Club Leadership Workshop Scholarships and Fundraising June 2, 2007 Presented by Denise D’Allura...
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Transcript of Club Leadership Workshop Scholarships and Fundraising June 2, 2007 Presented by Denise D’Allura...
Club Leadership Workshop
Scholarships and Fundraising
June 2, 2007Presented by Denise D’Allura and Sondra Fonville
Major/Special Gifts
Annual Gifts
Event-driven
Small Number of
Donors;
Larger Gifts
Larger Number of Donors; Smaller Gifts
Largest Number of prospects Supporting Club Activities; Smallest Amounts of Support
Encourage awareness and philanthropy to scholarship efforts
Partner with “Development”
Renewal and upgrade of current donors
Club Scholarship Fundraising Model
ZZZZZZZZZZZ…..
Okay the Pyramid is a little Dull
Let’s talk Courtship!
Stage 1.
Meeting the right person
“Loves kids, dogs, and Grandma”
Translates to:
“Has a passion for scholarship and has capacity to give”
Practical Tips for Clubs
‘Work’ Your events Look for those with interest Gauge Capacity
Diverse events attract diverse pocket books
The best prospects are not always the obvious ones
Stage 2:
Showing your best side
Talk about the things that will gain their interest
Practical Tips for Clubs
Build Awareness
It is about the students
Use your tools
A Few Case Points
Nearly 50% of undergraduate students at the U-M receive need-based financial aid;
Poor students less likely to apply; 14% report family earnings under $50,000Are we competitive?
Out-of-state tuition is approximately $40,000 Close to the yearly cost of out-of-state Ivy League institutions & $10,000
more than the cost to attend Ohio State. U-M students borrow more than the national average
Unmet need for non-residents has increased from a low of $922 to over $11,000 a year.
Endowment dollars per student than many of competing institutions: Princeton $1.492 million/student Harvard $1.147 million/student Yale $1.2 million/student Northwestern $276,000/student Duke $205,000/student U-M $76,800/student
Asking for a date
TextingE-mailPhone CallFace to FaceSpecific time and PlaceCatered to your dates interest
Stage 3:
Dating
Some will be winners, some will be losers, and some will be friends for life
Translates to:
Some will give, some won’t, and among those you meet there will be a big giver
Practical Tips for Clubs
Acquisition ‘Dating’ can be expensivePersonal/genuine is betterWe can help by:
Involving the Office of Annual GivingGiving you advice on your solicitation pieces
Renewing is easier and cheaperUpgrading should be easy with the right
stewardship
Stage 4:
Really getting to know each other
Practical Tips for Clubs
Develop a Strategic but Genuine Approach in collaboration with AAUM Development
Cultivate by Involve
Involve with Students In fundraising Giving Advice and feedback
Thanking Understand their interests Coordinate with On-campus interests
Stage 5:
The Proposal
No one should be surprised when you pop the question!
Asking for a big gift shouldn’t be any different
Practical Tips for Clubs
If done right it should feel like an audit or a root canal but be a genuine progression of the relationship
Your job doesn’t end here, stewardship is Critical
A gift is the beginning of a life long relationships
Big gifts are not always about Cash, there are many creative ways a person who wants to give can give
It will work!
A case study: “Jose Approach”Club volunteers leveraging their networks ‘All about the Students’Continued Communication
Results Year 1
Results April 2006-2007
Gift Level # of Gifts Total
$250 96$8,430
$499 28$7,600
$999 15$7,750
$2,499 11$11,500
$4,999 3$7,500
$9,999 2$12,500
$10,000+ 3$80,360
158$135,640
96 Gifts 6% of Money
57 Gifts 26% of Money
8 Gifts
68% of Money
Smaller Gifts Led to Big Gifts
Year 2
Already raised $45,000Including a $10,000 and $25,000 gift Cultivation in process for at least 2 new
major prospects
How we work together
Major/Special Gifts
Annual Gifts
Event-driven
Small Number of
Donors;
Larger Gifts
Larger Number of Donors; Smaller Gifts
Largest Number of prospects Supporting Club Activities; Smallest Amounts of SupportEncourage
awareness and philanthropy to scholarship efforts
Partner with “Development”
Renewal and upgrade of current donors
Club Scholarship Fundraising Model
Gift Processing Logistics
All gifts should be processed individually through the AAUM* Made payable to University of Michigan Ensures Receipt and Tax Deduction for individual Credit towards University Recognition
Events Must deduct the fair market value of attendance to
get the tax deductible portion Must provide disclosure if payment is greater than
$75
Awarding Scholarships
Now you have the Money
how do you award it?
