US NewsMacKenzie Scott's Philanthropy Reaches New Heights with $640 Million Donation to Nonprofits

MacKenzie Scott's Philanthropy Reaches New Heights with $640 Million Donation to Nonprofits

MacKenzie Scott
MacKenzie Scott
Images source: © Instagra | Elena Seibert

12:44 PM EDT, March 20, 2024

Billionaire philanthropist and Amazon co-founder MacKenzie Scott has again made headlines by donating $640 million to numerous nonprofit organizations. This latest contribution continues her legacy of giving, which has seen her donate billions to various causes and organizations dedicated to creating positive societal changes.

Unlike her previous donations, this round introduced a novel approach by allowing nonprofits to directly apply for funding through her charitable organization, Yield Giving. This marked a departure from her traditional method of discreetly identifying and supporting deserving entities through private research. The open call for applications resulted in an overwhelming response, with over 6,000 organizations vying for a share of Scott's largesse.

From this vast pool of applicants, 361 organizations spanning 38 states, Washington D.C., and Puerto Rico were meticulously chosen. These beneficiaries were selected for their exceptional efforts in amplifying the voices and improving the fortunes of people with limited means and groups facing discrimination and systemic barriers. In her statement, Scott praised the awardees for their dedication to advancing equality and opportunity, underscoring her commitment to fostering inclusivity and social justice.

Initially, Yield Giving planned to award $1 million each to 250 organizations. However, the quality and impact of the applications prompted an expansion of both the number of recipients and the donation amounts. Consequently, 279 organizations were granted $2 million each, with the remaining 82 receiving $1 million apiece.

The organizations honoured in this round of giving are engaged in vital work, addressing disparities in economic outcomes, education, health, and other crucial areas. This initiative reflects Scott's broader philanthropic vision, prioritising support for endeavours that have a meaningful and lasting impact on society.

With a net worth nearing $35 billion, Scott ranks as the world's fourth-richest woman, according to Forbes. Her substantial wealth, primarily derived from a 4% stake in Amazon received after her divorce from Jeff Bezos in 2019, has been progressively channelled into philanthropic efforts. Upon signing the Giving Pledge that same year, Scott committed most of her fortune to philanthropy, aiming to effect substantial societal improvements.

Last year alone, Scott's charitable activities included donating over $2 billion to 360 organizations, a gesture she described as being "inspired by all the ways people work together to offer each other goodwill and support." Her donations have consistently supported causes related to education, the arts, public health, and diversity, including notable recipients such as the ACLU of Alabama, Black Girl Ventures, GLBTQ Legal Advocates and Defenders, and Ser Familia.

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