Hispnico. 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. 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. 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. Similar scenes were playing out at charities nationwide. Another education nonprofit, Leading Educators, got $10 million to provide professional development for teachers. The business was teetering on the brink. Our new weekly Impact Report newsletter examines how ESG news and trends are shaping the roles and responsibilities of todays executives. Who Can Apply for a Grant? We want to invest it over decades.. MacKenzie Scott has revolutionized philanthropy and the civil society and development sector by rapidly awarding more large grants faster than any other philanthropist: almost 1,600 grants totaling more than $14 billion since 2020. 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 has so far given away more than $8 billion in three rounds of funding revealed in the same manner. The organizations invested in their sustainability put the grants toward areas such as programmatic innovation, operations and infrastructure, reserves, salaries, new recruitment, and staff and leadership development. Little is known about how Ms. Scott selects her grantees, and there is no formal method for groups to apply for funds. Some of the messages were viewed as possible scams or landed in spam filters. "Though we still have a lot to learn about how to act on these beliefs without contradicting and subverting them, we can begin by acknowledging that people working to build power from within communities are the agents of change. Over the past nine months, Scott has awarded grants to 465 nonprofits. In her latest round of donations, Ms. Scott did not list the amount she gave each organization, but her blog post included a list of those receiving funds. And something greater rises up every time we give." MacKenzie Scott is a philanthropist, author, and ex-wife of Amazon founder Jeff Bezos, to whom she was married for 25 years. 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. Editor's note: Updated on Feb. 15, 2022 to include a donation to Leading Educators. In February alone, nine organizations announced gifts from Scott totaling $264.5 million. If Ms. Scott was making her donations through a foundation, she would be required to publicly disclose the amounts and recipients of all gifts. Instead, at least some of her donations including the gift to the Chicago Y.W.C.A. These are the kinds of stories Scotts grant was able to propel, says Urrutia. Ms. Scott announced the names of groups that got gifts, but she didnt disclose how much each received. Ms. Scott has a recognition that the organizations are doing the good work and let us be the stewards of those dollars.. Offers may be subject to change without notice. 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. It is a pathbreaking approach to megaphilanthropy that seems designed to protect her tightly guarded privacy. 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. In the last few years, they have ramped up attention to organizational culture and health to achieve maximum organizational impact. 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. Many of the gifts were the largest the charities had ever received. 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. Conference expenses, memberships, tickets to events or informational visits by experts or recognized speakers. Since divorcing Bezos in 2019, the 51-year-old Scott has emerged as one of the most secretive and prolific philanthropists in the world. ", MacKenzie Scott Has Donated More Than $4 Billion In Last 4 Months. Scotts gifts come in the form of unrestricted grants, meaning that nonprofits can spend the money however they want rather than on particular programs. The recipients span from institutions of higher education and arts and culture, to organizations fighting poverty, working on interfaith issues and building community engagement. Her net worth is estimated to be nearly $60 billion. MacKenzie Scott in 2018. The Scott R. MacKenzie Foundation funds leading-edge human genetic research to advance cures for cancer, lung disease, diabetes and heart disease. The MacKenzie Scott Opportunities Scholarship (S.O.S) will assist first-time, credential-seeking, young adults under age 25 attend college. She seems to have a handle on how to do the most good as directly as possible. Scott is currently worth about $21.2 billion, according to Bloomberg. 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. Get the latest nonprofit news, funding opportunities, job openings, and more delivered to your inbox with Philanthropy News Digest newsletters. While philanthropy experts applauded Ms. Scotts generosity, the scale of her giving is prompting calls for her to be more transparent. 2023 Vox Media, LLC. 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. MacKenzie. Rodriguez is already putting the funds to work: $8 million will be redistributed, she says, to support artists of color in the groups network. At the time, her portion of the settlement, some 4 percent of Amazon shares, was valued at around $36 billion. Scott says that she and her organization spent the first quarter of 2021 identifying and researching equity-oriented nonprofit organizations working in neglected and underfunded areas. The article also notes that Bezos and Scott tend to differ in how they donate their money. Editor's note: Updated on Feb. 28, 2022 to include a donation to the Collaborative for Gender + Reproductive Equity, Amazon founder Jeff Bezos and his ex-wife. Notably, Scott didnt publicly announce these donations herself, as she has done in the past. 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 have to quantum leap., This is a BETA experience. A base of community and financial support. But the $2.74 billion in gifts, announced just six months after that windfall, firmly establishes her as the most generous and influential philanthropist working today. If you are looking for a way to serve humanitys common cause, every one of them is a great candidate. Her fortune comes from shares of Amazon that she got after her divorce last year from Jeff Bezos, the companys founder. They divorced in mid-2019 and she received 25% of his Amazon stake. So she planted the seeds in 2011 of what became The Center For Cultural Power, supporting people of color working at the intersection of arts and activism. While Scott publicly announces each round on Medium, the blogging website, she does not appear to speak directly to the nonprofits. Scott donated to two organizations combatting addiction: $5 million to Shatterproof and $3 million to Young People in Recovery. Mr. Bezos, the richest man in the world, has made big charitable commitments but not made philanthropy a top priority. As one organization put it, "We should be building local organizations because they will be there longer than us and will have more credibility." A significant amount was granted to organisations focused on issues of equity, with noteworthy support to leaders of colour and those identifying as LGBTQIA+. To address this, cohort members used their Scott grant to elevate their entire fields, by prioritizing collaborations with peers and strengthening capacities among their communities. Free ensured Covid compliance while continuing to create trademark dishes (like herb-sliced chicken breast and key lime tartlet) made with local, organic ingredients by delivering customized gift boxes and ready-to-heat meals to each conference participants home. Fundraising expenses or activities