WHAT’S IN A NAME?Named gifts are one of the best tools development officers can have in their fund-raising arsenal. They provide an opportunity to recognize a generous donor in a symbolic way. They can often be used to leverage the size of a gift, and by their example, they can entice other prospects to consider naming something of their own. For the donors, named gifts offer an opportunity to link their names--or those of friends, colleagues, or loved ones--in perpetuity to something of specific interest to them. There is no more meaningful way to honor a life than by a gift that continues to benefit others. Named gifts are nothing new; they have been around for centuries whether in honor of living individuals or in memory of those who have passed on. At one institution with which we were involved, members of the development staff informed us that named gifts just wouldn’t sell—that their alumni were too practical, too unassuming, and would shun the limelight that such gifts engender. By the time their capital campaign ended, almost every available space in the major building objective, a new Campus Center, had someone’s name on it—including members of the faculty and administration. Ideally, these gifts would offset the expenses associated with what they are to be named, e.g. the full cost of a facility or enough interest from an endowed gift, e.g. a professorship, to pay the full salary of the individual concerned. In truth, however, this is seldom the case. There is no pat formula for the amount needed for naming rights. The costs will vary depending on a number of factors, including the attractiveness of the objective e.g. where a facility is located (is it on the main or basement floor?), the financial capability of the donor, and—more often than not--just what the traffic will bear. In the case of facilities—naming an entire building--most organizations look for at least half the total cost. Naming rooms within often start with the dollar per square foot and are then adjusted for their attractiveness. Named gifts are also ideal for public relations purposes. Buildings offer great news and photo opportunities as ground is broken or a grand opening occurs. Highlighting donors and their families—or other named individuals-- brings the personal touch and a great example for others to follow.
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August 2010:Archived Newsletters |
