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Mackenzie Scott Announces New $ 2.74 billion Grant

Mackenzie Scott promised She will let go of her property “until the safe is empty”. It has proven to be harder than expected.

Scott made that pledge in 2019 after his divorce from Jeff Bezos. At the time, her settlement, which was about 4% of Amazon’s stake, was valued at about $ 36 billion.

Thanks to the soaring stock prices, Scott is accumulating wealth faster than she can give it. According to Forbes, she has donated more than $ 8 billion over the past 11 months, primarily through direct gifts to nonprofits, but today she is wealthier than ever and is worth about $ 60 billion.

In 2020, a crucial year, Scott donated nearly $ 6 billion to 500 organizations. Well, the third time in less than a year, Scott announced A total of $ 2.74 billion worth of new grant rounds shows that her dedication to paying her property quickly hasn’t diminished.

The latest grants will be distributed to 286 organizations, including major universities, prominent art groups, and nonprofits working to combat racial injustice and domestic violence. Some of the recipients of the grant, on average less than $ 10 million, included jazz at the Alaska Native Heritage Center, Broward College in Florida, and the Lincoln Center.

Still, even when she paid billions of dollars, Scott expressed some ambiguity about her property and its sources, saying in a blog post, “Disproportionate wealth must be concentrated in a few hands. Would be better. “

The various gifts and their presentation methods reflect Scott’s very unconventional approach to philanthropy. Her net worth now outweighs the donations of the Bill & Melinda Gates Foundation, the world’s largest charity, but Scott is interested in developing such a formal structure around her donations. Not shown.

She does not have a unique foundation that requires detailed public filing, in addition to potentially large staff. Instead, three times in the last 11 months, she blogged on the Medium website, sharing some thoughts on philanthropy and the causes she supports, and announced that she had donated over $ 1 billion. ..

Charitable experts praised Scott’s generosity, but the scale of her donations urged her to seek more transparency.

“McKenzie Scott is a civilian, but she has a public role,” said Maribel Morey, founding secretary general of the Miami Institute of Social Sciences. “Judges have to explain their logic, or senators have to answer their members, so philanthropists explain how and why they came to their decision. I owe it to the people. “

Little is known about how Scott chooses to be funded, and there is no formal way for the group to apply for funding. Instead, most grant recipients were contacted by Scott, a representative of Bridgespan Group, a non-profit consulting firm, and said they were considering large sums from anonymous donors. Sometimes you first know about a potential plunge. They swear secretly at first, but when Scott’s latest letter is published, he is allowed to talk about money.

Since Scott has no foundation, at least some of her donations are made through the Donor Advised Fund, a controversial means of promoting charitable donations.

This is a breakthrough approach to mega-philanthropy that appears to be designed to protect her tightly protected privacy. Scott hasn’t had a media interview recently, and maintains a close circle of friends and advisors. She revealed part of her private life earlier this year when she announced that she had married Dan Jewett, a chemistry teacher at a children’s school.

Scott didn’t list the amount donated to each organization in a recent round of donations, but her blog post included a list of people receiving the money. They included famous art groups such as the Apollo Theater and Ballet Hispanico. The Harlem Dance Theater, which received $ 10 million, said the gift was the largest in its history.

Scott also donated to higher education institutions, including the University of California and the University of Texas System School. Organizations focused on racial justice, such as Race Forward and Borealis Philanthropy. A group focused on the fight against gender equality and domestic violence. An assortment of other nonprofits, such as the Authors League Fund, which helps writers in financial distress, and Afrika Tikkun, who works to end child poverty in South Africa.

In many ways, Scott ponders how philanthropy has worked in recent decades, but has also invested in some of the mainstays of the existing philanthropic community.

As with her previous public letter, Scott’s latest blog post was a personal reflection on privileges, needs, and responsibilities. She said she wanted to “focus on others without emphasizing privileged voices.”

Scott set it apart from the way many foundations operate and said her gifts were not assigned to any particular program. “We encouraged the teams experienced at the forefront of the challenge to use it the way they chose, because they believe they know best how to make good use of their money.” She said.

As she did before, Scott also included a literary reference this time from the Sufi poet Rumi.

Scott seems to be in tune with the fact that her vast and growing wealth has been made possible through Amazon, which has long been scrutinized in countless ways that have reshaped harsh working conditions and the economy. .. ..

“It’s a group of me, Dan, researchers, managers, and advisors. We’re all trying to let go of the wealth made possible by systems that need change,” she writes.

However, among the latest recipients, Ms. Molly saw little evidence that Ms. Scott was trying to use her wealth to counter Amazon’s influence.

“It is very important for philanthropists to address the inequality in how wealth was created,” she said. “If you want to have a leading voice in dealing with inequality, you need to deal with maximizing Amazon’s profits in the private sector.”

Website founder David Callahan Inside philanthropyScott was clearly focused on organizations working at the forefront, but added that he showed little interest in think tanks and research institutes that often make policies in Washington and the Capitols across the country.

“She doesn’t seem to be at all in tune with that,” Callahan said. “This reflects an incomplete understanding of how change is happening in this country. Change happens from bottom to top and from top to bottom.”

Scott’s recent donation was a grant of less than $ 4.2 billion announced in December. This was directly related to the vast needs created by the pandemic. But the $ 2.74 billion gift, announced just six months after the storm, cements her as the most generous and influential philanthropist working today.

Scott continues to cut off the status quo of philanthropy by rapidly donating billions of dollars. This status quo is dominated by a large foundation with large program staff who select recipients and manage donations.

“Her main expression of that criticism is to provide so much money very quickly and to support so many bottom-up organizations,” Callahan said. “She has this anti-elite approach to philanthropy. She is not in the driver’s seat.”

Mackenzie Scott Announces New $ 2.74 billion Grant

Source link Mackenzie Scott Announces New $ 2.74 billion Grant

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