This article is an excerpt from a CharityVillage webinar, The Great Transfer of Wealth: How to Reach the Next Generation of Donors. View the full video recording here, or scroll to the end of the article to watch the video.
To further develop connections within a foundation, think about investing more resources into connecting with its members, its governance committees, and decision-makers, and update them on the impacts of the contributions that have been made in the past to help develop or strengthen connections with family foundations. I have a few best practices that can help.
First, we should all be doing our homework. The more we know about our family foundations and their boards of directors, the more likely we will be able to submit the type of application or opportunity that they’re looking for.
To learn as much as you can about the foundation, obviously, visit their website and pay close attention to what types of programs they’ve funded in the past. But also, look at other organizations they’ve given to, look at the passions of, the statements of the members of the family and the decision-makers.
Most foundations will actually have an impact section on their site where they outline the work that they’re so proud of. You can also look through their annual reports to see if how they’re giving has changed over the years, if their interests have evolved, or the kinds of things that are most proud of. If you really want to get into it, you can even look through their annual financial reports to understand the level of funding that different programs typically receive.
Once you understand what type of programs they typically fund, you can tailor the language of your application to be more in line with their giving history. For example, if they have always funded programs that have an impact on youth, it will be beneficial to communicate how your programs can engage and have a positive impact in the young people in your community.
You can also do your homework by learning more about the board members of the foundation or in family foundations, this is often members of the family, on LinkedIn, social media, or through mutual connections, also good old-fashioned Google. You can learn more about the passions and favourite areas of impact of the board members.
Now, I’m not suggesting you hire a PI to follow these people around for a week. But getting to know who you’re submitting to is important too, for you to be able to outline and underscore your shared values in your submission.
Second, make a phone call to stay updated on the foundation priorities. Foundations usually set their giving priorities for a given year or a strategic set of years. These priorities are generally based on the foundation’s mission, but almost always vary slightly from year to year, or cycle to cycle.
Although foundations usually publish their yearly guidelines, calling them and engaging with them to double-check is a good exercise to put a face to a name and create awareness for your next possible application with that foundation.
You can even go the extra mile by inviting them to visit your events or programming. This adds a personal touch to the phone call and can make the difference down the road.
Keep in mind that some foundations will explicitly say that they only want to hear from nonprofits via their applications, and, in this case, I recommend respecting their rules.
Third, when you’re not in the midst of a funding cycle and don’t have a great opportunity to make a call, just practice foundation stewardship.
What does this look like?
Well, in the same way that you would send a major donor consistent program and impact updates, you can actually do the same for a foundation, as an entity that has already made an investment in your cause. They will want to know the success of your programs and, by extension, the success of their philanthropy.
To do this, I recommend either emailing individual board members to describe the impact of their funding, or publicly posting a report that recaps the outcomes and impacts of their grant. Overall, reminding them of the impact they’re causing is a great way to continue to build trust and plant the seed.
Nejeed Kassam has spent 30 years working in the nonprofit sector and is proud to work every day to build stronger communities. Currently, Nejeed is the CEO and founder of Keela – an impact technology company dedicated to empowering nonprofits with accessible, powerful software. He is also the co-founder of Fundraising KIT, the world’s leading AI-powered predictive analytics tool, built exclusively for nonprofit fundraisers.