WealthEngine Best Practices in Higher Education for Prospect ...

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Acknowledgements Special thanks to those clients and contacts surveyed and interviewed for this research initiative. Additional appreciation to those clients who participated in the case studies in this report: Debra Darling, Washington & Lee University Jennifer Fry, Northwestern University Lynn Lazar, William Paterson University Tracey Martin, Duke University’s The Fuqua School of Business Marianne Pelletier, Cornell University Clint Shipp, Trinity University Rob Turner, Stevenson University Deborah Reinhardt Youmans, Le Moyne College WealthEngine Best Practices Staff Project Director Sally Boucher Contributing Staff Tricia Ambler Shane Bair Don Jean Jocelyn Johnson Lili Mehta Elizabeth Schiffmann Jeremy Woolf Managing Director Kimberly O’Donnell Mullins President & CEO Tony Glowacki © 2012 Legal Disclaimer: This Best Practices for Prospect Research in Higher Education Fundraising report, written by WealthEngine, contains proprietary information belonging to Prospects of Wealth & Resources, Inc. dba WealthEngine. Reprints and third-party sharing is strictly prohibited. Please also note that this report includes information compiled by many sources and is accurate to the best of our authors’ knowledge. It is informational in nature and we do not guarantee any of the information either expressed or implied. Readers are encouraged to consult their appropriate legal, accounting and professional counsel before implementing any suggested actions. WealthEngine shall not be held liable for any claims or losses that may arise from implementation of the best practices in this report. ii | WealthEngine
Table of Contents 1 Introduction v The State of Higher Education Fundraising . . . . . . . . . . . . . . . . . . . . . . . . .v 2 Executive Summary vi 3 Emerging Trend: Social Media for Fundraising and Research in Higher Education 1 Best Practice in Action: William Paterson University . . . . . . . . . . . . . . . . . . . . .4 3 Higher Education Best Practices: 6 Build a Foundation for Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Invest in Screening . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Best Practice in Action: Northwestern University . . . . . . . . . . . . . . . . . . . . . 11 Build a Comprehensive Data Collection Strategy . . . . . . . . . . . . . . . . . . . . . . . 13 Best Practice in Action: Washington & Lee University . . . . . . . . . . . . . . . . . . . 15 Focus Fundraising with Predictive Modeling and Analytics . . . . . . . . . . . . . . . . . . . 17 Expert Advice: Marianne Pelletier . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Best Practice in Action: Trinity University . . . . . . . . . . . . . . . . . . . . . . . . . 21 Effective Implementation Planning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Support the Annual Fund with Research-Driven Data . . . . . . . . . . . . . . . . . . . . . 24 Balance Precision with Timeliness in the Validation Process . . . . . . . . . . . . . . . . . . 26 Best Practice in Action: Duke University’s The Fuqua School of Business . . . . . . . . . . . 28 Integrate Data to Improve Workflow and Access . . . . . . . . . . . . . . . . . . . . . . . 29 Best Practice in Action: Stevenson University . . . . . . . . . . . . . . . . . . . . . . . 31 Effective Prospect Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Best Practice in Action: Le Moyne College . . . . . . . . . . . . . . . . . . . . . . . . 35 Maintain Ethics and the Security of Your Prospect/Donor Information. . . . . . . . . . . . . . 37 4 Conclusion 39 5 Appendices 40 Appendix One—Measuring Return on investment (ROI) from Wealth Screening . . . . . . . . . 41 Appendix Two—Sample Peer Review Form . . . . . . . . . . . . . . . . . . . . . . . . . 45 Appendix Three—Implementation Planning Guide . . . . . . . . . . . . . . . . . . . . . 46 Appendix Four—Sample Prospect Tracking Form . . . . . . . . . . . . . . . . . . . . . . 50 Best Practices for Prospect Research in Higher Education Fundraising - 2nd Ed. | iii
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