American novelist and philanthropist MacKenzie Scott has donated two Beverly Hills homes to charity for a total of $55 million. The California Community Foundation (CCF), a nonprofit philanthropic organization based in Los Angeles announced that Scott, 52, donated “two single-family residences valued at $55 million” to the foundation in July. The gated 2.5 acre compound includes a 12,000 square foot main residence built in the 1990s, a 4,500 square foot guesthouse, a swimming pool, a full size tennis court and 6 car garage.
The first home was purchased by Scott and her ex-husband Jeff Bezos in 2007 for $24.45 million. The second home was purchased by the couple in 2017 for $12.9 million. The CCF hopes to quickly sell the high-maintenance spread, with the proceeds going towards affordable housing projects and an immigrant integration program. “The cost of housing stands out as one of the most critical issues affecting the lives of millions of Los Angeles residents. A priority for Ms. Scott, the primary focus of the $55 million will be to permanently endow grantmaking efforts to benefit Angelenos in need of affordable housing,” CCF said in a statement.
CCF has been an advocacy leader for increased affordable housing production, helping lead the passage of Proposition HHH, an initiative to add 10,000 new units in the City of Los Angeles by 2026. Los Angeles is poised to exceed its target by funding 10,510 units in 178 projects. Scott’s gift will permanently support the expansion of these grantmaking efforts. This is the second time Scott has donated to the organization, giving the nonprofit $20 million last year to create the LA Arts Endowment Fund.
Scott, whose estimated net worth is $37 billion makes her the 29th richest person in the world. Scott still owns 4% of Amazon after selling $8.5 billion in company stocks. After her divorce from Jeff Bezos, Scott signed the Giving Pledge, promising to donate at least half of her wealth over her lifetime, and has since gifted billions of her dollars to large and small organizations dedicated to social equity. She has so far donated more than $12 billion to charitable causes and groups as part of the Giving Pledge. Earlier this year, Scott donated $436 million to Habitat for Humanity. Last year she announced donations of $2.7 billion to nearly 300 organizations.
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Billionaire philanthropist MacKenzie Scott revealed in a blog post that she has donated nearly $4 billion to 465 nonprofits including a $436 million donation to Habitat for Humanity International and 84 of its affiliates to create affordable housing. That donation is the largest publicly disclosed gift from Scott so far. Her policy is to let the organizations she donates to make the announcements in the hopes of minimizing attention. Her recent post confirmed announcements by several organizations.
The announcement brings Scott’s publicly disclosed donations to more than $12 billion since 2019. In total, Scott says she’s donated to 1,257 organizations. Scott, who is worth about $48 billion according to Forbes, signed the Giving Pledge through which many billionaires have promised to donate more than half of their wealth. Scott declines interviews and only discusses her philanthropic choices through her blog posts. Her recent post touched off a wave of nonprofits announcing their plans for the donations.
Planned Parenthood Federation of America and 21 of its affiliates received its largest gift ever from Scott— $275 million. Boys & Girls Clubs of America announced a $281 million donation similarly dispersed among local chapters of the organization. HIAS, the international Jewish humanitarian organization, said Scott donated $10 million to its campaign to raise $40 million for its emergency response in Ukraine. Community Catalyst, a healthcare reform nonprofit in Boston, announced it received $25 million and would use the funds to help “create a health system rooted in race equity and health justice.”
In her blog post, Scott said 60% of the groups she and husband Dan Jewett donated to are led by women and 75% are led by people with lived experience in the regions they support and the issues they seek to address. “Our team’s focus over these last nine months has included some new areas, but as always our aim has been to support the needs of underrepresented people from groups of all kinds. Scott believes in “supporting people directly experiencing inequities is essential, both because it is informed by insights no one else can contribute, and because it seeds power and opportunity within the community itself.”
In the newest blog post, Scott said her team is working on building a website that will include a searchable database of her grants. The expansive list of organizations that received her latest round of donations have a broad range of missions and mandates—from improving women’s health to solving the climate crisis to helping military families, incarcerated people, and teachers.
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MacKenzie Scott says she is giving away another $2.7 billion of her fortune to 286 nonprofit organizations. Scott, who divorced from Amazon founder Jeff Bezos in 2019, made the announcement in a blog post. Scott said her organization spent the first quarter of 2021 researching equity-oriented nonprofit organizations working in neglected and underfunded areas. The recipients span from institutions of higher education and arts and culture, to organizations fighting poverty, working on interfaith issues and building community engagement.
Scott signed the Giving Pledge, a commitment by wealthy individuals to give away a majority of their money. So far Scott has given away more than $8 billion in three rounds of funding to various organizations. Her net worth is estimated to be nearly $60 billion and she received a 4% stake in Amazon during her divorce. Shares of Amazon’s stock rose sharply during the pandemic. Despite still giving away billions, Scott’s wealth keeps growing.
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. “Many reported that this trust significantly increased the impact of the gift” Scott wrote. Calling the donations to individual organizations “relatively large,” Scott described the new cash as a means to do more good work with less financial stress.
“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. What do we think they might do with more cash on hand than they expected? Buy needed supplies. Find new creative ways to help. Hire a few extra team members they know they can pay for the next five years. Buy chairs for them. Stop having to work every weekend. Get some sleep,” Scott suggested.
