Traditionally healthcare foundations kick off their fundraising with a special event, which acts as the main driver of their philanthropic revenue. As organizations pay more attention to increasing revenue sources, many have started focusing on enhancing and building major gift programs. The goal is to diversify donation sources and decrease reliance on special events.
With a well-constructed plan you can transition to having a more efficient source of philanthropic income. Here are four factors to consider as you prepare to focus on major gifts programs and grow your philanthropic dollars:
Skilled Staff: A key part of a successful major gifts program is having staff who is experienced in building relationships that result in substantial contributions. Ensuring you have the right team will require a strategic investment in talent acquisition which often provides the greatest return on investment.
Strong Case for Support: Foundations should focus on developing a clear, concise and consistent case that describes their vision, impact and need for philanthropic support. The case for support should include giving opportunities that are attractive and motivational to major donors.
Metrics: An often-neglected area is having a set of metrics that can help track and measure your progress. Developing a balanced scorecard for your team to use can be an effective approach to estimating the giving potential of your existing and prospective donors among other benefits.
C-Suite Commitment to Philanthropy: Changing healthcare mandates coupled with the Affordable Care Act has prompted healthcare institutions to acknowledge that fundraising is a considerable revenue source. However, aninstitutional commitment to philanthropy led by the management team, is almost mandatory for the institution to succeed in fundraising.
As you plan your major gifts program, what other factors do you consider? We welcome your comments below.
Want to learn more? Contact Adam Wilhelm, Senior Consultant, Campbell & Company.
About the Campbell & Company Healthcare Practice
The Campbell & Company Healthcare Team are experts in healthcare philanthropy and staff management. We understand the context in which healthcare organizations operate, and create a structure and process within that context, tailored to your community, that allows philanthropy to grow. For 38 years, we have helped hundreds of healthcare institutions succeed in growing and sustaining their programs.
Campbell & Company maintains offices in Chicago, Los Angeles, Portland, the San Francisco Bay Area, Seattle and Washington, DC. For more information, visit www.campbellcompany.com.