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Companies Still Increasing Strategic
Spending
Despite the ailing U.S. economy, companies
in North America are expected to spend $1.55 billion on cause
partnerships during 2009, a 2.2 percent increase from the $1.52
billion invested in those programs during 2008, according to
Chicago-based IEG, LLC. The amount spent in 2007 was $1.44
billion, according to IEG.
Cause-related programs still remain popular
among corporate marketers due to their ability to support
worthwhile organizations while also driving sales.
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Your Career ...
6 rules
for application cover letters
Resumes seem to have a set form while
cover letter get free reign. Don’t forget that the
creativity behind a cover letter still needs some guidelines,
according to Bruce A. Hurwitz, vice president of New York
City-based Joel H. Paul & Associates, Inc., a national
executive search firm for the nonprofit sector.
Hurwitz set the ground rules for
cover letters at Fundraising Day in New York held by the
Association of Fundraising Professionals Greater New York
Chapter.
Check out his cover letter
checklist:
- Short and sweet. This isn’t
your college thesis and potential employers don’t have
time to read a novel. Keep your cover letter to the point.
- Use bullets. Bullet points draw the
eye to the most important information.
- Credentials. Tell them why you would
be the perfect fit for the job. Point out how you’ve
solved problems or made decisions at prior
jobs.
- Contact information. Papers get
separated. Make sure your contact information is on the cover
letter. Try not to include any ridiculous e-mail addresses.
- In closing. Hurwitz said to have an
appreciative close to the letter. It shows you are grateful to
be considered for the position.
- Proofread. Spelling mistakes will
put you in the “no” pile fast. Spell check,
proofread, give it to someone else to proofread and then repeat.
There’s no room for
errors.
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Finance ...
5 things to think about with
insurance captives
The high-and-getting-higher
costs of insurance have prompted many nonprofits to look into
what is called captive insurance – forming their own
insurance company, either alone or as part of a
group.
Captives have been tried and
found successful in the for-profit sector, as well as by many
nonprofits. Coverage prices are based on members’ claims
histories and not on industry averages. Many captives have
returned dividends for shareholders.
All is not wine and roses,
however. Although captives offer a wide array of advantages,
there are still plenty of drawbacks. According to experts in the
field, the disadvantages to captive insurance are:
-
Initial outlay. A captive
might require a substantial investment up front, whether to
capitalize an in-house captive or to join a group. Recouping the
investment usually requires a long-term
commitment.
-
Soft markets. During the
cycles when commercial rates fall, the policies obtained through
a captive might be more expensive than the outside
market.
-
Administrative costs. A
captive will require internal monitoring, even if it is
participating in a group.
-
Misjudgments. Captives can
underestimate the reserves needed to cover losses, potentially
sticking the organization with a big bill.
-
Taxes. For-profit companies
often add potential tax breaks to the equation when determining
whether a captive makes sense. Nonprofits cannot use those tax
breaks. |
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Donors ...
Listen to the dreams of your
donors
Have you recently listened to the dreams of
your donors? Not the dream where they arrive at the office in
nothing but their skivves. The dreams of what they would like to
accomplish through their philanthropic efforts.
Kay Sprinkel Grace, CFRE, a San
Francisco-based organizational consultant, explained that
nonprofit development professionals should be dream brokers for
donors at the Bridge to Integrated Marketing & Fundraising
Conference, in National Harbor, Md. Development professionals
need to change their dollar-driven approach to that of a dream
fulfiller.
Here’s how you begin to
change:
- Can’t slow down. The world is getting
more hectic than ever, according to Grace. Nonprofit development
professionals have to get used to the new pace.
- Keep up with tools. Technology is advancing
and you need to feel confident with these new tools.
- Meet the need. Don’t focus solely on
the nonprofit’s need for sustainability. Focus messages on
the organization’s impact for the donor.
- Listen to your donors. Donors don’t
want the same treatment. Some will want a direct mail piece
every month while others will want an email every week. Pay
attention to how your donor would like to
communicate.
- Sell the idea of the mission. Your
organization should not be a roadblock to effective change,
according to Grace. Let your donors think of the organization as
a solution, not another problem.
- Can’t have an iron grip. More and
more, donors are taking action on their own without going
through the organization. Don’t squash that enthusiasm
because you want a hold on your brand.
- Set in your ways. If your organization is
unwilling to change with the times, you face losing some donors
to organizations that are revolutionizing their tactics. If you
can’t fulfill a donor’s dream, they will find
someone who will.
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