Prospect research

Last updated

Prospect research, also known as development research or fundraising research, is a technique through which fundraisers, development teams, and nonprofits gather relevant information about potential donors. Research methods include prospect screening companies, prospect research consultants, and in-house researchers.

Prospect researchers are usually employees of universities, charities or other not for profit organizations. Some are freelancers, or work for private companies. Organizations generally employ prospect researchers to find and qualify potential "major" donors who have the resources to make a large gift to the organization, although the definition of a "large" gift can vary considerably. A prospect researcher will assess an individual's, company's or charitable trust or foundation's capacity and propensity to donate. Prospect researchers use a variety of resources, including public records, business and financial publications, and Internet databases.

Prospect researchers also focus their search on individuals, companies and foundations on their specific giving interests and philanthropic histories, should they already exist.

Most prospect researchers adhere to a code of ethics to protect both the institutions they represent and the prospects they research.

Prospect researchers conduct research to evaluate a prospect's ability to give, also called capacity (how prospect can financially contribute to your organization), their warmth toward the organization, also called affinity (how close the prospect feels to the organization), and propensity (how likely the individual is to give at all). Prospect researchers may also analyze data in a donor or constituent database to identify new potential major donors or to predict which groups of constituents are most likely to make major gifts.

Wealth ratings usually refer to a prospect's capacity to donate. One of the most common sources used by prospect researchers for this task are Rich Lists. The Sunday Times Rich List is widely referred to by prospect researchers, but its overall value is disputed. There is a large variety of algorithms that many scholars use to create a wealth score; most would agree in America real estate is the main indicator.

Research is generally conducted via the Internet, but it is also done with the use of subscribed databases like Factiva, LexisNexis and FAME. A researcher may also use government-managed resources such as Companies House, the Charity Commission, or HM Land Registry. Other useful resources include Debrett's and Who's Who, which can provide good general background on any prospect.

Prospect research is an established component of the Prospect Development field pioneered by Bobbie J. Strand, [1] which also encompasses relationship/pipeline management and data analytics for advancement.

Related Research Articles

A nonprofit organization (NPO), also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that operates as a business aiming to generate a profit for its owners. A nonprofit is subject to the non-distribution constraint: any revenues that exceed expenses must be committed to the organization's purpose, not taken by private parties. A wide array of organizations are nonprofit, including most political organizations, schools, business associations, churches, social clubs, and consumer cooperatives. Nonprofit entities generally seek approval from governments to be tax-exempt, and some may also qualify to receive tax-deductible contributions. But an entity may incorporate as a nonprofit entity without securing tax-exempt status.

Donation Gift given by physical or legal persons, typically for charitable purposes and/or to benefit a cause

A donation is a gift for charity, humanitarian aid, or to benefit a cause. A donation may take various forms, including money, alms, services, or goods such as clothing, toys, food, or vehicles. A donation may satisfy medical needs such as blood or organs for transplant.

Fundraising Process of gathering voluntary contributions of money or other resources

Fundraising or fund-raising is the process of seeking and gathering voluntary financial contributions by engaging individuals, businesses, charitable foundations, or governmental agencies. Although fundraising typically refers to efforts to gather money for non-profit organizations, it is sometimes used to refer to the identification and solicitation of investors or other sources of capital for for-profit enterprises.

Charitable organization Nonprofit organization with charitable purpose

A charitable organization or charity is an organization whose primary objectives are philanthropy and social well-being.

The David Suzuki Foundation is a science-based incorporated a non-profit organization environmental organization headquartered in Vancouver, British Columbia, Canada, with offices in Montreal and Toronto. It was established as a federally registered Canadian charity on January 1, 1991. By 2007, it had 40,000 donors. Its mission is to protect nature while balancing human needs. It is supported entirely by Foundation grants and donations and by 2012, 90% of its donors were Canadian. By 2007, the Foundation employed about seventy-five staff members.

Matching funds are funds that are set to be paid in proportion to funds available from other sources. Matching fund payments usually arise in situations of charity or public good. The terms cost sharing, in-kind, and matching can be used interchangeably but refer to different types of donations.

