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Accounting Departments. Whither Private Fund Raising & Development? or Nobody Told Me I’d Be Raising Money!. As A Leader For My Department, I Expected to:. Recruit the Best Students Hire and Retain the Best Faculty Encourage Junior Faculty Cajole Senior Faculty Worry About Ratings

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Accounting Departments

Whither Private Fund Raising & Development?

or

Nobody Told Me I’d Be Raising Money!


As a leader for my department i expected to l.jpg
As A Leader For My Department, I Expected to:

  • Recruit the Best Students

  • Hire and Retain the Best Faculty

  • Encourage Junior Faculty

  • Cajole Senior Faculty

  • Worry About Ratings

  • Agonize Over Threatened Budgets

  • Play Politics With My Dean

Don Gray, UW Foundation


But nobody told me i d have to raise the money for all this stuff l.jpg
But Nobody Told Me I’d Have to Raise the Money for All This Stuff

  • Recruit the Best Students

  • Hire and Retain the Best Faculty

  • Encourage Junior Faculty

  • Cajole Senior Faculty

  • Worry About Ratings

  • Agonize Over Threatened Budgets

  • Play Politics With My Dean

Don Gray, UW Foundation


So how can i l.jpg
So How Can I This Stuff

  • Have the right attitude towards raising this money?

  • Understand what it’s all about?

  • Internalize how to do it?

  • Motivate others to help me?

  • Learn to like doing it?

Don Gray, UW Foundation


So how can i5 l.jpg
So How Can I This Stuff

  • Have the right attitude towards raising this money?

  • Understand what it’s all about?

  • Internalize how to do it?

  • Motivate others to help me?

  • Learn to like doing it?

Don Gray, UW Foundation


Slide6 l.jpg

“You want to compose a good world. It is an honorable and noble profession.”

- Maya Angelou

Don Gray, UW Foundation

Don Gray, UW Foundation


Gifts and donations l.jpg
Gifts honorable and noble profession.”and Donations

AGIFTis a tangible symbol of feelings between people

ADONATIONis a tangible symbol of support to a cause

Don Gray, UW Foundation


Development and fund raising l.jpg
Development honorable and noble profession.”and Fund Raising

AGIFTis toDEVELOPMENT

as

ADONATIONis toFUND RAISING

Minor Point (or is it?):

a person making agiftis agiver

a person makingadonationis adonor

Don Gray, UW Foundation


Inappropriate terms l.jpg
Inappropriate Terms honorable and noble profession.”

  • hit up

  • put the arm on …

  • squeeze

  • loaded

  • … should give

  • … ought to give

  • … owes us

  • pass the hat

  • get into his/her pockets

Don Gray, UW Foundation


So how can i10 l.jpg
So How Can I honorable and noble profession.”

  • Have the right attitude towards raising this money?

  • Understand what it’s all about?

  • Internalize how to do it?

  • Motivate others to help me?

  • Learn to like doing it?

Don Gray, UW Foundation


Annual fund donations l.jpg
ANNUAL FUND DONATIONS honorable and noble profession.”

  • Frequently Given and Asked For

  • From Discretionary Income; Little Decision Making; Decision is Immediate; Spouse Often Not Involved

  • 2-5% of Annual Gross Income (To All)

  • Sustaining/Operational Fund

  • Direct Mail/Events/Telethon

  • 90% of gifts; 10% of dollars

  • Most major gifts come from annual fund donors

Don Gray, UW Foundation


Importance of annual fund in major gift activity l.jpg
Importance of Annual Fund in Major Gift Activity honorable and noble profession.”

  • For all givers to universities who make a first “major gift” of $25,000 or more,

    • 75% made a first donation to the university of $250 or less in response to the annual fund

    • 83% have made smaller level donations (annual fund donations) for at least 5 years; almost 60% for at least 11 years

  • Concept of Annual Fund as Living Endowment ($100K annually equates to an endowment of $2 million)

Don Gray, UW Foundation


Major gifts l.jpg
MAJOR GIFTS honorable and noble profession.”

