Yield Giving

Last updated
Yield Giving
Company typeFoundation
FoundedJuly 2020 (first grants) December 2022 (foundation)
Founder Mackenzie Bezos
Area served
Global
Website yieldgiving.com

Yield Giving is an American foundation which is the primary philanthropic vehicle for MacKenzie Scott, the former wife of Amazon CEO Jeff Bezos. [1] The organization's name is based on her philosophy of adding value in her philanthoropy by giving up control to local organizations (localization). [2]

The website was launched in December 2022. [3] At the time, Scott had already donated approximately $14 billion to around 1,600 with $1 billion of the funds directed outside the United States after her 2019 divorce. [3]

In March 2023, Scott announced Yield Giving would launch an "open call" for community-focused nonprofits with annual budgets between $1 and $5 million that she could fund. [4] Scott planned to make unrestricted $1 million donations to 250 nonprofits selected in the process. [5] Lever for Change announced that Scott's open call for grants prompted 6,000 applicants. [6] Scott donated nearly $2.2 billion in 2023 to 360 organizations supporting early learning, access to affordable housing, race and gender equity, health equity, and civic and social engagement. [7] As of December 2023, Scott had donated more than $16 billion to non-profit organizations. [8] On March 19, 2024, Yield Giving announced another $640 million donated to 361 small nonprofits, more than double what the original open call planned for. [9] 279 organizations received $2 million each while 82 were given $1 million each. [9] [10] In March 2024, Scott's donations had reached $17.2 billion. [11] [12]

Related Research Articles

Charities and relief agencies raised over $657 million in the three weeks following the September 11, 2001 attacks, the vast bulk going to immediate survivors and victims' families.

<span class="mw-page-title-main">Goodwill Industries</span> American business founded 1902

Goodwill Industries International Inc., simply known as Goodwill, is an American business that provides job training, employment placement services and other community-based programs for people who face barriers in their employment.

<span class="mw-page-title-main">Donation</span> Gift for a cause

A donation is a gift for charity, humanitarian aid, or to benefit a cause. A donation may take various forms, including money, alms, services, or goods such as clothing, toys, food, or vehicles. A donation may satisfy medical needs such as blood or organs for transplant.

Bernard Marcus is an American billionaire businessman. He co-founded The Home Depot. He was the company's first CEO and first chairman until retiring in 2002.

<span class="mw-page-title-main">Posse Foundation</span> American college access organization and leadership network

The Posse Foundation is a nonprofit organization that partners with colleges and universities in the United States to provide student scholarships and leadership training. Posse has partnered with 64 U.S. colleges and universities. The organization is centered on a cohort-based model that admits students to attend college as part of a "Posse" of 10 peers.

Cause marketing is marketing done by a for-profit business that seeks to both increase profits and to better society in accordance with corporate social responsibility, such as by including activist messages in advertising.

<span class="mw-page-title-main">Fistula Foundation</span> American maternal health organization

Fistula Foundation is a nonprofit 501(c)(3) organization focused on treatment of obstetric fistula, funding more repair surgeries than any other organization, public or private. As of September 2022, they support hospitals and doctors in over 20 countries across Africa and Asia. The foundation is dedicated to treating obstetric fistula by covering the full cost of fistula repair surgery for poor women who would otherwise not be able to access treatment. They also provide fistula surgeon training, equipment and facility upgrades that make fistula treatment as safe as possible, post-surgery counseling and support for healed patients. The foundation has been recognized by several organizations for its transparency, effectiveness and efficiency, earning a top "A" rating from CharityWatch and a four star rating from Charity Navigator for 16 years in a row, placing it in the top 1% of charities reviewed on the site. In 2023, the foundation received a $15 million gift from philanthropist MacKenzie Scott, announced alongside a new five-year strategic plan that will advance the foundation's In It to End It vision. The foundation has also been selected as one of 22 charities recommended by Princeton Professor Peter Singer's organization, The Life You Can Save. The organization's cost-effectiveness was also noted by GiveWell in 2019.