Working Financial Aid 101
Awarding Your U-M Club Scholarships
The “Honeymoon”How Need Based Aid is determinedTreatment of UM-Club Scholarships in
the Financial Aid “Package”Tips for Selecting and Awarding
Scholarships to StudentsKeeping Track of Your Scholarship
Account
Determining Need-Based Aid
Financial Aid Programs were created with
the idea that the primary responsibility for
paying for college costs rests with the
student and his or her family. Need-based
financial aid is available to families who
demonstrate a need for additional
resources to help pay college costs.
Determining Need-Based Aid
The formula used to determine whether a
student is eligible for need-based aid is:
Cost of Attendance
- Expected Family Contribution (EFC)
- Scholarships/Other Resources
= Need For Aid
Treatment of U-M Club Scholarships in the Financial Aid “Package”
Scholarships recognize outstanding academic achievement and they improvethe overall quality of the financial aidpackage. Although scholarships are included as a resource when determiningeligibility for need-based aid, they cannonetheless reduce the need for a studentto borrow or work.
Treatment of U-M Club Scholarships in the Financial Aid “Package”
Scholarships are first, used to meet any
gap between the cost of attendance, how
much the family is expected to pay and
the financial aid offered. Next, they will
reduce the amount of need-based loan or
work-study.
Treatment of U-M Club Scholarships in the Financial Aid “Package”
Resident Student
Total Cost of Attendance $20,973
Expected Family Contribution - 10,701
Gross Need $10,272
Treatment of U-M Club Scholarships in the Financial Aid “Package”
Resident Student Aid Package Using 2006-2007 Figures
EFC $10,701Grants 2,199Federal Work-Study 2,500Federal Loans + 5,573* Total Aid = $10,272
= 20,973
If this student received a $2,500* scholarship, Federal Loans would be reduced by $2,500.
Treatment of U-M Club Scholarships in the Financial Aid “Package”
Non-Resident Student
Total Cost of Attendance $40,381
Expected Family Contribution - 10,701
Gross Need $29,680
Treatment of U-M Club Scholarships in the Financial Aid “Package”
Non-Resident Student Aid Package Using 2006-2007 Figures
EFC $10,701Grants 7,999Federal Work-Study 3,000Federal Loans + 7,500 Total Aid = $18,499
= 29,200
If this student received a $2,500 scholarship, aid would notbe reduced. The scholarship would go towards the gap ofunmet need.
Treatment of U-M Club Scholarships in the Financial Aid “Package”
Suggestions for Scholarship Amounts?
Resident Students $2,500
Non-Resident Students $3,000 - $5,000
Tips for Selecting and Awarding Scholarships to Students
U-M Clubs approach the scholarship
process in a variety of ways; however,
many request student rosters to identify
the students from their area.
Tips for Selecting and Awarding Scholarships to Students
There are two ways to request a roster:
1. The Alumni Association Roster Request
Form at: http://alumni.umich.edu/recruitment/roster-request.php
2. Contact your Office of Financial Aid Liaison
Tips for Selecting and Awarding Scholarships to Students
There are Important Things to Understand When Requesting a Roster
1. Student’s admission status
2. Timing of your request
3. Available information
4. Roster “Quirks”
Tips for Selecting and Awarding Scholarships to Students
Admission Status
The Office of Financial Aid only includes
admitted students on the rosters we
produce. There are basically two “types” of
admitted students.
1. Admitted
2. Matriculated
Tips for Selecting and Awarding Scholarships to Students
Timing
Timing is important for two reasons:
1. Students may or may not appear on a roster based on their admission status at the time a roster is requested.2. Based on the type of scholarship you are awarding (Merit vs. Need criteria), timing can make a difference in when you may want to
request your roster.
Tips for Selecting and Awarding Scholarships to Students
Available Information
Typically, only contact information is provided on rosters. This information includes names, addresses, phone numbers and email addresses. We are often asked to disclose the need of Individual students, and while we are unable todo this, we can rank students according to need.
Tips for Selecting and Awarding Scholarships to Students
Roster “Quirks”
Addresses and Zip CodesVerifying NeedChanges in Admission Status
Keeping Track of Your Scholarship Account
Annual Reports are available. Please
contact your liaison if you are not currently
receiving one, and would like to. We hope
to have a better system for reporting in
place in the near future. Until then, please
ask, ask, ask if you need anything.
Contact Information
Office of Financial AidUniversity of Michigan2011 Student Activities Building515 E. Jefferson StreetAnn Arbor, MI 48109-1316(734) 763-4119Angie Grunow [email protected] Brussulo [email protected] Fonville [email protected] Hermsen [email protected]