In a surprising move, MacKenzie Scott, renowned for her extensive philanthropic efforts, has unveiled her plans for 2024, allocating a staggering $2 billion to various nonprofit organizations. A significant focus of this year’s giving highlights a departure from her previous strategy, marking notable changes in her approach.
Philanthropist MacKenzie Scott has swiftly become one of the most influential figures in the realm of charity work, donating more funds in a shorter time frame than most American philanthropists. Her latest initiative, carried out in 2024, sees her channeling $2 billion to 199 organizations, as announced on her Yield Giving website. This brings her estimated total lifetime donations to $19.3 billion, according to Forbes.
Among the recipients is Enterprise Community Partners, an affordable housing nonprofit that unexpectedly received $65 million. This donation follows a previous gift of $50 million in 2020, an unsolicited gesture reflecting Scott’s unique approach to philanthropy. “One of the remarkable things about her philanthropy is that they don’t share insight into their process and criteria,” remarks Shaun Donovan from Enterprise Community Partners.
Scott’s recent endeavor also includes repeat donations to other groups such as the Corporation for Supportive Housing, the Local Initiatives Support Corporation, the Nonprofit Finance Fund, and Undue Medical Debt. These repeat grants illustrate a shift from her usual pattern of donating to new entities, indicating a deeper commitment to certain causes.
A substantial portion of Scott’s 2024 donations, precisely 75%, is directed towards nonprofits promoting economic security and opportunity for disadvantaged individuals through affordable housing, employment, education, and healthcare initiatives. This move underscores her focus on tackling critical domestic issues.
Additionally, Scott has begun exploring for-profit solutions to persistent challenges such as affordable housing and women’s digital health platforms. This initiative aligns with her broader goal of employing creative strategies to address systemic problems.
Scott has also hinted at reducing her engagement with major financial institutions. She expressed a preference for channeling her wealth into mission-driven investments, particularly those led by underrepresented groups including women and people of color. This approach aims to enhance economic mobility and amplify the impact of her donations.
One standout aspect of Scott’s philanthropy is her commitment to delivering unrestricted grants to grassroots organizations, which typically do not solicit her support. An exception to this pattern was her $640 million grant to 361 organizations as part of her Open Call challenge, in partnership with Lever for Change, which strives to shift the focus of billionaire donations towards global grassroots efforts.
Despite having given away a substantial portion of her wealth, Scott remains among the top five most generous living donors in the United States. Her unconventional approach, avoiding traditional ties and restrictions, remains focused on addressing inequities across various social dimensions.
MacKenzie Scott’s philanthropic strategy in 2024 highlights her evolving commitment to addressing pressing social issues through both nonprofit support and innovative investment strategies. Her no-strings-attached donations and exploration of for-profit solutions exemplify a dynamic approach towards creating lasting change.
Source: Forbes
