[MUSIC] Now you will learn how to create and maintain an effective stewardship program. At the end of this lesson, you will be able to assess effectiveness of the stewardship program to retain a major gift prospect. Discuss what any organization can do to make a donor feel valued. And identify how to steward donors as to draw them into a deeper relationship with your organization. Let's get started with this lesson. Most organizations have implemented donor stewardship activities. These adopt an external view point to draw donors closer to the outcomes they are making possible. These activities demonstrate how the organization is fulfilling its fiduciary responsibility, to deploy funds as the donor intended. The term stewardship covers gift administration, oversight, protection and care of the donor's relationship. To strengthen and preserve those relationships over time. Stewardship is important, as it ensures that the donor has a positive giving experience. Stewardship influences the donor's likelihood to give in the future, and what they say about your institution to other prospective donors. It is far less likely for a non-donor to begin giving than for an existing donor to give again. Therefore, every donation regardless of its value should be stewarded well. Responsibility for stewardship is shared. Everyone involved in fundraising, and those implementing projects that have benefited from the funds raised, as well as those who benefited directly from the funding should participate in stewardship activities. It is particularly important that senior staff are prepared to spend time with major gift donors. Who normally prefer to develop long term relationships on a peer-to-peer basis, rather than simply receive written updates about projects. If an institution has 1,000 donors, it is impossible for a single fundraiser to properly steward everyone and still recruit new donors. So stewardship must be a shared activity. Implementing a stewardship committee is a creative way to engage volunteers and key donors. This committee can develop meaningful opportunities to express gratitude to your other donors and extend sincere thanks. This provides meaningful stewardship to donors being acknowledged. And moves volunteers to engage more closely with your organization. Stewardship begins during the cultivation phase, when fundraisers develop an understanding of a prospect's giving motivations and stewardship expectations. A good fundraiser will manager a prospect's expectations during a cultivation and solicitation process. This ensures that the expectation are compatible with the institution's capacity to deliver in proportionate to the size of the gift being given. For example, a modest donor giving to support scholarships cannot expect a personal dinner with your CEO and monthly meetings with staff. However, the donor might expect an invitation to an annual scholarship award event. A written note of thanks from one of the scholars, and a yearly report on the progress of the funded scholars. It is important for the fundraiser and the prospect to agree on the appropriate level of stewardship at the point of solicitation. Larger donations may require gift acceptance and recognition agreements. For annual fund appeals, materials should clearly specify the level of stewardship a donor might expect. Internal stewardship guidelines are useful. Start with the basic level of stewardship donor should expect that the entry level. For instance, the gift process and receded within the five working days. Written thanks within seven working days, and the annual report via email. Develop bands of stewardship related to differing giving levels. These are flexible guidelines, as many major donors will have their own ideas of how they want their relationship with your institution to develop. Setting guidelines will help ensure appropriate stewardship strategies that your organization can fulfill within resource limits. You can do many things to make donors feel valued. With a little imagination, you can adapt these to different campaigns and institutions. Here are just a few suggestions. First, process gifts efficiently and promptly. It reassures donors about your professional competence and helps donors manage their personal finances efficiently. Write thank you letters. They should not be automatically generated receipt letters. But handwritten letters from the beneficiaries of a project, or letters personally signed by a senior member of the institution. Publically acknowledge them as donors. Print their names in the alumni magazine, sports and arts programs. Put donor plaques on seat backs and book plates in new library books. Name things after major donors. Naming opportunities can include buildings, events, courses, research programs, staff points, roadways, or pathways in a park. On a university campus, the prominent naming of these spaces provides the secondary benefit of visibly displaying the impact of philanthropy to the current student body. This reinforces recognition that gift support is making a difference in their life. Hopefully, this will generate a cultural philanthropy amongst our students. Invite them to events to hear more about your work. To meet other donors and beneficiaries of their generosity. Take people to see them and update them on the good things their donation is doing. Send reports, updates, photographs and other items about projects they are supporting. Keep the information relevant and personal without inundating them. When appropriate and with your donor's permission, publicize their generosity in the press. Remember and recognize special events in their lives such as birthdays, promotions, weddings and religious or cultural celebrations. Ask them not just for their money but their expertise, their advice, and time. Personalise your communication with your donors as much as you can. Even if it is simple as attaching a hand written note to a project report. And finally, let your donors hear directly from the people they have helped. Provide opportunities to interact with students, academic staff, and other beneficiaries. A donor who is stewarded well maintains warmth towards an institution. And they are more likely to give larger or more frequent gifts. Stewarding after a donation is similar to cultivating before. Stewarding involves constant communication to deepen the relationship. And in so doing, the organization develops an ever stronger relationship with their donor. One important note, you cannot effectively steward a corporation or foundation. In fact, you can only steward a person. Sure, corporations and foundations can and are donors. But, the best way to steward that relationship is to develop deeper connections with the person or persons Who serve as your primary contacts and advocates at those places. That means you're always stewarding relationships with people. Even if it's a corporation or foundation who is ultimately writing the checks. For far too many non-profits donor stewardship is an after thought, that's a big mistake. In the world of for-profit sales they say,your best customers are your current customers. If someone buys from you once he or she is far more likely to buy from you again. It costs a lot more to find, cultivate and sell a new customer than to upgrade or sell a new product to a current customer. The same is true for nonprofit organizations and their donors. It takes far less in time, money and effort to renew or upgrade a current donor then to find, cultivate and ask a new prospect. Thus it is imperative that non-profit organizations invest the required time and money to stewert their current donors properly. The right way to steward your donors, is to draw them into a deeper relationship with your organization. Deep relationships require give and take, much more than simply writing checks. Here are ways to build deeper relationships with your donors. Communicate with your donors in a way that isn't just asking for money. Develop a variety of ways to communicate, such as newsletters, emails, use videos, podcasts, webcasts, and other non-ask events. Donors tend to stay connected with organizations that engage their minds, hearts, and bodies, in addition to their wallets. Ask your donors to volunteer, to serve on committees, or to join your board. Get them moving on behalf of your charity, with participatory fundraising. Get them involved. When did you last ask donors for suggestions on what you could be doing better? Have you held a donor round table? Or formed a donor leadership group? Call your donors, ask them for suggestions, engage them. Show them that you care what they think, and respect their suggestions and concerns. Allowing current donors a role in shaping the vision of your organization and its future helps personalize their experience. This will ultimately lead to greater and future investments.
