MacKenzie Scott is doing more good with her wealth than the men in the billionaire boys club
Most of us can only imagine what it would be like to be filthy rich, so we live through the moneyed set, glimpsing the mansions and yacht parties in glossy magazines and lifestyle television shows.
There is also a dark element to this spectator sport, watching the likes of Elon Musk, who has been using his innumerable wealth to shamelessly wield his negative influence on politics and single-handedly destroy the social media platform formerly known as Twitter.
Amazon's Jeff Bezos similarly exerted his authority and raised the ire of many Americans by blocking an endorsement of Kamala Harris for president from being published in the Washington Post, a newspaper he owns.
"It's like the more money we come across, the more problems we see," the late Notorious B.I.G. sang. Or cause, as the examples above show.
MacKenzie Scott, conversely, is proof that negative adages don't always apply to people who are handed a silver spoon. She is far from a boastful billionaire a la Musk and his buddy, President-elect Donald Trump. Nor is she an interfering presence like her ex-husband Bezos. Scott, and her "trust-based" philanthropy are, instead, a soothing balm to nonprofits across the country, including here in Chicago.
Just this week, Community Investment Corp. announced it received a record-breaking $15 million donation from Scott, who stands out from other megadonors by handing out unrestricted, no-strings-attached grants.
It wasn't the first time Scott gave to CIC, a lender that helps acquire, rehab and preserve affordable rental housing. Scott gifted the organization $8 million in 2020, an unprecedented moment of "great need," CIC's CEO and president said then.
Stacie Young, the nonprofit's current head, called Scott's latest contribution "transformational."
Many of the 2,300 nonprofits Scott has given $17.3 billion in the last five years would probably agree. Recipients experienced "profound effects" as a result of Scott's generosity, according to a second year of a three-year study released by the Center for Effective Philanthropy in late 2023.
"These large sums of unrestricted money have allowed organizations to fulfill basic, unmet needs — from expanding programs to strengthening financial sustainability to improving operations," the study found in its first year.
Some other findings from the latest research:
• Eighty-eight percent of interviewees said Scott's grant's improved morale, feelings of empowerment, or capacity to think creatively.
• Two-thirds of the nonprofits' leaders of color said the funding from Scott was such a boost, they found themselves to be more assertive in their decision-making and more vocal in their advocacy for their communities within and outside their workplaces.
• And nearly 90% of nonprofit leaders said Scott's contributions changed their approach to fundraising, as many of them frequently were able to cite the grants to bolster their organizations' credibility.
While these statistics only capture the short-term impact of Scott's goodwill, they carry a sense of hope and promise for the years to come.
Scott's "Yield Giving" venture often benefits groups that focus on equity and justice, economic security, health, environmental justice, child development and legal aid.
Giving without asking for anything in return is always a welcoming breath of fresh air. But at a moment when companies are rolling back diversity initiatives and there's a looming threat hampering many of the causes Scott is backing, her style of altruism is a necessary lifeline.
"Something greater rises up every time we give," Scott wrote in 2019. "My approach to philanthropy will continue to be thoughtful. It will take time and effort and care. But I won’t wait. And I will keep at it until the safe is empty."
We are thankful that no matter how much money she gives away, the woman worth $37.1 billion appears to have a heart that is full.
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