According to the long-awaited website Yield Giving, which was launched Wednesday night. Philanthropist MacKenzie Scott claims that her gifts have raised more than $14 billion. The facilities were in support of around 1,600 charitable organizations since 2019.
Additionally, MacKenzie Scott stated that she intended to implement an “open-call procedure.” The procedure would enable charitable organizations looking to receive contributions from her to submit material for review. Up to this point, Scott and her team approached groups they were interested in secretly. They offered unrestricted donations after learning the organization’s information.
“Information from other people – other givers, my team, the nonprofit teams I’ve been giving to – has been enormously helpful to me,” Scott wrote in a new essay. “If more information about these gifts can be helpful to anyone, I want to share it.”
The term “yield” has two connotations in the website’s name: to generate something good. Additionally, to relinquish control, which combined defines Scott’s method of giving.
The Center for Effective Philanthropy, which has examined Scott’s giving, is headed by Phil Buchanan.
“What we have seen from a lot of big donors, big foundations, billionaires is a very top-down approach that assumes that the donor knows best, that sees nonprofits sometimes in a negative light,” he said.
Scott’s strategy is on the opposite end of the spectrum. “We as donors can yield to those talented people in nonprofits working closest to communities who know best what is needed and how to do it,” he said. Some gifts made through Yield Giving have not yet been made public, including the highest gift ever recorded.
MacKenzie Scott and her former were named as the donors of the organization
A $75 million donation to the Co-Impact fund, which promotes gender equality and women in leadership throughout the world. Although Scott and her former husband, Dan Jewett, were named as donors to the organization, the size of their contribution was kept a secret. Co-Impact did not immediately answer an inquiry for comments.
It was also revealed that Scott had given another $40 million to the nonprofit consulting firm. The firm that had assisted her in screening and choosing the beneficiaries of her gifts.
In tax forms filed to the IRS and subsequently made public, nonprofits provide information about who finances them. However, the epidemic has delayed the processing of form requests for 2020. The fact that Scott made this donation-related declaration encourages greater openness surrounding her charitable efforts.
Scott, who received the majority of her income through her divorce from Amazon founder Jeff Bezos. She has joined The Giving Pledge, pledging to donate more than half of it. Scott, whose estimated net worth by Forbes is $27 billion, has chosen to explain her motivations for her gifts in a few pieces she has written on Medium and now on Yield Giving rather than in an interview.