<span class="mw-page-title-main">MacKenzie Scott</span> American philanthropist and novelist (born 1970)

MacKenzie Scott is an American novelist, philanthropist, and ex-wife of Amazon founder Jeff Bezos. As of June 2024, she has a net worth of US$36.1 billion, owning a 4% stake in Amazon. As such, Scott came out of her divorce as the third-wealthiest woman in the United States and the 47th-wealthiest individual in the world. Scott was named in the list of world's 100 most powerful women by Forbes in 2023 and 2021; including one of Time's 100 most influential people in 2020.

<span class="mw-page-title-main">Philanthropy in the United States</span> Overview article

Philanthropy in the United States is the practice of voluntary, charitable giving by individuals, corporations and foundations to benefit important social needs. Its long history dates back to the early colonial period, when Puritans founded Harvard College and other institutions. Philanthropy has been a major source of funding for various sectors, such as religion, higher education, health care, and the arts. Philanthropy has also been influenced by different social movements, such as abolitionism, women’s rights, civil rights, and environmentalism. Some of the most prominent philanthropists in American history include George Peabody, Andrew Carnegie, John D. Rockefeller, Henry Ford, Herbert Hoover, and Bill Gates.

<span class="mw-page-title-main">Adeso</span> Kenyan humanitarian NGO

Adeso is Nairobi-based humanitarian non-governmental organization founded in 1991. Its current leader, Degal Ali, joined the organization in 2003 and became executive director in 2006. Ali is an outspoken advocate against traditional aid organizations to allow local organizations to exercise more power and is the daughter of the organization's founder, Fatima Jibrell.

GivingTuesday, often stylized as #GivingTuesday for the purposes of hashtag activism, is the Tuesday after Thanksgiving in the United States. It is touted as a "global generosity movement unleashing the power of people and organizations to transform their communities and the world". An organization of the same name is an independent 501(c)(3) nonprofit that supports the global movement.

<span class="mw-page-title-main">Founders Pledge</span> English charitable non-profit

Founders Pledge is a London-based charitable initiative, where entrepreneurs commit to donate a portion of their personal proceeds to charity when they sell their business. Inspired by effective altruism, the mission of Founders Pledge is to "empower entrepreneurs to do immense good".

<span class="mw-page-title-main">Priscilla Chan</span> American pediatrician and philanthropist (born 1985)

Priscilla Chan is an American pediatrician and a philanthropist. She and her husband, Mark Zuckerberg, a co-founder and CEO of Meta Platforms, established the Chan Zuckerberg Initiative in December 2015 with a pledge to transfer 99 percent of their Facebook shares, then valued at $45 billion. She attended Harvard University and received her medical degree from the University of California, San Francisco.

Kate Grant is an American nonprofit leader. She is the founding CEO of Fistula Foundation, a global nonprofit organization that provides surgical treatment for the childbirth injury obstetric fistula. She has led the organization from supporting one hospital in Ethiopia to being the clear global leader in obstetric fistula treatment. Fistula Foundation funds more fistula surgeries than any organization in the world; their goal is to eliminate the suffering caused by the injury, which untreated leaves women incontinent and too frequently social outcasts. An estimated one million women suffer from fistula worldwide, and due to a global shortage in awareness and funding, fewer than 20,000 are treated each year. Under Ms. Grant's leadership, Fistula Foundation has raised more than $140 million and supported treatment in 34 countries. Fistula Foundation is a recommended charity of ethicist Peter Singer's The Life You Can Save. In addition, it has earned a 4-star rating from Charity Navigator every year since 2005, and an A rating from Charity Watch. In 2023, the foundation received its largest-ever gift—a $15 million donation from philanthropist MacKenzie Scott.

Charity assessment is the process of analysis of the goodness of a non-profit organization in financial terms. Historically, charity evaluators have focused on the question of how much of contributed funds are used for the purpose(s) claimed by the charity, while more recently some evaluators have placed an emphasis on the cost effectiveness of charities.

<span class="mw-page-title-main">IKEA Foundation</span> Dutch foundation

The IKEA Foundation is a Dutch not-for-profit organisation founded in 1982 by Ingvar Kamprad as a means to support advancement in interior design and architecture. In 2009, the Foundation's charter was expanded to benefit vulnerable children. In 2018, the Foundation shifted its focus to supporting the development of sustainable livelihoods and combatting climate change. The Foundation is led by chief executive officer Jessica Anderen. In 2022, it provided 268.2 million in grants.

