Words of Counsel on Attracting ‘Mega-Givers’
The Toronto Globe and Mail goes big today with a report on a recent seminar at which two top Canadian fundraisers discussed how they pitch and close the country’s most deep-pocketed philanthropists.
One advises to
[s]et your sights on donors with a net worth of at least $100-million; dispense with the idea that selling the naming rights to a building is "gauche"; carefully price your naming rights ("Just being on University Avenue adds $5-million to the value of a naming right, in my view").
Above all, pluck your prospect’s heartstrings by explaining in painstaking detail how his or her millions will make a difference.
The other "escorts potential mega-donors into a showroom where her team can present architectural renderings of the buildings and locations she entreats them to sponsor. If a prospect is cold to a suggested naming opportunity, she keeps handy a menu of pre-priced alternatives: $1.5-million to sponsor a therapeutic pool; $100,000 to sponsor a daycare classroom; $1-million to slap your name on a locker room."
Importantly, the kinds of donations these folks are soliciting are so large and involved that attorneys are often involved. As the story noted, "The fact that lawyers are summoned more often today to draw up charitable deals reflects a shift in philanthropists’ approach to giving. Rather than sprinkle their cash around, many dedicate years and millions to a single cause. They expect concrete results." The solution? According to one of the fundraisers, have clearly articulated recognition policies and stick to them.
The story’s final piece of advice involves the significance of building long-term relationships. After all, "omega-giving," as the piece puts it, doesn’t happen with cold-calling. | 501(c)
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