MacKenzie Scott Donates $42 Million to Education nonprofit 10,000 Degrees
MacKenzie Scott has awarded a $42 million grant to 10,000 Degrees, a nonprofit association dedicated to helping students from low-income backgrounds achieve thier college dreams. The substantial gift will considerably bolster the organization’s efforts to expand its reach and impact.
Currently operating in the San Francisco Bay Area and Utah, 10,000 Degrees plans to utilize the funds to extend its services beyond these regions. The organization also intends to explore replicating aspects of its successful model nationally, collaborating with other nonprofit entities in the process. A portion of the grant will be allocated to the organization’s endowment fund, allowing it to grow and secure its long-term financial stability.
The news of the grant arrived for 10,000 Degrees’ President & CEO,Kimberly Mazzuca,on September 10th,but remained confidential until the funds were officially transferred to the organization’s account. Staff were informed of the donation on Wednesday, September 27th at noon PT.
However, the transfer of funds on September 22nd presented an unexpected challenge. The organization’s Chief Financial Officer was on vacation and initially unreachable, leading to an urgent call later that day regarding an issue with the corporate account.
This donation is part of a broader pattern of philanthropic giving by scott, who has focused her efforts on organizations addressing critical societal issues. Last month, she donated $70 million to the United Negro College Fund, supporting scholarships for Black students and historically Black colleges and universities.She also provided $50 million to the Native Forward Scholars Fund, which aids Native American undergraduate and graduate students. Scott had previously donated to both organizations in 2020.
In 2022, Scott gifted $6 million to the Southern Education Foundation, dedicated to education equity in the South, and $5 million to Breakthrough Collaborative, which recruits college students into teaching fellowships.
Five years ago, Scott announced her intention to donate the majority of her approximately $33 billion fortune, largely tied to Amazon stock. The value of that stock has as increased by roughly 35%, significantly increasing the total amount available for philanthropic endeavors. To date,Scott has donated approximately $19.3 billion to over 2,450 nonprofits, with some donations receiving widespread public attention while others have been made privately.
Scott prioritizes organizations working on issues like early learning, affordable housing, and gender and race equity. Past large gifts include $85 million to the Girl Scouts of the USA in 2022, $25 million to Big Brothers/Big Sisters of America, and $65 million to Local Initiatives Support Corp. for community advancement and housing stability.
Despite her extensive giving, MacKenzie Scott remains the 49th richest person in the world, with a net worth of $42.1 billion, according to Bloomberg.