<span class="mw-page-title-main">Charitable activities related to the COVID-19 pandemic</span>

The COVID-19 pandemic has greatly impacted the international and domestic economies. Thus, many organizations, private individuals, religious institutions and governments have created different charitable drives, concerts and other events to lessen the economic impact felt.

Undue Medical Debt, formerly RIP Medical Debt, is a Long Island City–based 501(c)(3) charity focused on the elimination of personal medical debt. Founded in 2014 by former debt collection executives Jerry Ashton and Craig Antico, the charity purchases portfolios of income-qualifying medical debt from debt collectors and healthcare providers, and then relieves the debt. The charity converts every dollar contributed into an average of $100 of purchased medical debt relief. The founders were inspired by medical debt elimination efforts by Occupy Wall Street. As of September 2024, the charity claims to have relieved debts for over 8,570,000 people, totaling over $13.32 billion.

ARISE Adelante is a nonprofit serving immigrant women and children in unincorporated colonias in South Texas. ARISE stands for A Resource In Serving Equality. It was founded by Roman Catholic sister Gerrie Naughton in 1987 in conjunction with women from the local community. ARISE assists new members for a while, but then they must agree to volunteer back to the community, working in a distributive leadership model. Its motto, from its founder, is "ARISE does not do for the people what the people can do for themselves." It is cosponsored by the Sisters of Charity and the Sisters of Mercy of the Incarnate Word.

References

  1. Candid. "MacKenzie Scott's Yield Giving awards $640 million for open call". Philanthropy News Digest (PND). Retrieved 2024-09-21.
  2. "Scott's Yield Giving Competition Awards $640 million". The NonProfit Times. Retrieved 2024-09-21.
  3. 1 2 "MacKenzie Scott Is Funding to Empower People Globally. Here's What We Know About Her Priorities | Inside Philanthropy". www.insidephilanthropy.com. 2023-01-05. Retrieved 2024-09-21.
  4. Beaty, Thalia (March 21, 2024). "MacKenzie Scott donates $640 million, more than doubling her planned gifts to nonprofit applicants". The Associated Press . Archived from the original on March 21, 2024. Retrieved March 21, 2024.
  5. Gamboa, Glenn (March 21, 2023). "MacKenzie Scott sets new 'open call' to donate $250 million". The Washington Post . Archived from the original on March 22, 2023. Retrieved March 24, 2023.
  6. Beaty, Thalia; The Associated Press (July 19, 2023). "Billionaire philanthropist MacKenzie Scott sets off a frenzy for $1 million grants as over 6,000 applicants pour in for 250 slots". Fortune . Archived from the original on December 22, 2023. Retrieved December 22, 2023.
  7. Liu, Phoebe (December 8, 2023). "MacKenzie Scott Has Donated $2.2 Billion To Charity This Year". Forbes. Archived from the original on December 11, 2023. Retrieved December 22, 2023.
  8. Beaty, Thalia (December 7, 2023). "Philanthropist MacKenzie Scott reveals the groups that got some of her $2.1 billion in gifts in 2023". Associated Press . Archived from the original on January 16, 2024. Retrieved January 16, 2024.
  9. 1 2 Halpert, Madeline (March 21, 2024). "MacKenzie Scott donates $640m to US non-profits". BBC News . Archived from the original on March 21, 2024. Retrieved March 21, 2024.
  10. Maruf, Ramishah (March 19, 2024). "MacKenzie Scott donates $640 million after open call for nonprofits". CNN Business . Archived from the original on March 21, 2024. Retrieved March 21, 2024.
  11. Gavin, William (March 20, 2024). "Amazon co-founder MacKenzie Scott doubles her charitable donations after Elon Musk's criticism". Quartz. Archived from the original on March 20, 2024. Retrieved March 21, 2024.
  12. "What is next for billionaire philanthropist MacKenzie Scott's giving?". AP News. 2024-04-04. Retrieved 2024-09-21.