The Influential Nonprofit: Episode 129: Mitch Stein: Unlock Donor-Advised Funds
Mitch is a social entrepreneur, community builder, and impact innovator. He is currently the Head of Strategy for Chariot, a Donor-Advised Fund solution for nonprofits to solicit, maximize, manage & steward DAF donors and their gifts. He previously founded a nonprofit marketplace and community called Pond after leaving his role as a VP on Goldman Sachs' Technology Investment Banking team. He's a long-time board member at The LGBT Center of NYC and an active alum of the Startup Leadership Program NYC.
Through the Chariot App, donors with donor-advised funds can now log into their accounts and send grants directly to nonprofits on their websites, eliminating the need for wire transfers or mailed checks.
Donor-advised funds are money that’s already there. We have to strive to make the process easier and more efficient so that people are better equipped to give to the causes they care about without any hassle.
Ask the board what things they are interested in doing for the organization. A lot of people in the nonprofit space feel underutilized and by tapping these people, you’ll be able to get them to be more engaged and invested in the work that the organization is doing.
The first step to getting more donor-advised fund fundraising is just to learn a bit more about it. The first step to getting more donor-advised fund fundraising is just to learn a bit more about it. Getting yourself familiar with those statistics and information will make you way more confident to bring that up in a conversation with a donor
There's $230 billion sitting in these vehicles called donor-advised funds. That means money that has already been set aside for charity, the only way it can be used is for charity, and yet this money is sitting there and not yet helping an actual operating nonprofit organization.
One of the big innovations of doing this through your own system is you capture that donor name and email immediately so you're not hunting down trying to figure out who this check came from, you can thank them appropriately right away and steward them accordingly.
Through a better engagement of [board members], you're going to get them more, even like a better fundraiser, they're probably going to contribute more to your organization financially because they feel personally more invested with their time and how they're sharing their talents with the organization.
Reach out to Mitch Stein at:
Website: www.givechariot.com
LinkedIn: https://www.linkedin.com/in/mitch-stein/
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