Scott’s approach to philanthropy is unique as she doesn’t have a website for an organization to apply for donations. She prefers to research an array of organizations to narrow down the list of recipients for each round of donations. She then announces the chosen organizations in blog posts in a list format but doesn’t state the amount of money they’ve been granted. Some organizations have revealed how much money they’ll receive.
The president of the University of Central Florida said his institution will receive $40 million – the largest donation in the university’s history. Florida International University is receiving the same amount. Long Beach City College, in California, thanked Scott for the $30 million donation they will receive — also the single largest donation in its history. The University of Texas at San Antonio is also receiving $40 million, which its president called “completely transformational.” The university said Scott was drawn to UTSA because of the university’s strong commitment to create pathways to success for students from communities with significant educational attainment and income disparities.
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MacKenzie Scott, ex-wife of Amazon founder Jeff Bezos has donated more than $4 billion in the past four months to hundreds of organizations and charities—in particular to food banks and emergency relief funds across the USA. Scott signed the Giving Pledge—an initiative sparked by Bill Gates and Warren Buffett a decade ago—and promised to give away her billions “until the safe is empty.”
This July, she began making good on her promise and has already donated $1.7 billion of her $60 billion fortune to 116 charities. Just 5 months later, the 50-year-old announced that she’d given even more money away. Since summer, the world’s third-wealthiest woman has donated more than $4.15 billion to 384 organizations in Puerto Rico and the States—taking her 2020 donations so far to $6 billion.
In a blog post that begins with an Emily Dickinson poem, Scott–a lauded novelist as well as a philanthropist—writes, “This pandemic has been a wrecking ball in the lives of Americans already struggling. Economic losses and health outcomes alike have been worse for women, for people of color, and for people living in poverty. Meanwhile, it has substantially increased the wealth of billionaires.”
Scott said she has been working with a team of advisors to help her accelerate her giving to organizations that need immediate support in the face of the COVID crisis. Using a “data-driven approach” to identifying organizations with strong leadership teams, and paying “special attention to those operating in communities facing high projected food insecurity, high local poverty rates, and low access to philanthropic capital,” recipients of Scott’s funding include the YMCA, Meals on Wheels, the Global Fund for Women, civil rights organization the National Association for the Advancement of Colored People, Access to Capital for Entrepreneurs, many dozens of food banks, Goodwill, and various centers of education such as Blackfoot Community College.
In the latest round of giving, Scott donated $40 million to Morgan State University, an HBCU in Baltimore. The gift is the largest single private donation in the university’s history, and roughly doubles the school’s endowment. Scott also gave $50 million to Prairie View A&M University in Texas — the school’s largest donation ever, and nearly doubling its endowment, according to the university.
According to news outlets, these donations “might be among the most ever handed out directly to charities in a single year by a living donor.” Scott is not the only billionaire who’s been giving in 2020. While Jeff Bezos has not signed the Giving Pledge, he has distributed $791 million in grant money to large environmental organizations through the Bezos Earth Fund.
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MacKenzie Scott, ex-wife of Amazon founder Jeff Bezos has donated more than $4 billion in the past four months to hundreds of organizations and charities—in particular to food banks and emergency relief funds across the USA. Scott signed the Giving Pledge—an initiative sparked by Bill Gates and Warren Buffett a decade ago—and promised to give away her billions “until the safe is empty.”
This July, she began making good on her promise and has already donated $1.7 billion of her $60 billion fortune to 116 charities. Just 5 months later, the 50-year-old announced that she’d given even more money away. Since summer, the world’s third-wealthiest woman has donated more than $4.15 billion to 384 organizations in Puerto Rico and the States—taking her 2020 donations so far to $6 billion.
In a blog post that begins with an Emily Dickinson poem, Scott–a lauded novelist as well as a philanthropist—writes, “This pandemic has been a wrecking ball in the lives of Americans already struggling. Economic losses and health outcomes alike have been worse for women, for people of color, and for people living in poverty. Meanwhile, it has substantially increased the wealth of billionaires.”
Scott said she has been working with a team of advisors to help her accelerate her giving to organizations that need immediate support in the face of the COVID crisis. Using a “data-driven approach” to identifying organizations with strong leadership teams, and paying “special attention to those operating in communities facing high projected food insecurity, high local poverty rates, and low access to philanthropic capital,” recipients of Scott’s funding include the YMCA, Meals on Wheels, the Global Fund for Women, civil rights organization the National Association for the Advancement of Colored People, Access to Capital for Entrepreneurs, many dozens of food banks, Goodwill, and various centers of education such as Blackfoot Community College.
In the latest round of giving, Scott donated $40 million to Morgan State University, an HBCU in Baltimore. The gift is the largest single private donation in the university’s history, and roughly doubles the school’s endowment. Scott also gave $50 million to Prairie View A&M University in Texas — the school’s largest donation ever, and nearly doubling its endowment, according to the university.
According to news outlets, these donations “might be among the most ever handed out directly to charities in a single year by a living donor.” Scott is not the only billionaire who’s been giving in 2020. While Jeff Bezos has not signed the Giving Pledge, he has distributed $791 million in grant money to large environmental organizations through the Bezos Earth Fund.
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