President's Letter: The Secret to Raising Money

from Dennis McMillian's December letter...

We want to let a secret out of the bag. Raising money is simple. All you need is to find the best person to ask a prospect face-to-face for a specific amount of money – and you will raise money more times than not. Now let’s outline the complexity in that overly simple solution.

First, we want to address a few common myths about raising money:

• As soon as you get your 501(c)(3) status from the IRS, money falls from heaven.
• If Willy Horton robbed banks because that’s where the money was – then it’s logical that if you want to raise money you should ask rich people, right?
• Institutional donors like corporations and foundations have the most money to give.
• The more choices people have, the more they give.
• Advertising is all you need to get people to give money.
• “If people only knew how good our mission is, they would give.”
• “If people knew how much we need their help, they would give.”
• There is only so much money to go around – if I get mine, you won’t get yours.
• Professional fundraisers ask for money.

These fundraising myths run rampant. In Alaska and around the country, fundraising or development professionals confront these myths every day. Capacity building organizations like The Foraker Group fill fundraising classes with eager volunteers and staff wanting to find the silver bullet that will help them raise more money. Many leave disappointed because regardless of whether they ask us, or the Association of Fundraising Professionals (AFP), or consultants from around the country, the answer is the same, there is no silver bullet.

Read the entire letter.

What is your best advice for securing individual contributions?