Ask for a Million Dollars
Is your organization prepared to solicit and recieve a million dollar gift? Your answer may be an immediate yes and yet surprisely the answer is often no. As eager as an organization might be to recieve a million dollars, they must have the infastructure to solicit, recieve, manage, and account for a gift this substantial. Most importantly, an organization must have a combination of resources to meet the donors expectations. Rest assured, a donor does not given a million dollars without a few expectations in mind. The major gift donor does not arrive at such a capacity without having developed his or her own infastructure for such giving.
I was recently meeting with a new development director who was adamant about his plans to launch an endowment campaign. As I pressed him for additional information, I discovered the organization had little experience soliciting major gifts, they struggled to meet the annual operating budget, and it appeared as if an endowment campaign translated into nothing more than a methodology to avoid the task of such solicitations in the future (operate off of the interest I suppose) – not exactly the philosophy that most organizations have when they consider an endowment campaign. Regardless of his intentions, an endowment campaign; any campaign of the sort for that matter, whether it is for capital projects, large gifts to support annual initiatives, or to sustain the organization through lean times, will require an organization to have adequate infrastructure for a major gift initiative. A successful major gift initiative begins with a careful examination of an organizations capacity to encourage major gifts. In order to be successful, organizations are wise to ask themselves the following questions:
Organizational Culture
A major gift initiative begins with ensuring that the organization fosters a major gifts culture. Does your organization as a whole understand and embrace the major gift process? Where does your organization encounter the greatest resistance to major gifts?
Case for Support
A compelling case for support offers the donor a presentation of the organization’s mission and intent. What is your organization’s mission statement? Vision statement? What strategies is your organization implementing to accomplish its goals?
Comprehensive Development Plan
A major gift initiative complements an organizations direct response, special event, and planned giving strategies. Does your organization operate with a comprehensive development plan? Is the development plan revised annually?
Prospect Identification
Major gift prospects are found among an organizations existing constituency as well as by developing methods to broaden the constituency in order to add additional prospects. Does your organization have a method for identifying major gift prospects? Does your organization know who their existing major gift prospects are?
Prospect Research
Prospect research provides the organization with sufficient information to develop individual, immediate and long-term, strategies for each major gift. Does your organization have access to resources to support prospect research? Does your organization develop and implement individual major donor strategies?
Donor Communication
Effective communication is at the core of the donor-organization relationship. The relationship strengthens as the organization and the donor contribute to each interaction. What methods does your organization use to communicate with its donors? Does your organization encourage two-way communication with its donors?
Donor Solicitation
Major gifts demand a solicitation strategy in order to ensure the appropriate size, timing and intent of the gift. Every gift, of any size, influences all future gifts. Is your organization routinely receiving major gifts? Is your organization routinely soliciting major gifts?
Donor Stewardship
The quality of the relationship an organization maintains post-solicitation reflects their commitment, respect, and appreciation of the donor. What methods does your organization use to steward its donors? What sort of value does your organization deliver to the donor post-solicitation?
Gift Renewal
Donor expectations often include renewing their support in the future. Does your organization operate with a strategy to renew annual and lapsed donors? What does your renewal strategy look like?
