The other day at a meeting with hundreds of very wealthy donors and numerous influential nonprofits, I had the following conversation with a leader who has a non-fundraising role with one of the most successful nonprofits at this meeting.

This nonprofit has over eighty individuals that have each given $1 million dollars or more and are all members of their $1 million donor recognition society. Years ago, I successfully helped this nonprofit solicit many of these gifts, but for the last few years, we have had little contact.  

In our conversation, this leader lamented the fact that none of the $1 million donors had made a second $1 million-plus gift. That absolutely shocked me. I know many of these donors. Their commitment to this nonprofit has not diminished. Their wealth has not suddenly vanished. The nonprofit remains very effective in carrying out its mission.

“What do you think is going on?” I asked the leader.

“I have no idea,” she said. “I just know we give them every opportu...