Seven Steps to Foundation and Corporate Giving
Moving a foundation or corporation from a prospect to a donor can be done, but it takes careful planning and hard work, says Vicki LaRue, President and CEO of Camp for All. LaRue offers the following areas for consideration:
- Prospect identification: Remember your most significant prospects should be those that have already given to your organization. Develop a keen awareness of your community. When developing a prospect, look for matches between your needs and the areas of interest of the prospect. Look for linkages from within your leadership.
- Research and evaluation: Contact the foundation or corporation to request giving guidelines. Whenever possible, place a telephone call or make an appointment with the prospect as you do research. Remember that there are multiple sources of corporate research information.
- Planning: Develop a customized, step-by-step action plan. Be aware that the decision process is often lengthy. If the plan involves insiders, let them know how they can help.
- Cultivation: Get to know foundation staff members and corporate giving officers. Find out if a query letter is required. Call the prospect before submitting the proposal to alert them that it is coming.
- Solicitation: Follow application guidelines precisely. Be specific about what you want funded. Make the request realistic. Extend an invitation to visit your organization.
- Acknowledgement: Awarded? Say "thank you" in as many ways as possible and appropriate. If you are rejected, learn from it.
- Stewardship: Be sure that proper gift acceptance procedures are followed. Inform the donor on how funds were used.
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