Foundation fund

MacKenzie Scott donates $55 million to affordable housing efforts in Los Angeles

An overview of notable donations compiled by the The Chronicle:

California Community Foundation

Billionaire philanthropist and novelist MacKenzie Scott has donated two Beverly Hills homes together worth around $55 million to support affordable housing and immigration programs in the Los Angeles area.

Organization officials plan to sell the two homes and, under Scott’s instructions, will use 90% of the proceeds to permanently endow the foundation’s grant to help low-income people in Los Angeles find there. affordable housing. Scott said the nonprofit could use the remaining 10% for any purpose, and foundation officials decided to direct that portion toward its immigrant integration program.

The gift is unusual for Scott. So far, she has mostly made one-time, unrestricted donations to the charities she has supported. This time, she noted the specific program she wanted to support and what percentage of the proceeds from the sale of the homes should be dedicated to this effort. It is also Scott’s second donation to the foundation. Last year, she donated $20 million to the foundation to establish the LA Arts Endowment Fund, which supports various small to medium-sized arts organizations in Los Angeles.

Scott appears to have moved away, at least for now, from the practice of announcing a large collection of gifts at once, as she has done every summer and December since she began announcing her charitable donations in 2020. She has made several major donations in recent months. , including this one, but left it up to charities to publicize the donations. She hasn’t made any announcements since March.

Scott is a novelist who helped found Amazon with her former husband, Jeff Bezos. Her net worth is estimated at $42 billion and she has donated a total of more than $12 billion to at least 1,250 nonprofits over the past two years. Scott appeared on the The Chronicle’s annual Philanthropy 50 list of the biggest donors in 2020.

Duke University School of Law

Rick Horvitz and Erica Hartman-Horvitz donated nearly $5.5 million to staff a Constitutional and Public Law program, which was renamed the Richard A. Horvitz Program in Constitutional and Public Law.

The program aims to promote a better understanding of American public institutions, the constitutional framework within which they operate, and the principles and laws that apply to the work of public officials. The couple have supported the program since its inception in 1998.

Rick Horvitz is co-founder and president of Moreland Management Company, a wealth management and investment firm in Cleveland. He previously practiced law at Baker & Hostetler. He earned a JD from law school in 1978.

Purdue University at Fort Wayne School of Music

Chuck and Lisa Surack gave $3 million to the university’s School of Music to help pay for the construction of a new Music Technology Center, which will house the school’s Music Industry, Popular Music and Music Technology programs.

Chuck Surack is CEO of Surack Enterprises, a holding company for a number of aviation and entertainment businesses the Suracks own in the Midwest. He also founded Sweetwater, a mobile recording studio that he launched out of the back of a Volkswagen bus in 1979. He went on to become one of the nation’s largest online musical instrument retailers.

The Suracks have been involved with the music school since its inception in 2017. They partnered with the university early on to create a studio and classroom space for Purdue Fort Wayne students at Sweetwater Headquarters in Fort Wayne. , Ind.

Trinity University

Ted and Laurie Beneski gave $3 million to support a major campus-wide construction project that will include campus renovations and the construction of new green spaces, campus entrances, student housing, a pedestrian corridor and new signage on the whole campus. A new main campus entrance will be named Beneski Parkway.

Ted Beneski founded and is CEO and Managing Partner of Insight Equity Holdings, a private equity firm in Southlake, Texas. He previously served as senior vice president of the Carlyle Management Group and general manager of Bain & Company’s Dallas office.

To learn more about other major gifts, check out our regularly updated Donations of $1 Million or More database.