Philanthropist MacKenzie Scott has made headlines again with a generous donation. Scott, the author and former wife of Amazon founder Jeff Bezos, has contributed $10 million to Access to Capital for Entrepreneurs ACE, a nonprofit Community Development Financial Institution based in Georgia. This is the largest donation ACE has ever received and marks Scott’s second contribution to the organization. In 2020, she donated $5 million to ACE.
The donation came as a surprise to Grace Covington Fricks, ACE’s president and CEO, who initially mistook the email from Scott’s team for spam. After a follow-up email, Fricks was astonished to learn about the $10 million gift, especially as she plans to retire at the end of the year. Martina Edwards, the current chief of strategic partnerships, will take over in January 2025.
Fricks is thrilled to leave ACE in a strong position due to Scott’s donation, which will allow the organization to focus on long-term goals rather than immediate financial concerns. ACE, which has provided over $200 million in loans to Georgia entrepreneurs since 2000, will use the new funds to further support community development, especially for women, people of color, and low-to-moderate income individuals.
Scott’s donations are known for being large, unrestricted, and often unexpected. She has pledged to give away the majority of her wealth and has already donated over $17.3 billion to more than 2,000 nonprofits, including $246 million to organizations in Georgia. Her past donations have supported institutions like Morehouse College, Spelman College, and Atlanta Habitat for Humanity.
Fricks highlighted that Scott’s support, given without a personal relationship, underscores the value of ACE’s work and the impact it has on the community.