Nonprofits planning a capital campaign can draw on plenty of effective tools to ensure success. There’s an essential one the Steier Group always recommends: wealth screening.
Wealth screening is crucial because it helps nonprofits determine the capacity of donors to give.
“Wealth screening provides our clients a tremendous advantage in a capital campaign,’’ said Matt Vuorela, Steier Group president. “We’ve seen countless examples of how wealth screening helps nonprofits not only meet but exceed their campaign goals.”
The Steier Group partners with DonorSearch, a leading provider of prospect research, for wealth screening services.
Sarah TeDesco, DonorSearch executive vice president, said wealth screening helps nonprofits fundraise with confidence.
DonorSearch delivers that advantage by tapping into the largest charitable gift database, she said.
The benefits of wealth screening include:
- Identifying major gift prospects: These donors are out there, and wealth screening helps pinpoint them. This allows more time to build relationships with these prospects, rather than trying to figure out who they are.
- Establishing a realistic fundraising goal: By gauging the amount prospects can give, nonprofits can set a fundraising goal that is achievable. This not only helps nonprofits manage expectations, it helps organizations determine the extent of projects they hope to fund.
- Determining matching gift eligibility: Would you like to double the donation from a prospect? You can if you know which potential donors are eligible for a matching gift through their employer.
- Setting request amounts: Wealth screening could be the difference between a six- or seven-figure gift. Without knowing each potential donor’s giving capacity, nonprofits run the risk of missing out on significant amounts of money.
So what does DonorSearch examine to determine giving capacity and inclination?
TeDesco said past giving is one of the best indicators of future giving. For example, donors who have given between $5,000 and $10,000 to a nonprofit are five times more likely to make a charitable donation than the average person, according to DonorSearch.
Through a comprehensive database, DonorSearch can identify potential donors for specific needs.
If a high school wants to build a new science wing, for example, DonorSearch could identify donor prospects inclined to give to such projects.
Andy Suther, DonorSearch’s director of strategic partnerships, said wealth research arms nonprofits with clear-cut information.
“There’s such a level of detail,’’ he said.
DonorSearch also gauges capacity and inclination to give by looking at such indicators as business affiliations and real estate ownership.
TeDesco said plenty of potential donors have both the capacity and desire to help nonprofits accomplish their missions. Wealth research helps nonprofits zero in on just the right ones.
“It can help identify and engage those people who want to make a difference,’’ she said.
