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.. If you are looking for a way to serve humanitys common cause, every one of them is a great candidate. Use the applications and forms below to open new Mackenzie Investments accounts, transfer assets from other institutions and other tasks. The billionaire philanthropist has so far given away more than $8 billion of her fortune in three rounds of funding. Thanks to the soaring value of that stock, Ms. Scott is accumulating wealth faster than she can give it away. 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. There is no evident mechanism by which organizations can apply for donations. That mentality of trust is what we need in philanthropy, said Katie Carter, chief executive of the Pride Foundation in Seattle, an L.G.B.T.Q.+ charity that received a $3 million donation. It stings to be on the outside when others in the network are receiving gifts.. Instead, at least some of her donations including the gift to the Chicago Y.W.C.A. 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. While a windfall grant can boost organizational legitimacy, organizations and donors must intentionally craft a strategic message around organizational impact and priorities. Here are some deeper insights from our pilot cohort of Scott grant recipients for the global development sector: Global recipient organizations are redefining the notion of scale and increasing impact by reaching more people in ways that give communities greater agency. Learn more Adolescent Learning MacKenzie Scott : "There are lots of resources each of us can pull from our safes to share with others. 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. ", "In this effort, we are governed by a humbling belief that it would be better if disproportionate wealth were not concentrated in a small number of hands, and that the solutions are best designed and implemented by others," Scott wrote. Editor's Note: This article was updated on February 19, 2022 to include two additional donations, to Shatterproof and Young People in Recovery. I was quite emotional. 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. Scott's approach to philanthropy is unusual in a number of ways. 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. 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. $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. 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. 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. She was behind the wheel when she and Mr. Bezos drove to Seattle to start an online bookstore named after a Brazilian river. 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. Less than two months into 2022, Scott isn't showing any signs of . As a subscriber, you have 10 gift articles to give each month. And while that rate is breaking records, Scott needs her giving machine to work faster, because the stock she holds in Amazon has rocketed in value from $23.6 billion this year to $60.7 billion, according to the Bloomberg Billionaires Index . "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. 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. These are the kinds of stories Scotts grant was able to propel, says Urrutia. 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. Please Note: We are NOT MacKenzie Scott or Dan Jewett. The MacKenzie Scott Opportunities Scholarship (S.O.S) will assist first-time, credential-seeking, young adults under age 25 attend college. They included well-known arts groups such as the Apollo Theater and Ballet Hispnico. Billionaire philanthropist MacKenzie Scott has donated almost $2 billion to more than 300 organizations in the last seven months, she said in a Medium post Monday. Additionally, the National 4-H Council, an agriculturally focused youth organization, received $50 million. In a break from the way many foundations operate, Ms. Scott said her gifts were not earmarked for specific programs. Little is known about how Ms. Scott selects her grantees, and there is no formal method for groups to apply for funds. Subscribe here. 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. When I got off the phone I had to collect myself, says Morgan President David Wilson. 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. Many only barely meet that requirement, instead hoarding their cash and giving away less than the profits they earn through investments. All rights reserved. She has swiftly followed through, and by 2021 had become the third most generous U.S. philanthropist on paper. She just doesnt seem to be tuned in to that kind of stuff at all, Mr. Callahan said. MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, is giving away her $46 billion fortune faster than anyone in history. It also distinguished her from her former husband, the richest man in the world. Ms. McWhorter shed tears of joy on the call. (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. 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. 2023 Fortune Media IP Limited. The news was almost too good to be true: Her group would be receiving a $9 million gift. 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. 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. Editor's note: Updated on Feb. 15, 2022 to include a donation to Leading Educators. In each post, Scott includes a short essay explaining her view on philanthropy alongside the list of groups receiving funds. 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. 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. Mr. Bezos, the richest man in the world, has made big charitable commitments but not made philanthropy a top priority. She does not have a foundation of her own, which would require detailed public filings and a potentially large staff. 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 part of their split, she received 4 percent of the outstanding shares of Amazon. 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. 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 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. MacKenzie Scott has unveiled a website to provide more transparency around her philanthropic efforts. 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.". To subscribe, select any of the newsletters listed below. 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. After calls for more transparency, in December Scott wrote that she hopes to launch a website with a searchable grants database this year. 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.. While non-profits and philanthropic experts alike have praised Scotts generosityand the massive scale and speed of her giving, as well as the unrestricted nature of her donationsthe secrecy around her process and lack of communication have created some frustrations even among her recipients, as a Fortune feature in March reported. But shares of the company's stock rose sharply during the pandemic, and despite giving away billions, Scott's wealth keeps growing. 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. 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. 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. Corporate events, the companys bread and butter, dried up overnight. But the $2.74 billion. Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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.. 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. But she is not using a foundation. 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. 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. Mr. Bezos has made some big charitable commitments but has not made philanthropy a top priority. Go read this Bloomberg article for a detailed look at how shes done it. As she has before, Ms. Scott also included a literary reference, this time from the Sufi poet Rumi. 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. 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. Email to ctucker@scottrmackenziefoundation.com or mail to 2518 Park Street, Suite 2, Jacksonville, FL 32204. The website unveiled this week is the result. Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies, said at the time of Scott's last round of donations that she was "putting to shame the other 650 U.S. billionaires who haven't [figured] out comparable ways to boldly share. Shaw. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Saying that she's troubled by the increasing concentration of wealth, philanthropist MacKenzie Scott says she is giving away another $2.7 billion of her fortune to 286 nonprofit organizations.. We invite you to join us. Conference expenses, memberships, tickets to events or informational visits by experts or recognized speakers. "Bezos' support comes at a critical moment as we broaden and deepen our efforts to support LGBTQ students who are Black, Indigenous, and people of color and LGBTQ students who are grappling with the COVID-19 pandemic. 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. 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