June 16, 2011 | Read Time: 3 minutes
Getting companies to support your big fund-raising event is no easy task. But it helps to know what makes companies give and what turns them off.
At a conference in New York last week for fund raisers, representatives from MasterCard Worldwide, Morgan Stanley, and the Nash Family Foundation imparted some advice as well as cautionary tales both about the solicitation process and the follow-up. Here are some of their tips:
Recognize that sponsorship may be a business decision, not a philanthropic one. That means that it might be smart to approach people on the marketing staff rather than those who handle corporate giving, says Suzane Rhee Brown, vice president of Morgan Stanley’s community-affairs division and Morgan Stanley Foundation. Since most companies have already aligned themselves with specific groups causes, keep in mind that it may be difficult to add yours to the list, she said.
Rely on business and personal connections. The best way to get corporate money for your organization is through a professional or personal tie. For instance, if someone on your group’s board is a client of the company you’re soliciting or is employed by that company, use those relationships skillfully.
Be candid about what your group wants. Many groups honor a corporate leader at their events, but don’t spell out what they want in exchange, says Patricia Devereux, group head of corporate philanthropy and citizenship at MasterCard Worldwide. Do you want the executive’s name in a solicitation to be sent to invite people to the event? Do you want the executive to reach out other businesses for support? Do you want the executive to be able to raise money to meet the night’s fund-raising goals? If these aren’t explicitly said, “it could sour the relationship,” Ms. Devereux says.
If you plan to honor a chief executive or other high-ranking company executive, alert the corporate-philanthropy staff at least two years in advance, Ms. Brown says. Morgan Stanley limits the number of times people can be honored each year so that it can give nonprofits the help they need to succeed in fund-raising at an event.
Approach potential donors with care. Judith Ginsberg, executive director of the Nash Family Foundation, has one piece of advice for fund raisers: Read a book of etiquette. Some people, she says, “don’t know how to make an approach” and come “inappropriately dressed, or don’t bring materials and don’t even write a thank-you note.” She adds: “Read a modern one just to make sure you’re up to where you should be. Don’t be offended that I said this. In all these years of experience, it’s something I’ve wanted to tell you about.”
Be blunt about the bad economy’s effects. If you’re short of hitting your goal for the event, ask grant makers and corporate donors to pitch in just for this year. Say: “We’re having a tough time.” Then ask if they can help out, at least for this year. Many times, these corporate philanthropists speak to each other and can pitch in to donate as a group. Ms. Brown recalls a major university that was short $80,000. She called a few of her friends in the industry, and the university found itself the beneficiary of eight gifts of $10,000. But “one time is one time,” she says.
Have any other tips? Write them in the comment section below.
