Women and philanthropy: Impact across generations

A message from the CICF Collaborative, including Central Indiana Community Foundation, Hamilton County Community Foundation, IMPACT Central Indiana, the Indianapolis Foundation, and Women’s Fund of Central Indiana

Robin Elmerick, Senior Director of Effective Philanthropy

Recently, CICF Collaborative partners Women’s Fund of Central Indiana wrote about women’s growing control over wealth in philanthropy. According to research-based analysis published in the Stanford Social Innovation Review, during the “Great Wealth Transfer”, trillions of dollars will pass on to women through inheritance, earnings, and outliving male partners.  Just as importantly, many women are building and directing wealth, serving as primary decision-makers in both their financial lives and their philanthropy from the outset. 

What’s more, research from Indiana University’s Lilly Family School of Philanthropy (including Women Give 2024: 20 Years of Gender & Giving Trends) supports what many are seeing firsthand: women are increasingly leading charitable decisions within families. Women engage in philanthropy in a variety of ways. Sometimes this involvement evolves over time—a daughter becomes more involved in conversations about family giving, or a spouse who once deferred decisions begins shaping philanthropic priorities more directly. In other cases, the transition is sudden and deeply personal, such as after the death of a spouse or parent.  

And for many, there is no transition at all; they have long been the drivers of both wealth creation and charitable strategy. 

You’re likely familiar with high-profile examples such as MacKenzie Scott and Melinda Gates. But the trend is much more widespread than just a few big names. Across communities, women are not only inheriting resources. They are founding businesses, leading households, and shaping giving strategies at every stage of life. Furthermore, women often give more generously, more broadly, and more collaboratively than men.  

Additionally, women also use granted funding in ways that often multiply their social benefit. The “women’s multiplier effect” has since been measured in several global studies on charitable giving. 

Notably, the ways women approach philanthropy differ significantly from their male counterparts, especially with respect to motivations such as empathy, personal priorities, and firsthand involvement.   

As women step more fully into philanthropic leadership, thoughtful planning can help ensure that their giving remains impactful and sustainable. Here are three ways the entities within the CICF Collaborative partner with women and families to implement philanthropic intentions: 

Creating a family philanthropy vehicle
A donor-advised fund at a CICF Collaborative entity can provide a flexible structure for family giving. Many women choose to involve children or grandchildren as co-advisors, turning grantmaking into an opportunity to share values and learn together about community needs. These funds can be established with tax-efficient assets—such as appreciated stock or other complex assets—helping maximize both impact and stewardship. 

Focusing on a cause for the long term
For donors who feel called to support a particular issue—education, healthcare, the arts, emergency assistance, or another area of personal significance—a field-of-interest fund can provide both focus and flexibility. For donors age 70 ½ or older, Qualified Charitable Distributions (QCDs) to certain types of funds (excluding donor-advised funds) from an IRA may offer an efficient way to support charitable priorities during life. Furthermore, naming a donor-advised fund as an IRA beneficiary can extend that support well beyond the donor’s lifetime.   

Strengthening a favorite organization
Donors can also choose to focus on key organizations for the long term through a donor-designated fund. This allows the donor to designate one or more organizations to receive an annual distribution of the fund. Some women dedicate years of service to a specific nonprofit be it a career, volunteer support, or board service. In these cases, strategic planning can ensure that commitment endures. Grants can address immediate needs such as staffing or infrastructure, while a designated fund (also an eligible recipient of a QCD) can provide dependable annual support for generations to come. 

Women’s philanthropy continues to shape our communities in profound ways. Whether leadership transitions happen gradually or through life-changing events, the opportunity to align generosity with long-term purpose is powerful.  

For those who want to move from intention to action, Women’s Fund of Central Indiana offers powerful entry points into philanthropy and leadership. Programs like OPTIONS equip women to build their own giving strategies and participate in collective grantmaking – click here to learn more. Through its grantmaking and collaborative funds, Women’s Fund also directs resources to organizations advancing economic mobility, health, and safety for women and girls—making it a meaningful partner for donors looking to drive impact locally. 

As always, we are here for women and here for everyone. It is our honor to support your philanthropy—helping ensure it reflects both enduring legacy and evolving purpose. We look forward to our next conversation!  

About the author

Senior Director of Effective Philanthropy Robin Elmerick has been with CICF since 2019. A certified Impact Philanthropy Advisor, she works closely with fundholders across all entities of the CICF Collaborative to help them define their philanthropic strategies and maximize their impact. With a background in nonprofit leadership and consulting, she is passionate about bridging the needs of the community with the missions of nonprofits and the passions of our fundholders, aligning all three to create meaningful change in Central Indiana and beyond.

About the CICF Collaborative

CICF Collaborative is a partnership of philanthropic organizations working together to strengthen communities across the region. Each entity within the CICF Collaborative (including the cornerstone entities, Central Indiana Community Foundation, Hamilton County Community Foundation, IMPACT Central Indiana, the Indianapolis Foundation, and Women’s Fund of Central Indiana) brings deep knowledge, strong relationships, and its own individual, focused mission. The CICF Collaborative unites the entities by providing shared services, allowing the entities to operate more efficiently and effectively. By leveraging what we each do best, we’re able to better serve our communities and create more lasting impact, together. Learn more »