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How to Ask for Money: Identify Prospective Donors (2nd in a series of 6)
Your next major donor may be close at hand. Here are common ways to identify prospects:
Start where you are... Current donors are also your best prospects. Take a closer look at your database to identify individuals who have given consistently, increased giving over time, or given above and beyond on occasion. Conduct a database wealth screening to surface names of people who have the capacity to be generous. Conduct some basic research to learn what other organizations they support and at what levels.
...and see who else is there. Philanthropic people often have several causes about which they feel passionate, and they likely give to several organizations addressing a similar cause. Take a look at annual reports and donor lists of peer organizations to identify individuals and foundations that show up on several, and for whom your mission would resonate. Is one of your current donors giving more generously to a similar organization? It might be time to ask for a larger gift.
Leverage your inner circle... Once you have a list of prospective donors, share it with board members for review. Who do they know on the list? Who else might be added? What introductions could they make? This kind of list development is best accomplished in one-on-one meetings in which you have your board member’s full attention.
...and your extended network. In addition to your board members, top donors and volunteers want your organization to thrive. Set up meetings with particularly well-connected supporters to ask them for introductions and their help in cultivation. Bonus: asking for advice can deepen your supporters’ engagement with your organization.
A note on family foundations. Some individuals and families donate to charities through a Donor Advised Fund (“DAF”) or a family foundation. DAFs are hard to research but foundations are easy to determine if a good fit for your organization. Look at their recent IRS 990 filings on GuideStar (Candid) or a similar source to explore their giving history.
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