Power of Giving

In less than a year, MacKenzie Scott, the former wife of Amazon Founder, Jeff Bezos has donated a total of nearly $8.5B in unrestricted gifts to 798 non-profits all over the country. She has supported various causes, including direct relief to people affected by the pandemic, feeding the hungry, advancing racial equity and social justice, helping women, girls, and families. She has also supported community foundations and other organizations that serve the non-profits in their communities.  

While this news is phenomenal, it is not necessarily an anomaly. Women have been catalysts in charitable activities for more than two and a half centuries. We know women were founders of long-standing organizations like The American Red Cross, Girl Scouts, and YWCA. Also, in the early 20th century, Madam CJ Walker was both the first Black female millionaire and an incredible philanthropist.  It is how women are contributing that is changing and will likely continue to change in the future.  

Women’s wealth is rising, with women holding 40% of global wealth, as estimated by IUPUI (Indiana University–Purdue University Indianapolis) Women’s Philanthropy Institute. In 62% of households, they are the primary source of wealth and are estimated to control over 66% of wealth by 2030.   Furthermore, women stand to inherit more than $28 Trillion over the next four decades since they often live six years longer than men.   

In general, women and men are motivated towards philanthropy for different reasons, and research has found significant patterns of giving based on gender. Women’s giving is strongly tied to social networks and trust in others. They tend to value collaboration over competition and research causes and organizations more thoroughly before making their charitable contributions. It is also believed that there is more shared empathy because women are more opposed to the perceived inequalities and sensitive to the social context that non-profits are trying to address.  

The IUPUI Women’s Philanthropy Institute found that, like the increase in wealth over the same time, 71% of women’s foundations and funds were founded between 1990 and 2010. Separate from women’s funds, 70% of giving circles, a trend of giving where individuals combine their resources and assets to have a greater, focused impact on a specific cause or organization, are also made up of mostly women.   

In 1991, Community Foundation of Lorain County created our Women’s Fund, concerned by the lack of financial support given to programs specifically designed to meet the needs of women, including underemployment, sexual assault, domestic abuse, and single parenting issues. In that time, they have granted nearly $23K out into the community.  This year, the Fund created its first scholarship fund, the Lorain County Women’s Scholarship Fund. Every year this scholarship will honor a young leader who has demonstrated a commitment to their community or school through service.  

In addition, part of the Community Foundation is the 100 Women Who Care About Lorain County Fund, a giving circle created in August 2010 by four Lorain County friends as an alternative to their usual Christmas gift exchange. Since its inception, the 100 Women Who Care About Lorain County have raised more than $100K for non-profits across Lorain County. 

While both groups continue to do excellent work, I cannot help but wonder what else we can be doing? Laura Arrillaga-Andreessen, Author and Founder of the Silicon Valley Social Venture Fund, once said, “Philanthropic innovation is not just about creating something new. It also means applying new thinking to old problems, processes, and systems.”  

What other changes could happen in Lorain County if we multiplied the efforts of our local SHEroes?  We do not have to be billionaires to make an impact. Do you have a SHEro story of your own to share? I want to hear it!  

Please help us help the causes that matter by joining the Women’s Fund, add to our scholarship, create new giving ideas with us.  Become a SHEro today!