2023 - September Panel Discussion Recap
With over 250 nonprofit/philanthropy leaders in attendance, our Changing Face of Philanthropy event was a huge success. Here are some valuable takeways from our panel of experts:
The next generation of donors, or the under 40 donor, is all about the big picture and the data demonstrating how that vision will be accomplished. They don't just want stories about what their dollars impact but an opportunity to go out in the community and actually see that impact.
Donors want to talk about the issues they care about in cross disciplined ways. For example, how does housing intersect with food insecurity and how does that intersect with justice reform, environment, arts and culture, etc. More and more donors understand the systemic factors that affect the issues that nonprofits are working on. Philanthropy plays a role, but policy and systems are really what’s going to provide transformational change over time.
Board diversity is extremely important to both donors and funders. Having diverse perspectives can tap into a broader range of experiences and insights that can bring about better decision making when it comes to opportunities and risks. Having term limits within a board helps to ensure the organization’s leaders are connected to the communities they serve and have a passion for making change instead of just filling a seat.
Companies and donors want to move toward more meaningful partnership experiences and away from traditional “sponsorships”. When reaching out to a donor for support, don’t let your first conversation be about funding. Build your relationships and networking by sharing information about your program that doesn't include an ask. Make sure funders know what you’re doing and the impact you’re having before asking for money.
When looking for corporate or foundation funding, know your “why” and be prepared to share your plan and data. What will these funds impact and how? What about a sustainability plan for the year-to-year continuality? Doing your research online before the meeting ensures you can communicate how a partnership will work and benefit both parties.
Bank of America resources referenced during the panel discussion:
Bank of America Webinars (cybergrants.com)
The Bank of America Charitable Foundation’s Driving Impact Webinar Series gives nonprofit leaders the power to drive impact in the community by making tools, resources, and expertise accessible through the bank’s connection to thought leaders working in the space of social change.
Bank of America Academy education site: go.bofa.com/education
The Academy builds on Bank of America's commitment to communities through educational offerings that help prepare individuals for a career, foster economic mobility, build skills, and inspire career confidence.
Be sure to purchase tickets early for our next event! We often sell out.
