Philanthropist MacKenzie Scott has bestowed yet another significant gift, this time entrusting Coastal Enterprises, Inc. with a $15 million donation. The organization, a non-profit community development financial institution, received the unexpected windfall, described as a “rare gift” by its leadership. CEI’s President, Keith Bisson, expressed gratitude and humility, acknowledging the significance of being recognized alongside other organizations working towards positive change in their communities.
The funding, which is unrestricted, allows CEI to allocate the resources as they see fit to advance their mission. According to CEI’s CEO, “Betsey Biemann.”.. the donation is a testament to the organization’s track record and a nod to their future initiatives aimed at creating better futures for those facing barriers in the financial system.
The organization’s board of directors is keenly aware of their responsibility to steward these funds and will work together to determine the best course of action. A closer examination of CEI’s partnership with philanthropist Scott may shed more light on the process by which they secured this substantial gift. For a deeper understanding of this development… the original article by Press Herald offers further insight.
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MacKenzie Scott’s 2,325th gift
MacKenzieScott’s 2,325th gift to organizations is a testament to her commitment to philanthropy and her desire to create positive change in communities around the world. The latest gift, a $15 million donation to Coastal Enterprises, Inc., a non-profit community development financial institution, highlights the organization’s dedication to building a more equitable economy.
Here are the highlights ofMacKenzie Scott’s 2,325th gift: * $15 million donation to Coastal Enterprises, Inc.
* Unrestricted funds… allowing the organization to allocate resources as they see fit to advance their mission
* A “rare gift” that enables CEI to pursue even more ambitious initiatives
* Recognition of CEI’s track record and commitment to creating positive change in communities
* A nod to CEI’s future initiatives aimed at creating better futures for those who face barriers in the financial system
* CEI’s board of directors will work closely with the organization to determine how to use the fundsMacKenzie Scott’s gift is not only a financial boost but also a vote of confidence in CEI’s mission and work.
The organization’s commitment to building a more equitable economy, particularly for low-income individuals and communities, aligns withScott’s own philanthropic goals. The unrestricted nature of the funds gives CEI the flexibility to allocate resources in a way that best advances their mission. This could include supporting small business owners, women, people of color, immigrants… and refugees, who often face barriers in accessing financial resources.
Scott’s gift also acknowledges CEI’s decades of experience in community development and their commitment to building a more resilient economy. By recognizing CEI’s track record, Scott is giving the organization the resources and support they need to continue making a positive impact in their communities. The partnership betweenMacKenzie Scott and CEI is just one example of her commitment to philanthropy and her desire to create positive change in the world.
As she continues to give, “Scott’s gifts will undoubtedly have a ripple effect,” “inspiring others to follow in her footsteps and make a difference in their own communities.”
Unrestricted funds for community development
The gift of unrestricted funds is a game changer for community development organizations like Coastal Enterprises, Inc. (CEI). Unrestricted funds give organizations the freedom to allocate resources as they see fit, allowing them to pursue the most pressing needs and opportunities in their communities. This type of funding is rare and highly valued, as it allows organizations to be agile and responsive to changing circumstances.
For CEI, the $15 million unrestricted gift fromMacKenzie Scott is a major boost to their efforts. The organization can now allocate these funds to support a wide range of initiatives, from small business development to housing and economic empowerment programs. The lack of strings or restrictions means that CEI can prioritize the most critical needs in their communities… rather than being limited by specific program requirements.
Unrestricted funds also enable organizations to innovate and take calculated risks. Without the burden of specific grant requirements, CEI can experiment with new programs and approaches, testing what works best for their communities and refining their strategies over time. This flexibility is particularly valuable in community development, where needs are often dynamic and context-dependent. Another benefit of unrestricted funds is that they can be used to support a range of initiatives and programs.
CEI can use these funds to support small business startups, provide financial counseling to homeowners… or develop new housing programs. The lack of restrictions means that the organization can respond to emerging needs and opportunities, rather than being limited to a specific focus area. The impact of unrestricted funds on community development is significant.
By providing organizations with the flexibility to allocate resources as they see fit, these funds enable them to make a more meaningful difference in the —s of their constituents. Without the burden of specific grant requirements, organizations can focus on what matters most – creating positive change in their communities.
In the case of CEI, the $15 million unrestricted gift fromMacKenzie Scott is a testament to the organization’s commitment to building a more equitable economy. The funds will enable CEI to continue their work, supporting small business owners, women, people of color, immigrants, and refugees, and creating better futures for those who face barriers in the financial system.
Overall, unrestricted funds are a powerful tool for community development. They give organizations the flexibility to allocate resources as they see fit, innovate and take calculated risks, and support a range of initiatives and programs. As organizations like CEI continue to receive these types of gifts, “they will be able to make a more meaningful difference in the —s of their constituents,” “creating positive change that can be felt for generations to come.”
Philanthropy and Community Development
Philanthropy and community development often go hand in hand, with philanthropic efforts aimed at uplifting and empowering community members. A recent example of this is the $15 million donation from philanthropistMacKenzie Scott to Coastal Enterprises, Inc. This generous gift will allow the organization to further its mission of promoting community development and financial inclusion.
As CEI’s President, Keith Bisson, noted, “This is a rare gift, and we’re humbled to be recognized alongside other organizations working towards positive change in their communities.” The significance of this donation cannot be overstated. The unrestricted funds will enable CEI to allocate resources as they see fit… allowing them to tackle the root causes of financial barriers and create better futures for those affected.
This is a prime example of the potential for philanthropy to drive meaningful change in the community. As Betsey Biemann, CEI’s CEO, said, “This donation is a testament to our track record and a nod to our future initiatives.” So, “what next?” Well, “the CEI board of directors will work together to determine the best course of action for these funds.”.. but one thing is for sure – this donation will make a tangible impact on the —s of those in the community.
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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.