  • Infrequently Given and Asked For

  • Made from Assets; Stop/Think Gift; Longer for Decision; Spouse Involved

  • Requires Development of Relationship

  • Special, Targeted Projects

  • 10-20x Annual Gift or 2-4% of Net Income- Producing Assets

  • 10% of gifts; 90% of dollars

Don Gray, UW Foundation


Accounting department advantages in major gift work l.jpg
Accounting Department Advantages in Major Gift Work honorable and noble profession.”

  • Accountants understand giving

  • Accountants seldom give to any place within a university other than to their accounting departments

  • Accounting firms tend to have matching gift programs

  • All partners are capable of major giving

  • Accounting firms need your graduates as employees

  • Many accountants end up as CEO’s or CFO’s

Don Gray, UW Foundation


Top three reasons people give major gifts l.jpg
Top Three Reasons People Give Major Gifts honorable and noble profession.”

  • Belief in Mission and Stability of the Organization

  • Sense of Civic Responsibility

  • High Regard for Staff and Volunteer Leadership

Don Gray, UW Foundation


Slide16 l.jpg

“Charitable giving isn’t the ultimate test of one’s humanity but it gives us some numbers to play with.”


Bottom three reasons people give major gifts l.jpg
Bottom Three Reasons People Give Major Gifts humanity but it gives us some numbers to play with.”

  • Guilt and Obligation

  • Promotional Materials and Proposals

  • Tax Considerations (probably more important for accountants than others)

Don Gray, UW Foundation


So how can i18 l.jpg
So How Can I humanity but it gives us some numbers to play with.”

  • Have the right attitude towards raising this money?

  • Understand what it’s all about?

  • Internalize how to do it?

  • Motivate others to help me?

  • Learn to like doing it?

Don Gray, UW Foundation


Successful development l.jpg
Successful Development humanity but it gives us some numbers to play with.”

THE MYSTICAL MINGLING

OF

A JOYFUL GIVER

AN ARTFUL ASKER

A GRATEFUL RECIPIENT

Don Gray, UW Foundation


Slide20 l.jpg

The Cycle of Successful Development humanity but it gives us some numbers to play with.”

Creating the Joyful Giver

Attention

Initial Contact

Interest

Desire

Additional Gift Interest

maybe

Action

Identification

Making the Artful Ask

ShowCreativity

yes

Invoking the Grateful Recipient

no,no,no

acknowledge

Don Gray, UW Foundation


So how can i21 l.jpg
So How Can I humanity but it gives us some numbers to play with.”

  • Have the right attitude towards raising this money?

  • Understand what it’s all about?

  • Internalize how to do it?

  • Motivate others to help me?

  • Learn to like doing it?

Don Gray, UW Foundation


Enlisting support to help l.jpg
Enlisting Support to Help humanity but it gives us some numbers to play with.”

  • Educate your faculty on benefits of a successful program

  • Choose your external advisory board carefully, looking for the 5 W’s

  • Convince your dean that your success is his/her success

  • Be successful

Don Gray, UW Foundation


Slide23 l.jpg

The Five W’s of Being an Effective Advisory Board Member humanity but it gives us some numbers to play with.”

Wisdom

Work

  • Wow

Advisory Board

Wealth

Wallop

Don Gray, UW Foundation


So how can i24 l.jpg
So How Can I humanity but it gives us some numbers to play with.”

  • Have the right attitude towards raising this money?

  • Understand what it’s all about?

  • Internalize how to do it?

  • Motivate others to help me?

  • Learn to like doing it?

Don Gray, UW Foundation


Learning to enjoy development l.jpg
Learning to Enjoy Development humanity but it gives us some numbers to play with.”

  • Realize that everyone “out there” loves you

  • You make great friends

  • You make alumni/friends feel good

  • You take your department to a new level

  • You truly do “compose a good world” by attracting the funds that can your department responsive to student, faculty, and program needs.

