Nonprofit organizations offer a variety of ways for individuals to be involved. But only one outlives all those involved. A Named Gift.
The gravity of trading a significant portion of one’s wealth in exchange for long term family name recognition on a lecture hall,walkway, building or even an entire institution is enormous. What are appropriate expectations for the donor and the institution? How will promises be kept after the parties involved are gone?
These are also gifts which can transform an institution. And for that reason, determining the value of naming opportunities is extremely important since the decisions can be as permanent as any we ever make.
Terry Burton, author of “Naming Rights: Legacy Gifts & Corporate Money,” tracks these gifts at the Major Gift Resource Center of his own firm, Dig In Research. He works with institutions to determine the market value of gifts and gathers information on how to market these special, once-in-a-lifetime opportunities.
I interviewed Terry to hear his thoughts on the phenomena in advance of a webinar he is conducting on “Making Money on Naming Rights” this Thursday, October 13…