Winston Churchill once said, "We make a living by what we get, but we make a life by what we give."
Wallis Annenberg apparently agrees.
The 83-year-old philanthropist was honored by the Women's Guild Cedars-Sinai yesterday with its humanitarian award, the Los Angeles Times reports.
"I try very hard to not simply throw money at problems, no matter how worthy they are," Annenberg said in an email ahead of the event.
"At Annenberg, we try to do something different.
That way, their example can be copied, and leveraged, creating change on a scale that no philanthropist could ever afford."
Annenberg has given more than $1 billion to more than 3,000 nonprofits since becoming chairman of the board, president, and CEO of the Annenberg Foundation in 2009, the Times notes.
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Senay Ataselim-Yilmaz, Chief Operating Officer, Turkish Philanthropy Funds, writes that philanthropy often solves the very problems that stems from market failure. Some social issues, however, Â cannot be tackled by questioning the return on investment.