For a complete list of grant recipients, see Scotts Medium post. 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. 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. 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. 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. Less than two months into 2022, Scott isn't showing any signs of . Our new weekly Impact Report newsletter examines how ESG news and trends are shaping the roles and responsibilities of todays executives. MacKenzie Scott (formerly Bezos) has announced the recipients of $1.67 billion in grants awarded since she signed the Giving Pledge fourteen months ago. In February alone, nine organizations announced gifts from Scott totaling $264.5 million. Candid gets you the information you need to do good. chapters. The largest donation, $133.5 million, went to Communities in Schools, a non-profit that helps keep at-risk children in schools. It stings to be on the outside when others in the network are receiving gifts.. 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. Organizations where person(s) are excluded from employment, volunteer participation, or agency services because of age, gender, race, national origin, religious beliefs and background, physical abilities, disability, sexual orientation, economic circumstances, and any other characteristic protected by law. But the $2.74 billion. If you have any questions about the Foundation or our grant process, email us below for a quick response. If you want to have a leading voice in addressing inequality, you have to address Amazons profit maximization in the private sector.. Her fortune comes from shares of Amazon that she got after her divorce last year from Jeff Bezos, the companys founder. 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. 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. Free was forced to lay off employees. Stop having to work every weekend. Her net worth is estimated to be nearly $60 billion. 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. Were in this very polarized time where there is tremendous, you could say obscene, wealth held among these very elite individuals, said Elizabeth Dale, a professor specializing in philanthropy at Seattle University. She was behind the wheel when she and Mr. Bezos drove to Seattle to start an online bookstore named after a Brazilian river. On a Monday evening in November, Dorri McWhorter, the chief executive of the Y.W.C.A. 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 . (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.). The billionaire philanthropist has so far given away more than $8 billion of her fortune in three rounds of funding. Eventually. As part of their split, she received 4 percent of the outstanding shares of Amazon. There is no evident mechanism by which organizations can apply for donations. 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. 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. Many donors of large amounts have specific instructions for how they want charities to use their funds. That fund will eventually disclose the groups that received money, but is not required to say who is behind each gift. But now Scott, who is also an author and the ex-wife of Amazon founder Jeff Bezos, has announced in . 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. Philanthropist MacKenzie Scott has announced details of the more than $3.86 billion in gifts she has awarded since June of 2021. All Rights Reserved. Dance Theater of Harlem, which received $10 million, said the gift was the largest in its history. To subscribe, select any of the newsletters listed below. In the course of a few months, Ms. Scott has turned traditional philanthropy on its head. This highlights the need to give organizations the freedom to build muscle for resilience, as they see fit. 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. As she has before, Ms. Scott also included a literary reference, this time from the Sufi poet Rumi. Exceptions may be made for religious organizations who can demonstrate bona fide occupational qualifications based on religious belief for employment and volunteer participation. (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 . Yield Givings website includes a page devoted to Scotts process, describing the quiet research and evaluations her team has relied upon to pick recipients. November 2023 meeting - applications close on the 27th of October 2023. The website dropped at the end of a year in which Scott became more famous than ever, despite her shying from the spotlight, and not always for her donations. Instead, at least some of her donations including the gift to the Chicago Y.W.C.A. Some interactive form features may not be fully supported when using Google Chrome. This shift in the locus of decision-making is critical. Rodriguez is already putting the funds to work: $8 million will be redistributed, she says, to support artists of color in the groups network. These are the kinds of stories Scotts grant was able to propel, says Urrutia. Anyone can read what you share. Her net worth, estimated at $36.1 billion in October 2019, has increased by some $23 billion since then. 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. 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 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. They were valued at the time at $38 billion. BEGIN THE APPLICATION PROCESS. 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. As gestures of transparency, she released lists of recipient organizations in July and in December. The business was teetering on the brink. She seems to have a handle on how to do the most good as directly as possible. 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. On July 28, 2020, MacKenzie Scott shocked the philanthropic community by donating USD 1.7 billion to 116 nonprofits around the world. 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. "These are people who have spent years successfully advancing humanitarian aims, often without knowing whether there will be any money in their bank . Accions Covid relief fund provided support to The Red Door, helping Free to pivot her business model. The National Council on Aging got $8 million, while mental health nonprofit the Jed Foundation got $15 million. Metropolitan Chicago. However, in a field already torn apart by competition and a scarcity mindset, this can create tensions between those that received Scott grants and others that didnt. The choices, experiences, and reflections of Scotts global grant recipients provide valuable insights to understand where global development aid has fallen short and how to improve philanthropy in order to advance systems change. 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. 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. MacKenzie Scott seems to be nonresponsive to traditional approaches (there is no application process) and operates much more like a Donor Advised Fund (DAF). Were not looking to spend the money right away, he says. 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. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. However long it takes to become reality, the promised application process marks an intriguing strategy shift for Scottand an apparent response to some of the criticisms she has faced. 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. The Scott R. MacKenzie Foundation funds leading-edge human genetic research to advance cures for cancer, lung disease, diabetes and heart disease. Scott, the ex-wife of Amazon founder Jeff Bezos, made the announcement in a Medium blog post on Tuesday. Get some sleep," Scott suggested. Over the past nine months, Scott has awarded grants to 465 nonprofits. 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. historically Black colleges and universities, community colleges. Today, they are worth about $62 billion, although its unclear how many of the shares Ms. Scott still holds. Many big-time donors, he said, model themselves off of venture capitalism and take an extremely aggressive approach in terms of monitoring the performance of grant recipients. Subscribe here. Offers may be subject to change without notice. But Scotts gifts in 2020 were unrestricted, indicating she trusted the people on the ground doing the work, and it gives lie to the idea that its hard to make billion-dollar donations. 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 gave nearly $6 billion to charity in 2020. . Please Note: We are NOT MacKenzie Scott or Dan Jewett. 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. The Foundation is a nonprofit, tax-exempt charitable organization . 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. 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. Ms. Scott announced the names of groups that got gifts, but she didnt disclose how much each received. All rights reserved. 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. All ten nonprofit leaders Forbes spoke with say the unrestricted and ultimately more trusting nature of Scotts philanthropy is the exception, not the norm in their world. 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. MacKenzie Scott has unveiled a website to provide more transparency around her philanthropic efforts. 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. Their service supports and empowers people who go on to support and empower 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. Similar scenes were playing out at charities nationwide. "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. To subscribe, select any of the newsletters listed below. Ms. Scott has not given a media interview recently, and maintains a close circle of friends and advisers. A gift like this for a nonprofit is equivalent to a billion dollars.. At the time, her portion of the settlement, some 4 percent of Amazon shares, was valued at around $36 billion. Her net worth, which Forbes estimates at $60 billion, keeps rising, thanks to Amazon stock. But two days later, after widespread criticism over this diminished transparency, Scott backpedaledand promised that her team was developing an online database of her gifts. Scott also won praise from philanthropy experts for the way she donated her money: without strings attached. 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