Street fundraising

Street fundraising consists of various ways of asking for donations on behalf of a charity. Those asking for donations may be paid employees of the charity, or they may be volunteers.

Body donation

Body donation, anatomical donation, or body bequest is the donation of a whole body after death for research and education. Donated bodies are mostly used for medical education and research. They are used for gross anatomy, surgical anatomy and for furthering medical education. For years, only medical schools accepted bodies for donation, but now private programs also accept donors. Depending on the program's need for body donation, some programs accept donors with different specifications.

In the United States, a donor-advised fund is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals. To participate in a donor-advised fund, a donating individual or organization opens an account in the fund and deposits cash, securities, or other financial instruments. They surrender ownership of anything they put in the fund, but retain advisory privileges over how their account is invested, and how it distributes money to charities.

Gifts in kind, also referred to as in-kind donations, is a kind of charitable giving in which, instead of giving money to buy needed goods and services, the goods and services themselves are given. Gifts in kind are distinguished from gifts of cash or stock. Some types of gifts in kind are appropriate, but others are not. Examples of in-kind gifts include goods like food, clothing, medicines, furniture, office equipment, and building materials. Performance of services, such as building an orphanage, providing office space or offering administrative support, may also be counted as in-kind gifts.

The National Marrow Donor Program (NMDP) is a nonprofit organization founded in 1986 and based in Minneapolis, Minnesota, that operates the Be The Match Registry of volunteer hematopoietic cell donors and umbilical cord blood units in the United States.

Zell Kravinsky is an American investor and utilitarian who is known for making a non-directed kidney donation to a stranger and for donating over $45 million of his personal wealth to charity, with the largest individual donation going to the Centers for Disease Control and Prevention (CDC). He is also a poet.

Donate Life America

Donate Life America (DLA) is a 501(c)(3) nonprofit organization leading its national partners and Donate Life State Teams to increase the number of donated organs, eyes and tissues available to save and heal lives through transplantation while developing a culture where donation is embraced as a fundamental human responsibility.

Grantsmart, also known as grantsmart.org, was a non-profit organization founded in 1999 whose mission was to provide online "free access to information that assists grant seekers in locating funding for their projects." In addition to a searchable database it also offered research tools and an on-line discussion forum.

Candid is an information service specializing in reporting on U.S. nonprofit companies. In 2016, its database provided information on 2.5 million organizations. In February 2019, GuideStar merged with Foundation Center to become Candid.

Oxfam Charitable humanitarian organization

Oxfam is a confederation of 20 independent charitable organizations focusing on the alleviation of global poverty, founded in 1942 and led by Oxfam International. It is a major nonprofit group with an extensive collection of operations.

A charitable organization in Canada is regulated under the Canadian Income Tax Act through the Charities Directorate of the Canada Revenue Agency.

GlobalGiving is 501(c)(3) non-profit organization based in the United States that provides a global crowdfunding platform for grassroots charitable projects. Since 2002, more than 1.1M donors on GlobalGiving have donated move than $530 million to support more than 28,000 projects in 170 countries.

Silicon Valley Community Foundation

The Silicon Valley Community Foundation is a Mountain View-based donor-advised community foundation that serves the Silicon Valley and surrounding community.

Juvenile Diabetes Cure Alliance

The Juvenile Diabetes Cure Alliance (JDCA) is a registered 501(c)(3) non-profit organization dedicated to developing a "practical cure" for type 1 diabetes. Established in 2010, the organization’s home office is in New York City and it focuses primarily on activity within the United States. The organization advocates for increasing type 1 diabetes cure research and publishes reports on a variety of related topics, including research progress, fundraising utilization, and donor priorities.

References

  1. Strand, Bobbie J. (2008). A kaleidoscope of prospect development : the shapes and shades of major donor prospecting. Council for Advancement and Support of Education. Washington, DC: CASE. ISBN   0-89964-412-0. OCLC   263075443.