or staff positions related to development or fundraising. All Rights Reserved. Her work focuses on supporting social entrepreneurs and social change leaders to implement their work through fiscal sponsorship and other partnership models, and co-leading efforts to deepen learning and knowledge sharing across the nonprofit and philanthropic sectors. Candid gets you the information you need to do good. There is no evident mechanism by which organizations can apply for donations. Each nonprofit it will list was selected through a rigorous process, and has a strong track record of serving under-supported needs. But the $2.74 billion. Find new creative ways to help. Yet even as she disbursed her billions, Ms. Scott expressed some ambivalence about her fortune and the source of it, writing in a blog post that it would be better if disproportionate wealth were not concentrated in a small number of hands.. On a Monday evening in November, Dorri McWhorter, the chief executive of the Y.W.C.A. Scotts made quite the impression on the world of philanthropy as a result, even while shunning the spotlight and not talking to reporters. MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, is shown here in 2018. 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. But the moment Rodriguez was waiting for came two weeks ago, when Scott donated $11 million to the group. In giving away her billions so rapidly, Ms. Scott continues to chip away at the philanthropic status quo, which is dominated by big foundations with large program staffs that select grantees and manage the donations. Scott prefers simply to announce via blog post the organizations she has chosen for her next multibillion-dollar giveaway. "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. Shaw. Severalglobal south recipients used the grant to hone the message that they are the experts and could stop working as subcontractors on the ground under the large INGOs that otherwise often get the big grants. Criteria for Grantmaking All organizations applying for Foundation funds must be able to demonstrate the following organizational characteristics: Staff capacity, sound fiscal policy and responsible financial management. This followed an announcement. A child's future is profoundly influenced by how they learn and develop in their earliest years. 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. Her net worth, estimated at $36.1 billion in October 2019, has increased by some $23 billion since then. More surprisingly, the operation (which the website calls Yield Giving) also announced that Scott will allow nonprofits to formally apply for her gifts in the future, through what it calls an open-call process. That process will include an online application, the website says, but it doesnt yet provide specifics on timing, simply saying it is upcoming.. In 2020, a year of incredible need, Ms. Scott gave away nearly $6 billion to 500 organizations. Where Scott grant recipients chose to spend their unrestricted grants offers clues about the areas of global development that have historically been underfunded. This Foundation was established in 1976 by brothers Alan and Don Mackenzie. Yield Givings website includes a page devoted to Scotts process, describing the quiet research and evaluations her team has relied upon to pick recipients. For some, scale has meant closely partnering with governments to enhance their capacity to support community-led efforts and leverage the potential that already exists locally. Eligibility requirements include completion of the Free Application for Federal Student Aid (FAFSA) and a simple scholarship application. In the course of a few months, Ms. Scott has turned traditional philanthropy on its head. (In practical terms, shes even more impressive: Last years second-biggest donor to charity, Elon Musk, directed his $5.7 billion donation in Tesla shares to his personal foundation, reaping a tax benefit without distributing much of the money to charity, tax records show.). MacKenzie Scott An umbrella organization for more than 120 women's funds and foundations is among the recipients of the latest $2.7 billion round of grants from McKenzie Scott. Eventually. Powered and implemented by Interactive Data Managed Solutions. In her blog post, Scott describes systemic societal inequities and her belief that giving money to organizations directly working with communities in need is the way her wealth can be put to use, saying that she, her husband and her staff and advisers "are all attempting to give away a fortune that was enabled by systems in need of change. As part of their split, she received 4 percent of the outstanding shares of Amazon. Evan Agostini/Invision, via Associated Press, inaccurate and at times bizarre responses. Ms. Scott, who declined to comment, rocketed to public attention with the announcement nearly two years ago that she and Mr. Bezos were divorcing. She doesnt appear to have an office or even a mailing address for her philanthropy, instead working through nonprofit firm Bridgespan. Women-led, Black women-led organizations tend to be at the very bottom of the pile for philanthropists, Ms. McWhorter said. Helping any of us can help us all.. [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. She doesn't appear to have a website. Over the course of 2020, MacKenzie Scott announced grants totaling almost $6 billion. Their service supports and empowers people who go on to support and empower others.". The scholarship is need based and will fund up to $2,000 per student. MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, is shown here in 2018. August 2023 meeting - applications close on the 28th of July 2023. It also distinguished her from her former husband, the richest man in the world. Exceptions may be made for religious organizations who can demonstrate bona fide occupational qualifications based on religious belief for employment and volunteer participation. Collaborative Learning from Impact Philanthropy, $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, General Call for CVs Agriculture Specialist, Team Lead & Agriculture Development Specialist, Opinion: Rethinking global health funding for the good of all, Opinion: Why we all play a role in vaccine confidence, Q&A: Beyond borders and money how banks should support Ukraine, How data science can unlock development in least developed countries, Watch: Partnering to close the health equity gap, MacKenzie Scott's giving 'profoundly positive' for nonprofits: report, Devex Newswire: MacKenzie Scott and Jeff Bezos have new giving plans, Melinda French Gates-backed Co-Impact gives $161M in new grants. For example, at national organizations with many affiliates across the country, she has funded some affiliates but not otherswithout asking those nonprofits for inputoccasionally creating internal difficulties and confusion for her recipients. That fund will eventually disclose the groups that received money, but is not required to say who is behind each gift. A simple scholarship Application child & # x27 ; s future is profoundly influenced by they!, got $ 10 million, went to Communities in Schools, a non-profit that helps at-risk! 36.1 billion in October 2019, the former wife of Amazon founder Jeff Bezos, 51-year-old! Of recipient organizations in July and in December the spotlight and not talking to.! Informational visits by experts or recognized speakers any signs of slowing down simply to announce via blog the. Of Harlem, which received $ 10 million, said the gift was the largest donation the... 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