If you know that BOGO stands for “Buy One Get One” then you already have a sense of how much this concept has been ingrained in the American psyche. Even the government is getting in the act with programs like the Social Innovation Fund where grantees must match government funds with private donations 1:1 or even 2:1 or more. Programs where a supporter is offering to match private contributions up to a specified limit for a particular period in time are known as “challenge grants” and are a great deal if you can get them.
“Matching Funds” usually refers to corporate programs that provide matching funds to employees for nonprofits that meet their guidelines. Even in tough economic times, many companies still offer matching funds and they are available 365 days a year. All you have to do is ask. But, many nonprofits don’t because of one thing that everyone hates – paperwork. The donor has to file paperwork with the employer to get the matching funds and the nonprofit has to process paperwork to receive the gift. But, now there are some tools that can help. Matchinggifts.com from HEP Development Systems offers a searchable database of matching gift companies and tools for processing them.
Fancy tools or not, everyone can (1) identify the major employers in your area that offer matching funds (2) collect data about where your donors work, and (3) publish information about matching gifts in thank you notes, on your website, etc. Why? Well it’s obvious that matching gifts represent money you could be leaving on the table. Research also indicates matching gifts can increase revenue per solicitation and the response rate, as indicated in this article from AFP.
But it’s not just about maximizing a single transaction. I don’t have research to back me up, but I believe that matching gifts can be another way to cement your relationship with your donors. Yes, you are asking them to do a little extra work. But, they are giving you money in order to do good in the world and this gives them the opportunity to double what they can do. Everyone wants to do more with their money. Help them help you.
About Me
I have a thirst for knowledge about the business of doing good. On this blog I share what I learn as I follow where my curiosity leads me.
I also gain a lot from giving back. I created Marketers Making a Difference, Boston to give small nonprofits access to marketing experts. We meet once a month with a different nonprofit and brainstorm about their marketing/ communications challenges. Everyone comes away feeling like they learned something.
If you're interested in nonprofit marketing, you'll also like the Resource List I developed for Marketers Making a Difference. It's constantly growing. Any time I discover an interesting new resource, I add to it.
For more about me, check out my Linked-In profile or follow me on Twitter @KarenDifference
I hope you enjoy my musings.
- Karen
I also gain a lot from giving back. I created Marketers Making a Difference, Boston to give small nonprofits access to marketing experts. We meet once a month with a different nonprofit and brainstorm about their marketing/ communications challenges. Everyone comes away feeling like they learned something.
If you're interested in nonprofit marketing, you'll also like the Resource List I developed for Marketers Making a Difference. It's constantly growing. Any time I discover an interesting new resource, I add to it.
For more about me, check out my Linked-In profile or follow me on Twitter @KarenDifference
I hope you enjoy my musings.
- Karen
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1 comment:
The Social Innovation Fund is not without controversy. It’s true that it funds many good deeds that would not happen without it. It does enable volunteers all across America to improve the lives of those in need. The very administration of the fund provides jobs that would not otherwise exist.
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