While philanthropy experts applauded Ms. Scotts generosity, the scale of her giving is prompting calls for her to be more transparent. You may opt-out by. Charitable groups applauded the unconditional nature of Ms. Scotts gifts. 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. That reflects an incomplete understanding of how change happens in this country. 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. Giving Billions Fast, MacKenzie Scott Upends Philanthropy Through a streamlined operation, Ms. Scott has given away $6 billion this year, much of it to small charities and nonprofits.. A representative for MacKenzie Scottcurrently the worlds 19th richest person with a net worth of $59 billionhad a message to deliver. Unable to update subscription. Ms. Scott is under no obligation to publicly disclose anything about her giving. General operating support for organizations. The MacKenzie Scott Opportunities Scholarship (S.O.S) will assist first-time, credential-seeking, young adults under age 25 attend college. Mackenzie Scott gave nearly $6 billion to charity in 2020. . But the moment Rodriguez was waiting for came two weeks ago, when Scott donated $11 million to the group. MacKenzie Scott(formerly Bezos) has announced the recipients of $1.67 billion in grants awarded since she signed theGiving Pledgefourteen months ago. Her latest round on June 15 was $2.7 billion distributed to 286 groups. In each post, Scott includes a short essay explaining her view on philanthropy alongside the list of groups receiving funds. 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. Use the applications and forms below to open new Mackenzie Investments accounts, transfer assets from other institutions and other tasks. (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 . Go read this Bloomberg article for a detailed look at how shes done it. 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. Additionally, the funds were used to invest in systems that would outlast the founding leaders and teams. 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.. Little is known about how Ms. Scott selects her grantees, and there is no formal method for groups to apply for funds. 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. Evan Agostini/Invision/AP But she is not using a foundation. 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. She refers to a team of advisers rather than a large dedicated staff. Scott noted that all were awarded general operating support grants but did not disclose individual grant amounts. 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.. It works on two levels!). 2023 Vox Media, LLC. Dia DipasupilGetty Images MacKenzie Scott, the reclusive billionaire who has in three. Florida International University is receiving the same amount. Many of the cohort organizations experiencedrapid growth related to the grant, which in some cases was accompanied by growing pains and staff burnout. FORTUNE may receive compensation for some links to products and services on this website. PAST COVERAGE: San Jacinto College anonymous donor gives free tuition to 2021 high school grads. "Many reported that this trust significantly increased the impact of the gift," Scott wrote. 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. And even fewer support organizations to restructure and shift control closer to the communities they support. Scotts gifts come in the form of unrestricted grants, meaning that nonprofits can spend the money however they want rather than on particular programs. 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.. Scotts operations have been largely shrouded in secrecy: A writer who calls herself a private person, she and her team refuse all interview requests. Scott donated to two organizations combatting addiction: $5 million to Shatterproof and $3 million to Young People in Recovery. By Invitation Only. (Editor's note: The amount of money transferred into Lehman College's endowment has been changed based on updated information provided by the college.) Scott is now married to Seattle teacher Dan Jewett. In February alone, nine organizations announced gifts from Scott totaling $264.5 million. However, some organizations have revealed how much money they'll receive. Learn more Adolescent Learning MacKenzie Scott seems to be nonresponsive to traditional approaches (there is no application process) and operates much more like a Donor Advised Fund (DAF). Her net worth, estimated at $36.1 billion in October 2019, has increased by some $23 billion since then. Their service supports and empowers people who go on to support and empower others.". While Scott publicly announces each round on Medium, the blogging website, she does not appear to speak directly to the nonprofits. MacKenzie Scott promised she would give her fortune away until the safe is empty. That has proved to be harder than expected. 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. Ms. Scott and Mr. Bezos met when they both worked at the hedge fund D.E. In her divorce from Bezos, Scott received a 4% stake in Amazon. The surprising part was the unrestricted . Ms. McWhorter was not the only recipient who cried. MacKenzie Scott has unveiled a website to provide more transparency around her philanthropic efforts. Bezos is following in the footsteps of other famous billionaires who turned their focus toward philanthropy after retiring from the day-to-day of running a business. As she has before, Ms. Scott also included a literary reference, this time from the Sufi poet Rumi. Otherwise, the windfall gift can take the limelight, shifting the prevailing narrative to become that these organizations no longer need donor funding, which is problematic and erroneous. The business was teetering on the brink. 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. Please do not submit any medical/patient information or other private information through this form. 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. The billionaire philanthropist has so far given away more than $8 billion of her fortune in three rounds of funding. Feasibility studies for capital campaigns. Scott also saw her life inspire a comedy series on AppleTV+, Loot, in which Maya Rudolph plays a fictionalized billionaire divorcing her tech-founder husband and figuring out how to give away the fortune she takes from the marriage. 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. However accessible the promised application process will make Scotts team, the woman herself isnt changing her communication strategy. Accions Covid relief fund proved pivotal for one of their longtime customers, chef Reign Free. 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. 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. These organizations work in agriculture, civic engagement, community-led development, access to education and health, gender equity, legal empowerment, and poverty alleviation. All completed Initial Grant Applications must be submitted by April 30 for consideration in that year. 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 Unable to update subscription. 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. MacKenzie Scott : "There are lots of resources each of us can pull from our safes to share with others. chapters. As she did in July when she announced donations of $1.7 billion to 116 organizations, Ms. Scott unveiled her latest round of philanthropy through a post on Medium. Other recipients include theAdvancement Project,American Indian Graduate Center, Co-Impact,Grantmakers for Girls of Color,Groundswell Fund, LatinoJustice, Movement for Black Lives,Narrative4,Point Foundation, PolicyLink, RAINN, Spelman College, andUnidosUS. Editor's Note: This article was updated on February 19, 2022 to include two additional donations, to Shatterproof and Young People in Recovery. (Rudolphs series-finale declaration that we are the problem; billionaires shouldnt exist lands like a TV-pithy version of Scotts first essay about her donations: Theres no question in my mind that anyones personal wealth is the product of a collective effort, and of social structures which present opportunities to some people, and obstacles to countless others.). 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. 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. 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. She has swiftly followed through, and by 2021 had become the third most generous U.S. philanthropist on paper. The president of the University of Central Florida said his institution will receive $40 million the largest donation in the university's history. The article also notes that Bezos and Scott tend to differ in how they donate their money. A base of community and financial support. 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. Shes not putting herself in the drivers seat., MacKenzie Scott Gives Away Another $2.74 Billion Even as Her Wealth Grows, https://www.nytimes.com/2021/06/15/business/mackenzie-scott-philanthropy.html. 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