Philanthropist MacKenzie Scott has donated $15 million to a Brunswick-based community development group, marking the 2,325th gift from her to organizations to date.
Coastal Enterprises, Inc. said it received an unexpected $15 million donation this year, four years after Scott made a donation in 2020. The organization will be able to use the unrestricted funds — described as a “rare gift” by CEI — in whatever way best advances its mission.
“We feel privileged to be recognized with other organizations that are creating positive change in their communities,” said CEI President Keith Bisson. “In particular, we are grateful for Ms. Scott’s ongoing commitment to the Community Development Finance sector as a means to build economic agency and resilience, particularly for people and communities with low incomes.”
Betsey Biemann, CEI’s CEO, said that the organization was thankful and felt that the funding was a recognition of CEI’s track record.
The organization, which is a nonprofit community development financial institution, is known for its work to build a more equitable economy. Biemann said that the funding is a nod to CEI’s future initiatives for pursuing better futures for those who face barriers in the financial system, including small business owners, women, people of color, immigrants and refugees.
CEI said it plans to work closely with its board of directors to figure out how to use the funds. Board Chairperson Miriam Shark said that the organization takes the responsibility as “stewards of these funds” seriously and will work to use them in ways that further the organization’s decades of community development experience.
According to Scott’s Yield Giving site, a website set up to “share a financial fortune created through the effort of countless people,” CEI received $10 million in 2020. She has also given millions to other Maine-based organizations, including $1.4 million to Portland-based Pine Tree Legal Assistance in 2023.
The site notes that organizations can reach Yield Giving through two pathways — the first being through an “open call” process where organizations can submit an application and publicly post their criteria for eligibility. The second pathway for funding is where the organization conducts “quiet research” to identify candidates. It is not immediately clear how CEI secured funds.
Since her multibillion divorce from Amazon founder Jeff Bezos, Scott, who is among the 10 wealthiest women in the world, has donated $100 million to eight nonprofits since the start of September, according to Forbes.
To date, she is worth $34.7 billion and promised shortly after announcing her divorce in 2019 that she would give away half of her wealth in her lifetime, Forbes said.
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