Two Memphis organizations to receive $3 million from MacKenzie Scott's 'Yield Giving'
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Two nonprofits in Memphis will receive $3 million in donations from MacKenzie Scott's organization.
Scott, former wife of Amazon's executive chairman Jeff Bezos, started the organization Yield Giving to share a collective financial fortune. When Scott divorced Bezos in 2019, part of the divorce settlement said she would get a 4% share in Amazon which amounted to about $37 billion. After the divorce, Scott pledged to donate most of her wealth.
Since then, Scott has donated $640 million to 361 nonprofit organizations, her organization announced. Of these nonprofits, two receiving money in 2024 are from Memphis.
Which Memphis nonprofits are receiving money from Yield Giving?
BRIDGES USA and Literacy Mid-South will each receive funds from Yield Giving.
BRIDGES USA works to break down barriers and unify the community. The organization invests in the power of youth and empowers them to be courageous leaders and change makers. Within the organization is the youth program Bridge Builders which works with grades 6-12 to learn how to step outside their comfort zones and seek out diverse perspectives. The nonprofit is set to receive $1 million from Yield Giving.
Literacy Mid-South works to provide literacy resources to learners of all backgrounds and ages. The organization works all over the Mid-South with adults and children. Since 1974, Literacy Mid-South has worked to improve the quality of life in the community by providing literacy programs for adults and children through educational organizations in the Mid-South. The nonprofit is set to receive $2 million from yield giving.
Previous Memphis organizations to receive from Yield Giving
In 2021, two organizations received donations from Yield Giving. The Collage Dance Collective received $3 million, and the Memphis Music Initiative received an undisclosed amount.
In 2022, there were six organizations to receive money from the organization.
Communities in Schools of Memphis received an undisclosed amount.
Freedom Preparatory Academy Charter Schools received $4.5 million.
The Memphis Lift received $1.5 million.
SELCO Foundation received $10 million.
Habitat for Humanity of Greater Memphis received $7.5 million
The Assisi Foundation of Memphis received $14 million.
No nonprofits from Memphis received any money in 2023.
What is Yield Giving?
Scott started the organization to share her financial fortune. The name Yield Giving comes from the belief of adding value by giving up control. Since its founding, the organization has granted over $17,300,000,000 to more than 2,300 nonprofits.
Yield Giving conducts research to identify candidate organizations working to advance the opportunities of people in underserved communities. The organization then evaluates nonprofits taking into consideration their size, geography, evidence of outcomes and more. The process is done discreetly and anonymously to avoid diverting the nonprofits from their work.
Organizations can also apply by participating in an open call and completing an online application.
This article originally appeared on Memphis Commercial Appeal: Memphis organizations to receive $3M from MacKenzie Scott