  • It is indeed noble work

Don Gray, UW Foundation


Slide26 l.jpg

Techniques of humanity but it gives us some numbers to play with.”

Making an Artful Ask

February 5, 2001

Donald R. Gray

University of Wisconsin Foundation


Slide27 l.jpg

The Cycle of Successful Development humanity but it gives us some numbers to play with.”

Creating the Joyful Giver

Attention

Initial Contact

Interest

Desire

Additional Gift Interest

maybe

Action

Identification

Making the Artful Ask

ShowCreativity

yes

Invoking the Grateful Recipient

no,no,no

acknowledge

Don Gray, UW Foundation


Major issues in asking l.jpg
Major Issues in Asking humanity but it gives us some numbers to play with.”

  • When is the timing right?

  • How much do you ask for?

  • Who makes the ask?

  • Where is the best location to make an ask?

  • How do you make an artful ask?

  • Common pitfalls in making an ask?

  • How do you respond to objection?

  • How do you follow up?

  • What do you do if the answer is “no”?

  • What do you do if the answer is “yes”?

Don Gray, UW Foundation


When is the timing right l.jpg
When is the timing right? humanity but it gives us some numbers to play with.”

  • Should be a natural flow in the process (cycle)

  • Listen for signals: Listen, Listen, Listen

  • Develop a “touch” for knowing

  • Remember: this is an art, not a science

Don Gray, UW Foundation


How much do you ask for l.jpg
How much do you ask for? humanity but it gives us some numbers to play with.”

I haven’t got a clue!

  • If you’ve had good prior contact, you’ll have a good idea

  • Ask for somewhat more than you expect

  • Ask specific amount or list of levels

  • Expect to discuss

  • Form of gift (payment period; endowment or annual; combo with planned gift; etc.)

Don Gray, UW Foundation


Who makes the ask l.jpg
Who makes the ask? humanity but it gives us some numbers to play with.”

  • Whoever is most appropriate

  • Consider team approach

  • Caution when using volunteers:

    • need training

    • often are uncomfortable

Let’s see, now, who gets this assignment?

Don Gray, UW Foundation


Where is the ask made l.jpg
Where is the ask made? humanity but it gives us some numbers to play with.”

  • Wherever the potential giver is most comfortable

  • Avoid noisy restaurants

  • Best places: donor’s home, with spouse; office; club; dean’s or president’s office; favorite place on campus

  • Pay attention to setting; make it classy

home

office

campus

restaurant

?

Don Gray, UW Foundation


How do you make an artful ask l.jpg
How do you make an humanity but it gives us some numbers to play with.”Artful Ask

Don Gray, UW Foundation


Slide34 l.jpg

Making the Artful Ask humanity but it gives us some numbers to play with.”

Attitude is Everything


How do you make an artful ask35 l.jpg

bestow honor/praise on potential giver humanity but it gives us some numbers to play with.”

show your organizational pride (knowledge, commitment, passion)

be considerate; ask for consideration

state specific amount

state specific purpose

shut up

How do you make an Artful Ask

Don Gray, UW Foundation


Is this an artful ask l.jpg

bestow honor/praise humanity but it gives us some numbers to play with.”

show organizational pride

be considerate; ask for consideration

state specific amount

state specific purpose

shut up

Joe, we know you have a lot of money. Your career as a successful accountant is because of the education you received at good ol’ State U. We need your money because our accounting curriculum is in disrepair. We think you should establish a professorship in accounting. You get a whopping tax deduction, and all of us can use that, can’t we? By the way, how’s your golf game?

Is This an Artful Ask?

