Fundraising is often described as being about relationships, but how deep do those relationships go? Are you simply with your donors in the “living room” of casual acquaintance, or are you “in the kitchen,” where real conversations happen?
Recently, I had the chance to sit down with Mike Richey, the longtime Vice President for Philanthropy and Alumni Engagement at the University of Kentucky. Over the years, Mike has raised more than $2.5 billion for scholarships, faculty, and infrastructure. He shared some incredible insights that have shaped his legendary career in fundraising.
Building Relationships that Last
Mike emphasized one thing above all: fundraising is about long-term relationships. He told me, “I’m not in the living room with these supporters; I’m in the kitchen with them.” This struck me. To raise major gifts, it’s not enough to simply know your donors—you have to understand their personal and financial situations. You have to communicate directly and transparently, especially during difficult times.
Mike’s approach underscores the value of maintaining real, deep connections with donors. It’s about knowing their concerns, their stresses, and the issues affecting their businesses and families. This level of understanding fosters trust, which in turn leads to greater support, even in challenging times.
Navigating Tough Economic Times
We’re all aware that these are difficult times for fundraising. Rising inflation, economic uncertainty, and global crises have made it harder for nonprofits to reach their financial goals. But Mike offered reassurance: “This is not a time to fret. Nor is it a time to offer excuses. It’s a time to be encouraged.”
Mike’s advice is to focus on the strong foundations you’ve built with your donors over time. Even in economic downturns, your major donors will continue to give if they feel connected to your cause. Those relationships will sustain your organization during tough times.
Patience and Transparency
Mike also mentioned the importance of patience. In uncertain times, your donors may need more space and time to make decisions about major gifts. The key is to remain transparent and patient while making sure your communication focuses on the donor’s needs, not just your organization’s.
It’s during times like these that donors might begin to think about their legacy. Encouraging conversations about planned or legacy gifts could be a significant opportunity.
Opportunities in Uncertainty
Mike sees the current climate as an opportunity, especially for those fundraisers who can have real conversations with donors. “I’m not asking today,” Mike suggests you say, “but I do want your input on what we should be doing to serve our community and meet our goals in this time.”
This isn’t about asking for money—it’s about gathering insights and letting donors know that their wisdom is valuable. When they are ready to give, your organization will be top of mind.
Conclusion
To sum it up, Mike’s wisdom reminds us that fundraising is about building meaningful, long-term relationships. It’s about being in the kitchen with your donors, not just the living room. With transparency, patience, and strong connections, your organization can not only weather tough times but also emerge stronger.
