Board members and undergraduate students are constantly looking for fraternity and sorority fundraising ideas. While there are dozens of different event types that can be hosted and different activities that Greek chapters can do in order to raise money, the most significant source of capital is typically from donors.
At Elevate IMS, we are passionate about the value that Greek organizations bring to college campuses. The majority of our staff members have been greatly impacted by Greek organizations throughout their life, and we enjoy seeing how fraternities and sororities can help prepare young men and women to be intelligent and involved citizens in our communities. In order to accomplish this, though, Greek organizations need outside funding.
We have handled many large feasibility studies for fraternities and sororities to help them raise capital for large projects. As part of this process, we perform wealth screening, which is a tool that many nonprofits use to help determine a donor’s capacity to give. Because wealth screening is not always commonly discussed, we thought we would provide a resource that gives a general overview of what wealth screening in the realm of Greek chapters really is, and how it could be used to benefit your fraternity or sorority.
Why Is Wealth Screening Used?
It is no secret that Greek organizations require constant cash flow in order to successfully maintain their facilities and plan events on their campus and across their community. While membership fees cover some of these expenses, they typically do not go as far as many people think.
A large quantity of small donations from various donors certainly help a Greek organization, but the backbone of Greek fundraising typically comes from several primary donors. Researching and finding these donors can be an intimidating and time-consuming process, and that is where an organization such as Elevate IMS can come in to do some of the heavy lifting.
The beauty of fraternities and sororities is that most have been around for a long time, and there is a large alumni community with individuals of varying ages floating around the country who have moved on to their professional careers. This is where wealth screening starts. Prospect research looks at wealth indicators that can help expedite the process and begin to secure the funds needed for an upcoming project. These factors can include recency of graduation, the involvement a member had with their organization, and more.
When Should Wealth Screening Be Used?
While wealth screening may be more extensively used during a capital campaign, it should be an ongoing process of every Greek organization. Most alumni are very grateful for the experience that their fraternity or sorority provided during their undergraduate education, and while they may not be willing or able to give the first time that you contact them there are many factors that can change that.
Their job may change, or simply their outlook on life may change as they age. Because of this, wealth screening should be built around a foundational plan that uses regularly scheduled intervals to contact donors.
Who Is Screened?
At the same time, if too much effort is directed towards prospects that are less likely to serve as major donors, this can take away from time and resources that could be put towards other alumni.
One of the biggest factors that we look for in wealth screening is alumni who hold their Greek experience in high regard, and might even still be involved with alumni events. Starting with past presidents or governing board members will likely lead to finding some of the most dedicated members. We also look at factors such as how many years that member was involved with the organization.
All of this is a starting point to begin to narrow down the donor pool and focus prospect development towards some of the key players.
Wealth Screening Best Practices
Wealth screening typically involves an entire team of people, and will sometimes include an outside consultant in addition. Because of this, it is important to keep data and information well organized, and ensure that it will be easy to transfer wealth screening data and results to other board members or consulting teams. Here is a brief list of some of the best practices that should be used with wealth screening.
- Ensure that you have active contact information
- Keep track of who has been active recently
- Use consistent software and data entry procedures
- Screen in well-constructed segments
- Prioritize involved and dedicated alumni
Contact Elevate IMS
If you have any questions about how wealth screening can be used for your fraternity or sorority, we encourage you to reach out to us today! Our highly experienced team is well versed in Greek capital campaigns, feasibility studies, and fundraising. Visit our site to learn more, or fill out a contact form to get started.