Effective association data management helps you understand and connect with members. Learn how to manage and leverage your data to improve member engagement.
Data Maturity: Why It’s So Important for Organizations
Data-mature nonprofits collect, manage, and analyze their data effectively to make decisions. Learn why data maturity is important and how to improve yours.
Unified Branding Across Platforms: A Guide for Nonprofits to Boost Recognition and Engagement
Maintaining unified branding across platforms helps nonprofits connect with supporters. This guide offers practical strategies to create cohesive branding.
What Is a Data Append? A Comprehensive Nonprofit Guide
As a nonprofit professional, you likely interact with data daily. From managing your weekly volunteers to gathering donor communication preferences, your nonprofit needs to work with clean, complete data points to raise ...
How to Power your Fundraising with Data Insights
Looking to power your fundraising with data insights? Check out this episode of Handbid’s Elevate Your Event podcast featuring the AlumniFinder team.
In this episode, AlumniFinder team members Jennifer Cole and Chris Boyette provide their expert insights on how to harness data for effective engagement. With AlumniFinder’s expertise as a trusted provider of comprehensive alumni database solutions for nonprofits and educational institutions, this panel discussion covers the importance of high-quality donor data for fundraising success.
Join us as we explore strategies for personalized communication, database management, and the significant impact of clean data on campaign performance. This discussion provides valuable guidance for nonprofits looking to optimize their fundraising efforts and strengthen connections with donors.
Some topics covered in this discussion include:
- The importance of maintaining accurate data and correcting data prior to a campaign.
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What Is Wealth Screening and Why Should My Nonprofit Use It?
Imagine you’re a nonprofit university planning a capital campaign to build a new library. Knowing that most effective capital campaigns rely on large initial gifts, the university wants to raise approximately 50% to 70% of its campaign goal during the campaign’s “quiet phase” before moving to a broader public one.
However, the fundraisers are in a bind. Reaching out to everyone in their database would effectively push the campaign public before raising the necessary base funds. On the other hand, they don’t have the time or resources to manually go through each alumni profile in their database and decide who their wealthiest donors are.
Luckily, nonprofit wealth screening can help. This guide will explore the fundamentals of wealth screening for nonprofits, answering questions like:
- What Is A Wealth Screening?
- Why Should My Nonprofit Use Wealth Screening?
- What Are Wealth Screening Best Practices?
No matter your fundraising goals, a wealth screening can help you earn more. Let’s learn more about the process and how your nonprofit can get started.
What Is A Wealth Screening?
Wealth screening, a crucial element of the prospect research and fundraising process, helps nonprofits identify and target prospective and existing donors with the greatest capacity to give.
Nonprofit wealth screening tools leverage public record data, proprietary philanthropy databases, and data-driven algorithms to determine an individual’s potential for future giving based on a combination of their past information (such as giving history) and current assets.
What Is the Difference Between Wealth Screening and Prospect Research?
Wealth screening is an element of prospect research. While wealth screening focuses on financial information, prospect research also incorporates philanthropic information to determine a person’s willingness and capacity to give. If you want to narrow in on concrete information about a potential donor’s financial capacity to give, wealth screening is the right choice.
When conducting a wealth screening, there are the financial indicators that best predict a donor’s giving behavior:
Business affiliations. Wealth screening can reveal information about donors’ careers, employers, and salaries.
Stock ownership. Not only does stock ownership give you an idea of a donor’s relative wealth and ability to give, but it can also be a method of giving. As a registered 501(c)(3), you can accept donations of stocks and securities in addition to typical cash giving.
Home value. Real estate ownership can be an excellent indicator of wealth. In fact, homeowners with