May 2, 2002 | Read Time: 1 minute
Hidden Gold: How Monthly Giving Will Build Donor Loyalty, Boost Your Organization’s Income, and Increase Financial Stability
by Harvey McKinnon
In this book, Harvey McKinnon, a fund-raising consultant in Vancouver, B.C., encourages charities to use monthly giving programs. He says such efforts draw increased donations from current donors and reduce the rate of donor attrition more than other methods of fund raising, such as frequent direct-mail appeals.
In monthly giving efforts — sometimes called donor clubs — donors agree to make regular gifts to an organization, usually in the form of automatic checking-account transfers, credit-card payments, or payments mailed in response to monthly statements.
Mr. McKinnon, who has helped U.S. and Canadian organizations start monthly giving programs, says many fund raisers are skittish about starting one because they believe donors aren’t committed enough, that such programs won’t make a substantial difference in the amount of money raised, or they lack the resources and staff time. He challenges each concern with anecdotal examples and solutions to obstacles, advising organizations, for example, to start small by including a monthly-giving information box in their newsletter or using volunteers to recruit members. Mr. McKinnon estimates that 3 percent to 5 percent of donors to an organization will commit to a monthly-donor program.
After exploring the advantages of monthly giving, the book covers all aspects of creating, building, and expanding such programs, from collecting pledges to thanking donors to handling donors whose pledges lapse. It also includes illustrations of materials sent to donors, including sample recruitment packages and thank-you letters.
Publisher: Bonus Books, 160 East Illinois Street, Suite 300, Chicago, Ill. 60611; (312) 467-0424 or (800) 225-3775; fax (312) 467-9271; http://www.bonus-books.com; 208 pages; $39.95; I.S.B.N. 1-56625-122-2.
