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Fundraising Today and Tomorrow: An Interview With Bob Miller, VP of Advancement at Loyola Academy

This series of short conversations with advancement leaders gives us a peek into exciting new projects, their thoughts on the challenges facing our industry, and a vision of the future of fundraising.

Bob Miller
Vice President of Advancement at Loyola Academy

Tell us who you are in 50 words or less.

I’m driven by the idea that my work makes an impact. When I look at what I’m doing, I could be selling soap or insurance or financial products, but I chose this line of work because the impact of what I do can be generational.

What’s one thing you’re working on now that excites you and why?

I come to work every morning thinking about the school’s strategic plan and how my team can provide funding for that plan to come to fruition. We have a lot of capital projects, endowment needs, and current financial aid and participation levels to work on. How do we get the message out there? How do we maintain relevancy to young alums? All of these things form an ongoing conversation with our alumni, current parents, and graduates’ parents about the school’s mission and how we’re hoping to fulfill that for current students and the next generation.

What’s the biggest change you’ve seen in advancement during your career?

The pyramid has gotten tighter. There is greater wealth in a smaller number of hands, so we are obviously paying attention to that.

We also pay attention to how we talk with our donors. When I first started in this industry, the primary means of solicitation were letters and phone calls. But now we’re seeing a shift towards digital communications—social media, email, and our website—and how we’re using each to grow our brand. This change is a good thing. If you want to tell a story visually, you can do that more easily and effectively now than you ever could before.

What’s your biggest challenge at the moment?

Instituting a culture of giving.

There are three ways for schools to make money: operating revenue (tuition), endowment, and fundraising. It’s a three-legged stool that doesn’t work well on only two legs. For example, you start to see diversity or cultural issues bubble to the surface when the budget is fully funded through tuition.

So, my biggest challenge is creating a culture of development and fundraising. I’m thinking, “How do I train a board of directors of successful men and women—many of whom are just being introduced to the concept of peer solicitation or being asked to make a gift for the first time?”

 

I’m also thinking about this when it comes to faculty and staff. I want a math teacher who comes in and thinks about teaching complicated subjects to students. But at the same time, I want teachers to be willing to create space if the development guy wants them to look into a camera and say, “Thanks,” without him having to say something crass like, “This is how we pay your salary.”

We need to explain, internally, the impact of giving on our school through the quality of facilities, the diversity in the student body, and the opportunities available for all. We do this by looking for ways to creatively engage different departments on campus, whether it’s partnering with the principal’s office to fulfill their wish list or including stories about teachers in videos or emails.

Check out this inspiring video from the Loyola Academy annual giving webpage:

 

Top-down leadership also helps tremendously in this area. Silos persist without the right guiding tone, but you can “manage up” by asking your boss or board chair to help provide direction to establish and spread mission-focused behavior that keeps all departments working in step.

A culture of philanthropy comes through a shared sense of engagement and inclusion. Think of it like a road trip: On a cross-country drive, everyone takes a turn at the wheel to get you where you want to go. Everyone has something to contribute.

Picture the advancement industry 10 to 15 years from now. Where are we headed?

Right now, I’m hiring an associate director of stewardship and prospect fulfillment. Donors are becoming more and more savvy, and they have more choices than ever for their giving. Organizations that can demonstrate the “big three” are going to do a good job:

  1. Express gratitude for what people have done for the school (at any giving level)
  2. Recognize donors for what they’ve done
  3. Constructively demonstrate the impact of their gift

 

Doing these three things well will keep people engaged at the end of their pledge or your capital campaign. People want to know that their money was spent responsibility, that it made an impact, and that the organization was grateful for their support—so I’m looking to hire a donor advocate. I want a person who’s going to wake up and ask, “Who gave yesterday? How did we recognize them? How did we share their impact?”

The more sophisticated that organizations get with demonstrating impact, the more they will create lifelong partnerships with donors. Until you master those three stewardship values, you’re never going to get the school to where you want it to be.

 

This interview was conducted by Mike Nagel, associate director of advancement communications at Phillips Exeter Academy. If you enjoyed this article, check out his interview with Kevin Noller, assistant vice president for major gifts at Villanova University.

Endowment Spending & Growth Calculator

Enter your fund's current value and adjust the return, spending, and inflation sliders to see how its value in today's dollars changes over time.

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4. Continue to Steward Donors

Your relationship with the donors who give to your endowment doesn’t end when you secure their gifts. Because your endowment exists to make a difference in the long term, your supporters will want you to keep in touch about its progress. Ongoing stewardship means keeping donors updated about your endowment’s performance and impact. A report that strengthens your relationship with donors should cover:
  • The fund’s balance at the start and end of the year
  • Spending amounts and allocations
  • How the fund’s returns compare to your investment targets
  • A short narrative detailing the specific impacts the endowment achieved
Create a report for each endowment rather than sending an identical document to everyone. A donor who endowed a scholarship wants to hear about the students it supported, while a donor who endowed a building fund wants updates on construction projects.

5. Upgrade Your Endowment Management Tools

Your endowment management tools should make applying your spending policy across every fund easy. Investing in dedicated software is especially useful as your endowment grows. Handling unitization in spreadsheets might work for a few funds, but as you begin to manage dozens or hundreds of gifts, dedicated software can save your team time spent manually calculating gains and losses for each one.

Why Nonprofits Need Dedicated Endowment Management Software

Dedicated endowment software brings accuracy and consistency to every part of the management process, from tracking individual funds to improving security. See how these solutions compare to a spreadsheet-based approach: nfographic table outlining the information below.

How These Methods Compare:

In managing your endowment with traditional spreadsheets, you may see:
  • High administrative burden: Manual entry across disconnected systems
  • Limited security and audit footprints: Reduced version control and audit trail visibility
  • Difficulty with donor transparency: Spreadsheets provide only static data that is difficult to turn into custom results.
By using dedicated software, you are likely to find the following improvements:
  • Lower administrative burden: Automated fund tracking and calculated allocations
  • Enhanced security and audit footprint: Audit-ready reconciliation with clear tracking
  • Greater donor transparency: Connects with reporting platforms
Dedicated endowment management software keeps your organization compliant while freeing up the time your team once spent manually managing spreadsheets.

Secure Your Endowment with Balance by EverTrue

Effective endowment management begins with excellent accounting. Balance by EverTrue handles unitization, applies spending rules, and produces audit-ready reports, so your team can spend more time on the donor relationships that built the fund in the first place.
  • Turn your data into a clear picture of long-term impact. Combine accurate fund accounting with donor reporting that showcases impact.
  • Connect with the tools you already use. Pair Balance with Impact by EverTrue and ODDER by EverTrue to create and deliver compelling digital endowment reports that you can send to donors with ease.
  • Know where every fund stands in real time. Check market values, gift history, and available spending for any fund. Then, share view-only versions with your team, so everyone stays informed.
With Balance, your team can stop spending all your time on manual management and instead add balance to your endowment workflow.

Additional Resources

To learn more about managing your endowment and other ways that technology can help your organization, check out these additional resources: Less stress, higher endowment funds. Discover how Balance provides the organization, security, and accuracy your endowment needs. Request a demo.
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