6 Ways Fundraisers and Prospect Researchers Can Break Industry Norms
Dear Diary,
Lately, I’ve been thinking about ways we can change perspectives, communicate the importance of giving, and push the goal of philanthropy through a more equitable and transparent lens. I believe the ways below are only fragments of how fundraisers and prospect researchers can break through industry norms, and elevate the way we analyze our work. There is so much more that can be done. While making this list, I consciously left out diversifying prospect pools, and instead, refer you to previous writings on the topic: How diverse is your database, special committee, and board? (2018), The Journey of a Black Donor (2019), An Honest Conversation with a Black Fundraiser (2020), and The Leadership Role of a Black Woman in Fundraising (2021).
Let’s begin…
1. Head of household (or primary contact): This should be determined by the donor who made the gift not by gender or assumed gender, but by the name on the gift. You should also engage with the donor to learn their story. It could be the other spouse driving the gift. A rule of thumb is to think of them as a household (multiple individuals) first, and if there is no household and only an individual making the gift, then proceed accordingly.
2. Ask the prospect about their philanthropy, their philanthropic motivations either stemming from culture, family or faith. Learn about the prospect, and then, fully allow them to learn about the organization, mission, and community. Full learning moments delve into community and the audience your organization works with because that is what truly matters, that is why you and the prospect are both in the room. It is not about the organization nor is it about the prospect, the audience and where the impact falls, is what truly matters.
3. When a planned gift (or estate gift) is made and sent by a deceased donor, ask the lawyer or advisor if you could send a thank you to their next of kin (if possible) – pay your respects and extend gratitude to the family.
4. Have a plan for board members! Board members have to contribute either as connectors, event hosts, assist in solicitations, and/or give towards fundraising efforts. Please note that this does not warrant power, contribution does not equate to control or power. A board member helping the organization they serve does not equate to them operating the organization.
5. Wealth is the result of compounded earnings over time. One is not wealthy in a day, it is gradual growth of earnings – base salary percentage saved, bonuses saved, stock profits saved, and reinvestments. Adjust your perspective regarding wealth, its origin, ways in which one becomes wealthy over time. For example, a prospect’s industry can lead to the procurement of wealth.
6. Acknowledge hybrid giving strategies – the way prospects are utilizing their money and investing needs to be talked about. One person could be giving to charity, giving to an advocacy group, committed to annual political gifts, and give to crowdfunding sites and causes. Humans can and do diversify the ways they give, similar to the fact that they can and should have multiple interest areas. They could also have multiple pots of money dedicated to their giving interests, for example, a prospect could have a Donor Advised Fund (DAF) dedicated to nonprofits focused on healthcare and early childhood education, while some of their income and end of the year giving is toward climate change and advocacy groups dedicated to the issue. Sometimes, we forget that we are dealing with people, and as such, people can always find a way to do what they want to do. So, when you are wondering how your prospect with $15,000 in assets in their Family Foundation is going to make a $100,000 pledge, try to remember that they don’t only have $15,000. This individual is earning an annual income, has a 401K, is earning equity, has a savings account, pays their bills everyday (just like you), and tends to contribute money into the Family Foundation.
Until next time, August 15th!
