Memphis Organizations to Receive $3M from MacKenzie Scott’s Yield Giving
Memphis Benefits from Philanthropic Efforts
Two nonprofits in Memphis are set to receive a generous donation of $3 million from MacKenzie Scott’s organization, Yield Giving. Scott, previously married to Amazon executive chairman Jeff Bezos, formed Yield Giving in the aftermath of her divorce settlement, which amassed her a remarkable 4% share in Amazon, totaling around $37 billion. Vowing to donate the majority of her wealth, Scott’s organization has, to date, donated an impressive $640 million to 361 nonprofit organizations.
Two such organizations, BRIDGES USA and Literacy Mid-South from Memphis, are fortunate recipients of the upcoming 2024 allocations.
Investing in Youth and Literacy
BRIDGES USA, committed to dismantling barriers and uniting communities, has a focus on youth empowerment, enabling them to become emboldened leaders and catalysts for change. Part of their work involves their youth program, Bridge Builders, which engages with grades 6-12, encouraging them to step out of their comfort zones and appreciate diverse perspectives. As a result of their efforts, they will receive $1 million from Yield Giving.
Literacy Mid-South is the second nonprofit set to receive $2 million from Yield Giving. Providing literacy resources for learners at all ages, they operate across the Mid-South region with various educational organizations. They have been actively improving the quality of life in the community by implementing literacy programs for adults and children since 1974.
Previous Memphis Recipients
Memphis has been a frequent beneficiary of Yield Giving’s donations. In 2021, The Collage Dance Collective received $3 million and the Memphis Music Initiative received an undisclosed sum. The year 2022 saw six organizations receiving funds. These included Communities in Schools of Memphis, Freedom Preparatory Academy Charter Schools, The Memphis Lift, SELCO Foundation, Habitat for Humanity of Greater Memphis, and The Assisi Foundation of Memphis. However, 2023 saw no donations directed towards Memphis-based nonprofits.
About Yield Giving
Yield Giving was launched by Scott as a platform to share her vast fortune. The name “Yield Giving” reflects the idea of creating value through the relinquishment of control. Since its inception, the organization has granted over $17,300,000,000 to more than 2,300 nonprofits.
Yield Giving operates on a research-based approach to identify potential recipient organizations that are working towards improving opportunities for people in underserved communities. Nonprofits are evaluated based on their size, geographic presence, and evidence of successful outcomes, among other factors. The evaluation is done discretely and anonymously to refrain from disrupting the operations of the nonprofits. The organization also welcomes applications from organizations willing to participate in an open call, with entries made through an online application process.
