Building your library major gift prospect portfolio

Citation

Seavy, J.M. and Quick, A.P. (2003), "Building your library major gift prospect portfolio", The Bottom Line, Vol. 16 No. 4. https://doi.org/10.1108/bl.2003.17016dab.003

Building your library major gift prospect portfolio

Edited by Gwendolen Rochester Leighty, Development Officer, Smithsonian Institution Libraries, Washington DC, USA

Building your library major gift prospect portfolio

Keywords: Gifts, Fund-raising, Libraries

As previous authors have stated in this column, libraries have become major players in fund-raising around the country. At the same time, other non-profits around the country are competing for the same dollars and donors. In an atmosphere where competition, even within your own organization, is heightened, how do libraries find major gift prospects - those individuals who have the capacity and the inclination to invest gifts of $10,000 and above into your program?

Perhaps even more important, once you've identified those individuals, how do you get in the door and captivate their attention? In a culture where development programs are becoming more sophisticated, it is increasingly necessary to think outside the box when it comes to library fund-raising.

Challenges

Library fund-raising programs share many of the same challenges and identifying and overcoming these challenges takes time and patience. First, many libraries are just beginning fund-raising programs. Academic libraries have traditionally counted on university support as well as state and federal monies to support their initiatives and many are just now feeling the need to develop a comprehensive fund-raising program.

Those libraries that do have a history of fund-raising have concentrated primarily on annual gifts to sustain their program and are now asking how to turn those annual givers into major givers.

The phrase heard continuously around academic libraries is, "we don't have a natural constituency". The academic schools have alumni and the sports programs have former athletes. While, hopefully, all alumni and former athletes have used the library, how do we capture those that have an affinity to libraries?

Finally, in many situations, the library is viewed as a competitor for funds. At academic institutions, the library competes with other schools within the institution for funding from alumni, friends, corporations and foundations. Often, the library is only allowed a secondary approach after an initial ask is declined.

Collaborative approaches

There are many ways to work collaboratively with your counter-parts in academic schools. Working hand-in-hand with your colleagues will advance mutual fund-raising goals. Consider the following tactics as you fine-tune your fund-raising program.

Presentation to colleagues

Invite development staff from throughout the university to your library. Show them how the resources you offer can help them in their fund-raising efforts. From researching prospects through your on-line databases, obtaining copies of thesis to share with their prospects, finding relevant historical material from old university photographs, newspapers and yearbooks to family genealogical information - all of this can be found in your library. And all of these materials make ideal cultivation tools in moving a prospect toward closure.

Joint prospect appointments

Find alumni who support the library and join the school development officer on appointments. Having both development staff in the appointment allows the donor to learn about both programs and make an informed decision on the direction of his or her gift. Encourage the donor to support the academic program through an endowed acquisition fund in the library. The gift can be structured to benefit the academic program through both the school and the library.

Comprehensive endowment

Once you have formed the relationships on campus and your colleagues better understand the importance of the library in supporting the academic mission of the university, work with your university's chief academic officer to implement a new comprehensive endowment policy. This policy will earmark a percentage of newly created endowment funds to the library. For example, when a $2 million chair is established in the School of Engineering, 10 per cent, or $200,000 would be designated to the library to create a separate endowment managed by the university librarian to support the discipline of the newly recruited faculty member.

Look outside the box

In addition to forging relationships within the university community, the library will need its own prospects. Think outside the box when finding library prospects. Consider the following avenues to find and cultivate prospects:

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  Small group receptions highlighting collections within the library.

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  Use the university's alumni directory questionnaire to identify the alum's area of interest within the university.

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  Research your community's local bibliophile members (and invite them to your receptions)

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  Ask the university to assign you major gift prospects that do not have a natural affiliation within the university.

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  Partner with other successful programs on campus, such as athletics programs.

Now that new major gift prospects have been identified for your library, we believe it is absolutely critical to take a step back and think creatively about how best to move forward. The tendency of most fundraisers is to immediately pick up the phone and make the first contact. This is not always the best next step and may, in many cases, work against what you are trying to accomplish. Given the amount of public information that is now available on the Internet, as well as that which can be obtained from volunteers and staff, we suggest that you think carefully about your next step before picking up the phone.

Information gathering

By investing a little bit of your time conducting research on the front end of the process, you can gather some key information that can assist you in making your first contact. For example, using Internet Web sites, like Google, and inexpensive online research service Web sites, such as www.10kwizard.com and www.Edgar.gov, can help determine stock holdings/sales, real estate investments, philanthropic interests, and professional affiliations, among other things. In addition, the information you can gather from volunteers and staff within the organization can better prepare your for an introduction and set the stage for an initial conversation. The more information you have about the individual, the more confident you can feel about moving in the right direction.

Making contact

The process of making the first contact to set an appointment is often the biggest struggle faced by development officers. When doing so, being prepared, resourceful and upfront are critical.

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  Influence: Use the name of your dean/director/librarian to get in the door. Tell them that you are calling at the suggestion of a board member or classmate. Using influence and, especially, the names of those that they hold in high regard may be of assistance in setting the first appointment.

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  Flexibility: Be willing to meet with prospects at a time that is convenient for them - even if it means juggling your schedule or flying to a destination to just conduct one visit.

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  Frank: Be truthful about why you are seeking the appointment. Do not hide the fact that you are a fundraiser or that you would like to discuss funding opportunities. Be upfront about your reasons for the visit and, if necessary, make it clear that you will not solicit them for a gift on the first visit. Many prospects are put at ease once they know this and will agree to the first visit. It is then your challenge to get from the first visit to the second.

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  Flattery: When all else fails, use flattery! Every prospect has an ego and it is simply a matter of determining what makes this person feel special.

Face to face

As Jerold Panas states in Born to Raise: What Makes a Great Fundraiser, What Makes a Fundraiser Great, "85 per cent of getting the gift is setting up the visit". Now the time has come to conduct your visit and determine the status of this individual as a major gift prospect. We suggest that you consider the four following points as key components of each prospect visit you make:

1. 1.

   Feel good: Open with a gift. Be creative about the small gifts you give prospects and, when at all possible, make it personal. Take old photographs from their yearbook, a copy of their Master's thesis or Doctoral dissertation, or some photos of the campus. This will provide an opportunity to talk about their experience on campus and help identify certain memories. We like to think of it as finding their emotional cord and pulling it!

2. 2.

   Fact finding: Ask leading questions, based on the research you have conducted, and gather as much information as possible. Listen to what your prospect is - and is NOT - saying. The information you gather during this first interaction is critical to making a determination about their capacity and philanthropic interest.

3. 3.

   Fund-raising: Use this time to talk about your fund-raising goals and share the good news about your library. Be aware of the time and make sure you have time to share your message before your prospect moves on. Keep in mind that if you do not discuss your fund-raising initiatives during the first visit, it will be that much more difficult to bring up the topic in the future.

4. 4.

   Future: Always ask for something and determine a next step before you leave. When appropriate, ask for a gift. If nothing else, be sure to ask for a second visit or invite them to tour your library facilities.

The process of identifying and qualifying new library prospects is a daunting task for any development officer. We believe, however, that if you implement new methods for uncovering prospects, take full advantage of the resources available to you, are frank about your fund-raising goals, ask leading questions and listen carefully, you will be able to make accurate qualifications, set realistic expectations, build solid relationships and conduct successful solicitations.

Julie M. SeavyDirector of Development, University Library System, University of Pittsburgh, USAAllison P. QuickExecutive Director, University Principal Gifts, University of Pittsburgh, USA