But Scott gave directly to charitable organizations: Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies, notes that cash went directly to charities, rather than sitting in a foundation. Jeff Bezos and MacKenzie Scott in 2018. I was quite emotional. 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. And even fewer support organizations to restructure and shift control closer to the communities they support. Please do not submit any medical/patient information or other private information through this form. 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. Even as the philanthropic funding discourse is gradually shifting toward localized and decentralized decision-making, funding practice hasnt kept up. It was really difficult to know what their criteria wasand sure, Id love to be able to provide input, Rey Saldaa, CEO of Communities in Schools, told Fortune earlier this year. Our new weekly Impact Report newsletter examines how ESG news and trends are shaping the roles and responsibilities of todays executives. 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. MacKenzie Scott's 2020 giving outstripped the over $5 billion in grants given by the Bill and Melinda Gates Foundation in 2019. Dance Theater of Harlem, which received $10 million, said the gift was the largest in its history. 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. PAST COVERAGE: San Jacinto College anonymous donor gives free tuition to 2021 high school grads. historically Black colleges and universities, community colleges. She has so far given away more than $8 billion in three rounds of funding revealed in the same manner. Each nonprofit it will list was selected through a rigorous process, and has a strong track record of serving under-supported needs. Evan Agostini/Invision/AP Scott prefers simply to announce via blog post the organizations she has chosen for her next multibillion-dollar giveaway. After calls for more transparency, in December Scott wrote that she hopes to launch a website with a searchable grants database this year. It works on two levels!). 2023 Vox Media, LLC. Rodriguez found her escape through art, allowing her to express herself through screen printing, painting murals and making social justice posters. Ms. Scott announced the names of groups that got gifts, but she didnt disclose how much each received. Evan Agostini/Invision, via Associated Press, inaccurate and at times bizarre responses. Anyone can read what you share. As one organization put it, "We should be building local organizations because they will be there longer than us and will have more credibility." 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. Ms. Scott's 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. 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. Though her net worth now exceeds the value of the endowment of the Bill and Melinda Gates Foundation, the largest charity in the world, Ms. Scott has shown no interest in developing that kind of formal structure around her giving. As a subscriber, you have 10 gift articles to give each month. Buy chairs for them. Scott's post lists all the recipients but doesn't state the amount of money they've been granted. By Alexandra Hutzler Newsweek. A base of community and financial support. Who Can Apply for a Grant? 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. Scott's approach to philanthropy is unusual in a number of ways. 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. In December 2021, Scott briefly tried to withdraw even further from the limelight, and announced that she would let her recipients announce her gifts themselves. Political candidates or organizations, fraternal organizations or veteran organizations. 2023 Fortune Media IP Limited. 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. When I got off the phone I had to collect myself, says Morgan President David Wilson. Scott, who now controls one-quarter of the former couples combined wealth of more than $250 billion, gave away almost $6 billion last year to working charitiesorganizations that do good on a daily basis, rather than just steward philanthropic money. Today, they are worth about $62 billion, although its unclear how many of the shares Ms. Scott still holds. please try again later. As she reached adulthood, Rodriguez says she realized that all parts of the creative industryHollywood, museums, dance, televisionwere run by white men holding all the power and financing. But the $2.74 billion. The website unveiled this week is the result. And although Ms. Scott offered a list of nearly 400 organizations, she could well have given gifts to other groups. Where Scott grant recipients chose to spend their unrestricted grants offers clues about the areas of global development that have historically been underfunded. 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. 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.. Power deserves scrutiny.. 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. Scotts windfall grants have few or no strings attached and center on race, gender, equity, and localized decision-making. 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. 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. 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.. (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.). Among those receiving grants the average size was just under $10 million were the Alaska Native Heritage Center, Broward College in Florida and Jazz at Lincoln Center. 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. Additionally, the funds were used to invest in systems that would outlast the founding leaders and teams. Scott, the ex-wife of the worlds richest person, Amazon founder Jeff Bezos (net worth nearly $200 billion), was making a transformative donation to Morgan of $40 million. The billionaire philanthropist has so far given away more than $8 billion of her fortune in three rounds of funding. You may request printed copies of these forms by contacting Client Relations at 18003870614 or at service@mackenzieinvestments.com. MacKenzie Scott : "There are lots of resources each of us can pull from our safes to share with others. 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. MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, is shown here in 2018. 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. were made through a Fidelity donor-advised fund. Now, for the third time in under a year, Ms. Scott has announced a new round of grants, worth a combined $2.74 billion, demonstrating that her dedication to rapidly disbursing her fortune has not abated. 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. 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. 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. She had three children from her former marriage and they adopted one girl from China. "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. 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. She does not have a foundation of her own, which would require detailed public filings and a potentially large staff. Mackenzie Scott gave nearly $6 billion to charity in 2020. . 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. If you look at the motivations for the way women engage in philanthropy versus the ways that men engage in philanthropy, theres much more ego involved in the man, its much more transactional, its much more status driven, said Debra Mesch, a professor at the Womens Philanthropy Institute at Indiana University. Feasibility studies for capital campaigns. Ms. Scott made that pledge in 2019, after her divorce from Jeff Bezos. Ms. Scott has not given a media interview recently, and maintains a close circle of friends and advisers. 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. After deeper research into 822 of them, she and her advisers selected 384 groups to receive nearly $4.2 billion in funds. Screen printing, painting murals and making social justice posters to the communities they support recently, and localized.! 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