Billionaire philanthropist MacKenzie Scott has pledged to donate her vast fortune to charity, and since 2019, she has granted around $19.3 billion to over 2,450 nonprofits.
MacKenzie Scott’s Philanthropic Efforts: A Shift in Focus
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In 2019, MacKenzie Scott pledged to donate her vast fortune to charity, and since then, she has granted around $19.3 billion to over 2,450 nonprofits.
A Pivot Towards Economic and Financial Well-being
MacKenzie Scott’s latest round of donations totals more than $2 billion, with a significant focus on economic and financial well-being. Approximately 75% of the beneficiaries support areas like affordable housing, job stability, and child development. These organizations provide essential services such as financial counseling, business coaching, and low-interest rate loans.
A Trust-Based Giving Approach
Scott’s philanthropic approach has become differentiated by her trust-based giving model, which offers nonprofits unrestricted gifts with minimal reporting requirements. This allows organizations to decide when and how they share details about their gifts.
Repeated Donations and Unrestricted Giving
Many recipients of Scott’s donations have received funds from the philanthropist multiple times. For example, Undue Medical Debt has received a total of $130 million in grants from Scott since 2020. This unrestricted giving enables nonprofits to take risks and tackle complex problems.
Where Are the Donations Going?
Some of the largest gifts in 2024 include:
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Enterprise Community Partners: $65 million
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Local Initiatives Support Corporation: $65 million
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Self-Help Ventures Fund: $60 million
Scott’s recent donations are part of a larger trend towards experimenting with grant giving and investing in for-profit solutions. Her investment team is looking to back companies focused on affordable housing, women-focused health platforms, and culturally-sensitive teletherapy.
A New Approach to Philanthropy
By drawing from her investments instead of her bank account or stock portfolio, Scott aims to address social issues twice. This innovative approach has the potential to create lasting impact and drive meaningful change.
