Last week we looked at the different funding sources for nonprofits..

We will now look at each type of funding, starting with Individual Donors. Most nonprofits likely receive the greater percentage of their funding from individual donors.

Individual donors can make one-time or recurring donations. They also give online (websites, crowdfunding platforms, bank transfers, etc) and offline (fundraising events, auctions, charity walks, in-person, etc).

They also vary according to the size of their giving, from regular donors (e.g. who give N20,000 to support a soup kitchen or a friend’s NGO) to major donors.

Major donors may give less frequently but their gifts are significantly larger. What’s considered a ‘major gift’ depends on the organization. For a large and established organization, this can be a six-figure gift, whereas for smaller nonprofits, this might be N100,000.

All nonprofits want these type of donors and you should strive toward this, however this requires some effort to cultivate relationships with them first or with people within their networks. To secure a large donation, you usually need to attend a number of meetings, invite the potential donor to your office or to meet your Board and provide frequent and relevant updates. If possible, consider appointing a team member to work with major donor leads.

Prospecting for large donors also means that you need to have your stuff together i.e. you are actively running programmes, documenting their benefits and impact, keeping transparent and impeccable financial records, among others.

What has your experience been cultivating large donors? Have you had success in this area or perhaps you struggling in this area? Please share in the comments.