Making a Compelling Case for Scholarship Endowments
In this week’s news, Hamilton College (Clinton, NY) is adopting a “need blind” admissions policy; Hamilton expects over the next four years to add about $2 million to its annual financial aid budget. Initially, that additional expense will be borne by six trustees, who have each pledged $500,000 to seed the need-blind effort, and then from an anticipated $40 million supplied by capital campaign. While most institutions are not considering something on the scale of need blind admissions, many colleges are working to establish endowed scholarships or other financial aid through donor support. We asked Jim Langley, founder and president of Langley Innovations, and past vice president of advancement at Georgetown University, for advice on how to make the most compelling case possible to donors. A Sense of Shared Enterprise “Make sure that your donors and prospective donors know that this has to be a shared enterprise. You can’t reach the goal without their support.”Jim Langley, Langley Innovations Langley recommends framing your message to donors in terms of a shared enterprise. This entails a shift from “bucket-oriented fundraising” to “project-oriented fundraising.” In bucket-oriented fundraising, you set a dollar goal for a particular “bucket” (perhaps student aid) and ask donors who are giving to […]