At the risk of stating the obvious, many big donors donate to already wealthy colleges because of the special attention it gives them. I’ve seen close up the fawning and attentiveness that big donors get. The relationships between colleges and big ticket donors are cultivated for years and wealthy families see this as legacy building for the family name. Yes, they want the money to be used well and to align it with their values/interests (art, medical research, scholarships, entrepreneurship, or you name it…), but I think a big motivator is being a VIP at the college, often their alma mater, and all the trappings, attention, and ego stroking that goes with that. And there’s more family prestige associated with being a big donor to an elite college compared to others.
Landing these ‘big fish’ year after year are what cause the endowment coffers to swell…