Nonprofit

The Benefits of Nonprofit Wealth Screening and Related Software

What Is Nonprofit Wealth Screening?

As a manager of a nonprofit organization or NGO, you know you need major donors to help your cause. According to fundraising statistics, 76% of the gifts received are from only 3% of major donors. That is why it is essential to locate that 3% who are the contributors who are most likely to fund your cause.

Just because someone has the means to donate does not always mean they will donate; particularly, if they have no interest in your cause. You have to find a way to connect the ones who have the wealth to give, to the interest to give to your specific cause. There are many out there who are looking for a worthy cause to give to, whether it’s simply for tax benefits or something they strongly believe in. They just need a reason to give to yours.

Wealth screening is one way of doing that. By wealth screening, you can accomplish two things. You can find those who are financially able to donate; and secondly, you can find those who are the most willing to donate. Using this method of wealth screening, you can save valuable time rather than going through the arduous manual method of finding them. Trying to locate donors manually can take an unlimited amount of your time.

Through wealth screening, you can pull up potential contributors based on financial information such as stock ownership, real estate investments, and past contributions to organizations (i.e. political groups). The results from this information can be quite valuable in locating prospective contributors based on their net worth, their common interests, and past contributions to a similar industry. With this information, you will have a better chance of finding those that will be more likely and able to give to your company or organization. Also, hopefully, they will become long-term donors and develop a lasting relationship with you and your organization. They may even recommend your organization to others who also have the means and interests to donate.

In order for your nonprofit organization to be successful in its goals, you need consistent major donors. Even with a list of loyal regular contributors, it is important to increase that list to maintain the growth and success of your organization.  

Contacts through current donors can prove to be quite beneficial. They may even recommend the company that they either work for or own themselves. Corporate contributions can increase your funds dramatically.

How Do Nonprofits Find Major Donors?

  • Google search
  • Consultants
  • Fundraising events
  • Wealth screening

With the current conditions we are seeing today, the global pandemic that is affecting everyone around the world, many nonprofit organizations are suffering along with other businesses and companies. Fundraising efforts are even more hampered by the social distancing guidelines and limited face-to-face gatherings. Under these circumstances, finding major donors is even more important in order to succeed and grow your nonprofit organization. In order for your organization to survive, there has to be more focus on major donors and planning events to keep them active and interested.

There are various ways of finding donors. You could start by researching on Google for major donors who have donated to other similar organizations. If they have expressed interest in a similar project, then they may be interested in yours. But, of course, this method could take hours and not always yield the best results. 

Hiring Consultants

You could also hire a consultant. Hiring a consultant to assist you in finding and reaching out to prospective donors is a good idea. Most major contributors will need to be asked for their contributions. They are not likely going to track you down. Make sure your consultant is familiar with the needs and goals of the organization though.

Fundraising Events

Another method of finding prospective donors is to schedule and hold regular fundraising events to invite your biggest supporters. This not only keeps your current supporters engaged, but also opens up the door for new potential supporters. Holding these events shows your appreciation for your current major supporters which will help in keeping them as supporters.  

Wealth Screening

One of the most effective ways for nonprofit organizations to gain major contributors is through wealth screening. Not every nonprofit leader knows about this method. To help with wealth screening, you need to have a good wealth screening software.   

What Does Wealth Screening Software Do?

 Trying to locate the right kind of people that fall into the right category of donors that you need can be laborious, to say the least. As mentioned before, your donors need to both have the means and the willingness to donate to your organization. This cannot be stressed enough in order for your organization to be successful. You may have other wonderful dedicated donors and volunteers who are very interested in your cause, but without those major donors, your organization could fail to succeed.

Wealth screening software can help. With the right software, you can search databases using criteria that you determine based on your organization’s needs and goals. By doing this, you can customize a list of donors that fall in the right category. The list of donors should include those who have similar interests as your organization. The software can determine the history of the proposed donors by showing what types of organizations they have supported in the past. This will help in determining how likely they are to donate to your cause in the future.

Through this type of software, you can not only locate individual donors but corporate donors as well and even foundation grants. The possibilities are endless. Corporate donors can truly enhance the success of your organization’s fundraising efforts.

Using wealth screening software will help you and/or your team to know ahead of time who or who not to approach for the funding to promote your organization’s goals.

Wealth screening software links records of donors to specific interests based on the their records of giving. Some software also includes options for donors and/or potential donors to subscribe and donate right from the software. Fundraising events can also be advertised and utilized through the software.

Investing in Wealth Screening Software

Investing in a good wealth screening software is a wise decision that can maximize your fundraising results. Through the intelligence and personalization of these software tools, you will have the ability to screen all of your donors at one time. Using this data, you can compare the key information against the larger philanthropic database. Philanthropic indicators and wealth markers can help you identify your major contributors. 

Wealth markers determines a person’s financial ability to give. Examples of these wealth markers can indicate if they own stock or not, what business associations they are associated with, and whether or not they own real estate.

Philanthropic indicators show prospective contributors’ affinity to donate. Are they inclined to give to nonprofit organizations such as yours? If the indicators, (such as nonprofit or political giving) show that they have given to similar organizations such as yours in the past, then the answer is ‘yes’; it is likely they will if you ask them. If the indicators also show that they have made large contributions, then they have a high affinity to give and are very good candidates as contributors.

The data obtained from these markers and indicators can greatly enhance your marketing efforts.

Here are just a few of the wealth screening software tools available that are worth checking out:

  • Windfall Wealth Screening
  • Donorsearch
  • Npo Authority
  • Blackbaud Wealth Screening
  • Wealthengine Screening
  • Double the Donation
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