The Chronicle of Philanthropy recently reported that on a proportional basis, women who own businesses are the most generous donors to nonprofit organizations. The percentage of their net worth given to charity beats out corporations, corporate and private foundations, and men business owners. Most women who read the article probably yawned and waved it off with a remark like "But of course!"

Women have always volunteered. When women had little earning power, volunteering was a way of giving back.

Those volunteer hours can add up to a bundle of cash saved, as any nonprofit executive director can tell you. The range of value for each volunteer hour is now pegged between $13 and $15.50.

The dollar value of women’s volunteer time really accelerates when compared with the volunteer time of men. Independent Sector, the economic research institute (www.indepsec.org), reported in 1999 that 62 percent of women give time as contrasted with 49 percent of men. This shows the philanthropic gender gap opening even farther. The Minnesota Charities Review Council (www.crcmn.org) reports that Minnesotans donated around 4,000,000 hours of volunteer time in 2000. That means that the value of Minnesota women’s time to doing good for the community is equivalent to nearly $34.75 million.

When it comes to cash and other financial assets, the study concludes, women are donating at about the same rate – 2.1 percent – as men. These percentages can be deceiving. Even before the great spurt in market value (which has not been totally lost), the average net worth of a wealthy woman was slightly higher than that of a wealthy man. So that 2.1 percent results in more money for philanthropy from women.

Combining the cash and the value of volunteer hours, successful business women are leaving their male counterparts eating their dust (gold dust, that is!).

The National Foundation for Women Business Owners reports that in 1999, the U.S. had about 9.1 million woman-owned firms, employing almost 28 million people and generating over $3.2 trillion in revenue. We can translate that into our local economy by taking a look at the 2000 CityBusiness Book of Lists. The 25 Top Woman-Owned Businesses had nearly 200,000 employees and generated nearly $32 billion in revenues.

Now we know that women in business give more financially for philanthropy. The value of their volunteer time adds to the equation. Does it then follow that the kinds of things they support differ from their male peers? If they give more, do they also give in different ways?

Successful businesswomen have similar philanthropic priorities, according to Judy Bloom, president of Resourceful Women (www.rw.org). They typically give about three-quarters of their philanthropic budget to causes addressing women and girls. This bodes well for these organizations in our community. As time goes by and more women gain success in business, they can expect to see their support and programming increase and improve.

We can draw a conclusion from this last fact that women tend to plan their giving. The Women’s Philanthropy Institute (www.women-philanthropy.org) observes that women

• Prefer new projects to existing causes
• Fund specific projects instead of unrestricted programming
• Gravitate toward scholarships and social programs
• Prefer to be part of a larger campaign rather than make isolated gifts
• Want continual updates on how money is being spent
• Are not as comfortable as men with multi-year pledges
• Are not as responsive as men to match what others have contributed.

Giving circles –based on the model of investment clubs-- are a new feminist path for philanthropy. The investments are social and the payoffs are improvements in people’s lives and the over-all quality of life for a community. In Minnesota, according to Minnesota Women’s Foundation executive director Jane B. Ransom, the movement has taken root in rural areas.

Our community owes much to women who volunteer their time. WAMSO’s fundraising efforts on behalf of the Minnesota Orchestra are second to none. The history of the group goes back many, many years to when women were a real minority in the business community.

Women have always been valued as fundraisers. Too often, however, they were invited to join committees because as wives they were a conduit to their husbands’ wealth and influence. Now, savvy businesswomen are recruited to governing boards on the basis of their own assets, financial and personal.

The woman who is successful in business gives more, gives differently, and plans her giving. The tables are turned on men when it comes to philanthropy. What are you going to do about it, guys?