Don Gray, UW Foundation


Is this an artful ask37 l.jpg

bestow honor/praise humanity but it gives us some numbers to play with.”

show organizational pride

be considerate; ask for consideration

state specific amount

state specific purpose

shut up

Joe, you are one of the most successful and most highly respected professionals in the field of accounting, and you bring honor to State U in so many ways. It would be a distinct privilege for State to have your name and reputation forever imprinted on our outstanding and growing accounting department. Would you consider a gift of $250,000 to establish the Joe Goodfellow Professorship in Accounting?

Is This An Artful Ask?

Don Gray, UW Foundation



What are the common pitfalls in asking l.jpg
What are the common pitfalls in asking? director?

  • We talk too much

  • Ask sounds cold or inconsiderate

  • We use words like “should” and “ought”

  • We ask apologetically and are embarrassed

  • Eye contact breaks down

  • The ask is rushed

  • We break the silence too soon after ask is made

Hee Haw

Don Gray, UW Foundation


How do you respond to objections l.jpg
How do you respond to objections? director?

  • “I’m a bit strapped right now. You know, kids in college, building a new house, the divorce is killing me, etc.”

  • “I give to so many different causes, I don’t know how I can expand to include the university”

  • “Oh my goodness, I don’t have that kind of money?”

  • “The last time I gave to your institution I didn’t even get a thank you letter!”

  • “What possible impact can my modest gift make?”

Don Gray, UW Foundation


How do you follow up l.jpg
How do you follow up? director?

  • Seldom will you close a major gift on the asking call

  • Plan ahead for following up

  • Before the meeting ends, make sure the potential giver knows the next step: who will contact whom; when; contingencies

Don Gray, UW Foundation


What do you do if the answer is no l.jpg
What do you do if the answer is “no”? director?

  • Realize there are many reasons for a “no”:

    • timing is bad

    • project is wrong

    • amount of ask is wrong

    • wrong person asked

    • not enough time “creating joyful giver”

  • Three “no’s” is halfway to a “yes”

  • Be considerate, thank the person, continue contact, listen for signals

Ugh

Don Gray, UW Foundation


What do you do if the answer is yes l.jpg
What do you do if the answer is “yes”? director?

  • Make sure all appropriate people say “thank you”

  • Design a creative plan to continue saying “thanks”

  • Continue visiting the giver and listening for next opportunity

  • Keep working the Cycle!!!!!

Yippee

Don Gray, UW Foundation


Conclusion l.jpg
Conclusion director?

  • For successful development at your department, you are

    • the catalyst

    • the cheerleader

    • the visionary

  • It’s your vision, your knowledge, your passion, and your enthusiasm that will make it succeed

  • Good luck and go forth joyfully, artfully, and gratefully. It is noble work!

Don Gray, UW Foundation


But be careful different strokes l.jpg
But Be Careful: Different Strokes director?

  • Traditionalists (born prior to WWII)

  • Boomers (born 1945 - 1965)

  • X (Next) Gens (born 1966-1988)

  • Echo Boomers (young-uns)

    Each of these groups thinks differently and requires special understanding

Don Gray, UW Foundation


Traditionalists l.jpg
Traditionalists director?

  • Major life events forming their values and thought patterns:

    • The Depression

    • World War II

    • The Atom Bomb

  • Attitudes toward giving

    • Sense of “giving something back”

    • Great loyalty to institutions they love

    • Quid pro Quo less important

    • Understand philanthropy

Don Gray, UW Foundation


Boomers l.jpg
Boomers director?

  • Major life events forming their values and thought patterns:

    • Assassinations

    • Vietnam

    • Watergate

    • Questioning of Institutional Values

  • Attitudes toward giving

    • Show me why I should give

    • What’s in it for me?

    • Think social investment

Don Gray, UW Foundation


X next generation l.jpg
X (Next) Generation director?

  • Major life events forming their values and thought patterns:

    • Computers and Technology

    • Economic Boom (never seen a bear market)

    • Impatient Society

  • Attitudes toward giving

    • Not yet sure, but

    • Will probably involve technology

    • Will inherit trillion

    • Think venture capital for social improvement

Don Gray, UW Foundation


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