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. 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. 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. "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.". Ms. Scott has a recognition that the organizations are doing the good work and let us be the stewards of those dollars.. The University of Texas at San Antonio is also receiving $40 million, which its president called "completely transformational." 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. 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. 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. In a break from the way many foundations operate, Ms. Scott said her gifts were not earmarked for specific programs. Our new weekly Impact Report newsletter examines how ESG news and trends are shaping the roles and responsibilities of todays executives. 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 he needs some pointers on how to have a meaningful impact with his gigantic fortune, he could do a lot worse than to take a few tips from his ex. Anyone can read what you share. Its really critical for any philanthropist to address the inequities of how their wealth was created, she said. Less than two months into 2022, Scott isnt showing any signs of slowing down. 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. 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. The news was almost too good to be true: Her group would be receiving a $9 million gift. Foundations are required by law to pay out at least 5 percent of their endowments a year. Whereas multibillion foundations like Bloomberg Philanthropies and the Bill and Melinda Gates Foundation have fancy headquarters, Ms. Scotts operation has no known address or even website. Many of the cohort organizations experiencedrapid growth related to the grant, which in some cases was accompanied by growing pains and staff burnout. 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. 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. 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. 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. Its no secret MacKenzie Scott has committed some stunning acts of philanthropy of late. It is a pathbreaking approach to megaphilanthropy that seems designed to protect her tightly guarded privacy. Subscribe here. MacKenzie Scott has unveiled a website to provide more transparency around her philanthropic efforts. Power deserves scrutiny.. 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. 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. 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. In 2020, a year of incredible need, Ms. Scott gave away nearly $6 billion to 500 organizations. She has this anti-elite approach to philanthropy. We're looking at the crisis of the epidemic, the economic crisis, the climate crisis, and this moment of racial reckoning. (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 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. Jewett joined Scott in signing the Giving Pledge, a commitment by wealthy individuals to give away a majority of their money. Over the course of 2020, MacKenzie Scott announced grants totaling almost $6 billion. We have to quantum leap., This is a BETA experience. This Foundation was established in 1976 by brothers Alan and Don Mackenzie. Scott, who divorced from Amazon founder Jeff Bezos in 2019, made the announcement in a blog post on the website Medium. 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. The largest donation, $133.5 million, went to Communities in Schools, a non-profit that helps keep at-risk children in schools. You may request printed copies of these forms by contacting Client Relations at 18003870614 or at [email protected]. Philanthropist MacKenzie Scott has announced details of the more than $3.86 billion in gifts she has awarded since June of 2021. She said she hoped to de-emphasize privileged voices and cede focus to others.. Charitable groups applauded the unconditional nature of Ms. Scotts gifts. She refers to a team of advisers rather than a large dedicated staff. Their service supports and empowers people who go on to support and empower others.". Jeff Bezos and MacKenzie Scott in 2018. A significant amount was granted to organisations focused on issues of equity, with noteworthy support to leaders of colour and those identifying as LGBTQIA+. Her latest round on June 15 was $2.7 billion distributed to 286 groups. My hope is that MacKenzies style of giving inspires the philanthropic sector, and inspires other donors to give in a way that supports bold, big visions, she added. 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. As she has before, Ms. Scott also included a literary reference, this time from the Sufi poet Rumi. Anyone can read what you share. The money hit the street, he says. Political candidates or organizations, fraternal organizations or veteran organizations. Stop having to work every weekend. Ms. Scotts team recently sent out hundreds of out-of-the-blue emails to charities, notifying them of an incoming gift. After deeper research into 822 of them, she and her advisers selected 384 groups to receive nearly $4.2 billion in funds. 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. historically Black colleges and universities, community colleges. They are sworn to secrecy at first but are allowed to talk about the money once Ms. Scotts latest letter is posted. 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.. Terms & Conditions. 2023 Vox Media, LLC. They divorced in mid-2019 and she received 25% of his Amazon stake. Billionaire philanthropist MacKenzie Scott and her husband, Dan Jewett, have given away nearly $3.9 billion in grants to 465 organizations including several that are providing humanitarian. It also promises an upcoming open-call process to introduce an additional pathway for information about organizations to reach us. The open calls will focus on one or more specific themes, geographies, and types of organizations at a time, according to the website. They were valued at the time at $38 billion. Scotts windfall grants have few or no strings attached and center on race, gender, equity, and localized decision-making. For the third time in less than a year, MacKenzie Scott has announced a multibillion-dollar round of grants. She had three children from her former marriage and they adopted one girl from China. BEGIN THE APPLICATION PROCESS. By Alexandra Hutzler Newsweek. Eventually. Instead, they say, big donations come with the understanding that the money be used for specific purposes and programs. 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. After divorcing the Amazon founder Jeff Bezos, she signed the Giving Pledge in 2019, promising to give away the bulk of her share of the Amazon fortune. Instead, at least some of her donations including the gift to the Chicago Y.W.C.A. That changed in December 2020. Feel free to contact us anytime. 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. Ms. Scott has not given a media interview recently, and maintains a close circle of friends and advisers. The recipients span from institutions of higher education and arts and culture, to organizations fighting poverty, working on interfaith issues and building community engagement. Offers may be subject to change without notice. To subscribe, select any of the newsletters listed below. Through a streamlined operation, Ms. Scott has given away $6 billion this year, much of it to small charities and nonprofits. A base of community and financial support. While a windfall grant can boost organizational legitimacy, organizations and donors must intentionally craft a strategic message around organizational impact and priorities. MacKenzie Scott has unveiled a website to provide more transparency around her philanthropic efforts. 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. And though in many ways Ms. Scott is upending how philanthropy has worked in recent decades, she also invested in several mainstays of the existing philanthropic community. Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. MacKenzie Scott promised she would give her fortune away until the safe is empty. That has proved to be harder than expected. Another education nonprofit, Leading Educators, got $10 million to provide professional development for teachers. Staff capacity, sound fiscal policy and responsible financial management. As a subscriber, you have 10 gift articles to give each month. 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. MacKenzie Scott's 2020 giving outstripped the over $5 billion in grants given by the Bill and Melinda Gates Foundation in 2019. 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. (Editor's note: The amount of money transferred into Lehman College's endowment has been changed based on updated information provided by the college.) This shift in the locus of decision-making is critical. 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. The surprising part was the unrestricted . 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.. GRANT APPLICATION Jacksonville's Scott R. MacKenzie Foundation offers grants for genetic research. Editor's note: Updated on Feb. 15, 2022 to include a donation to Leading Educators. 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. The billionaire philanthropist has so far given away more than $8 billion of her fortune in three rounds of funding. At the time, her portion of the settlement, some 4 percent of Amazon shares, was valued at around $36 billion. 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. 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. A gift like this for a nonprofit is equivalent to a billion dollars, Accion chief executive Luz Urrutia told Forbes. Her fortune comes from shares of Amazon that she got after her divorce last year from Jeff Bezos, the companys founder. 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. These organizations work in agriculture, civic engagement, community-led development, access to education and health, gender equity, legal empowerment, and poverty alleviation. 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. 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 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.. 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. The Foundation is a nonprofit, tax-exempt charitable organization . Crypto company Gemini is having some trouble with fraud, Some Pixel phones are crashing after playing a certain YouTube video. Exceptions may be made for religious organizations who can demonstrate bona fide occupational qualifications based on religious belief for employment and volunteer participation. Accions Covid relief fund provided support to The Red Door, helping Free to pivot her business model. 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