No Budget For Paid Research Resources? This is for you!
This week we welcome HBG Senior Researcher Heather Hoke to share her knowledge on the blog. Every year, nearly a third of attendees at our professional association conference are brand new to our field. The Apra conference in July is one of the best places for new researchers to find in-depth training and unparalleled opportunities to network, test-drive critical resources, and learn from experienced colleagues. If you don’t have the budget this year but still need information to get you started, Heather’s article will help launch you with lots of advice and resources.
I have been a development researcher for more than 15 years and have had the opportunity to meet many new researchers starting out in our profession who need to learn the basics. It’s an exciting time for them, but our field can be a bit overwhelming.
I have met folks just starting out in a non-profit or educational institution with no prior experience or training on how to do prospect research to advance fundraising. And sometimes, to make things more difficult, there may be no researcher on staff to guide them. [Read more…]
Fear Of Missing infO
At some point in every new researcher’s life, they will get to experience the double-edged sword that is Researcher’s Guilt.
It’s that moment when you realize that you have spent (1) way too much time to (2) find a piece of information that you firmly believe must be out there – hiding. Behind some paywall. And now your report is sitting there. Unfinished.
It’s Prospect Research FOMO. Fear of Missing infO*.
It’s frustrating, disheartening, and maddening to have wasted time and feel that, at the end of the day, you just couldn’t make the Boolean logic deliver.
Especially when everything is online, right?
(Well, it’s really not, but that’s a different blog post). [Read more…]
Unstructured and very valuable
This week we welcome my colleague, Tara McMullen, to the blog-stage to talk about a type of data that’s particularly tough to wrangle, but totally worth the effort. Here’s Tara on the rewards to be found in digging through unstructured data (and some great places to find it).
In my work, I find myself constantly perusing social pages, local and regional news publications, and text-heavy lists and articles about wealthy and powerful people to try to pull out valuable “soft” information from these sources of unstructured data.
The information found in these sources is often invaluable in providing insight into a prospect’s relationships and connections, non-profit and civic affiliations, family members, neighbors, community groups, hobbies and activities (like golf or boating), and – of particular interest to those of us in the prospect development field – potential philanthropic interests. [Read more…]
Wealth events – a primer
Wealth events are the most significant financial occasions that can happen to a person in their life. They’re pretty interesting for prospect development pros, too, because they allow us to sharpen our pencils and get down to the math, create beautiful family trees, or follow really interesting stories in the press.
Most of the time, we won’t be able to find out the whole story. Sometimes, we’ll only be able to report that an event has happened in our prospective donor’s life, but without much more detail than that. Occasionally, the wealth event news we’re discovering won’t be positive, such as a bankruptcy. In rare golden moments, we’ll have a news report or transaction filing that shares everything we want to know.
So what are wealth events, anyway? [Read more…]
The Third Sector and the Fourth Estate
As a researcher, one of the things that has been most interesting to me over the recent few months is that I’ve noticed an increase in the number of articles relying on investigative journalism. Many larger newspapers have some sort of investigative unit, like the Boston Globe’s deservedly celebrated Spotlight Team.
But it’s been historically unusual to see skimcoat newspapers – that are more commonly slipped under hotel bedroom doors for business travelers – begin to do deep investigative research projects. It’s another reminder that that the information geeks of the world – we researchers – are the most important players speaking truth to power. [Read more…]
Doing Your Due Diligence
This is called due diligence research and it’s essential to protecting the reputation of the nonprofit. What the organization is doing is ensuring that there are no legal reasons why the gift may be contested or clawed back later. Or worse.
A nonprofit’s reputation is obviously important – if an organization becomes allied with …a despot, say, it risks years of damage and decreased support of every kind. They become that scarlet-lettered nonprofit that everyone remembers for being the de facto money-launderer for the drug ring. Not too many volunteer and trustee types (or donors)(or talented employees) want to be affiliated with that kind of organization.
Most organizations in the UK and Europe have a policy to do due diligence research at a relatively modest level (at least by major donor giving progam standards). The amount under consideration can be as low as £1,000 or €1,000.
Of course, we do due diligence research on this side of the Atlantic, too, but we are more likely to back into it. By that I mean that we’re not usually specifically looking for negative information to see if we want to be allied with a donor from the get-go. Many times the person or company or foundation has already been a donor at a certain level for many years, but now is interested in making a very large or transformational gift of some sort.
Sometimes the news just falls in our lap in the course of our usual prospect research. Like the time I discovered…well, never mind. Suffice it to say it was a yikes-bullet-dodged moment and the organization I worked for decided to let that relationship gently fade away into the night.
But let’s say you do need to do reputational research on a prospective donor. Where are the best places for you to go?
Some organizations decide to hire an outside firm that specializes in due diligence research. It can be expensive, but of course the avoidance of reputational damage is frequently worth the money.
Others ask their prospect research department (or HBG) to take a first crack at it to see if any immediate red flags appear. They can then decide how to move forward if worrisome details start to emerge, by either running the request up the flag to a due diligence firm or by deciding not to ask for the donation to begin with.
If you want to tackle the due diligence research yourself, here is a list of a few of our team’s favorite sources:
- Better Business Bureau
- Business press (Crain’s, American City Business Journals,)
- Datocapital – a database of 12.5 million directors of privately-held companies in 8 European countries
- ICIJ offshore database
- Lexis Nexis – there’s a specific area in LNDP just for this.
- Opensecrets.org – Donor database, nonprofit database
- Secretary of State’s business lookup database in the state a company is registered (MA provided here as an example)
- Social media – Twitter, Facebook, LinkedIn, Instagram, etc. (we use Mention.com to monitor these)
You’ll find tons more resources on our HBG Research Links page. What are some of your favorite sources for due diligence research?
This week I’m delighted to feature an article by Senior Researcher Rick Snyder, who shares his considerable knowledge on pulling at that tricky loose thread of compensation information. Rick’s main takeaway: It’s not just about resources (although he has a nice list of great sources to share), it’s also being mindful of how and when to use them, and how you might be able to ‘back into’ useful information by rocking back on your heels and coming at the problem in a new way. ~Helen
Many of us use research checklists as we do our work and use profile templates where we fill in the blanks. This allows us to be consistent and helps remind us to use all our resources. One by one, we work our way through the list.
Property value? Check.
Foundation affiliations? Check.
Non-profit and corporate board service? Check.
Compensation? Hmmm. [Read more…]
8 apps and sites every billionaire needs
Earlier this week, I was looking at my phone – and at all the apps I have and don’t use – and started thinking about how every person’s app collection looks different based on their individual needs and interests. I wondered how different my screen would look if I were a billionaire. (Hey, a girl can daydream). And so my journey of discovery began.
As I researched, I realized that many of the sites I was idly finding were actually useful for prospect research purposes. Which led me to abandoning my original mild curiosity and heading toward useful employment of my time, which is a good lesson in the power of daydreaming! [Read more…]
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