Fundraiser-in-Chief
Fundraising is one responsibility college presidents can’t delegate.
Presidents can delegate almost every other responsibility to cabinet leaders. But the most experienced and effective chief advancement officers will tell you that there are some asks that only the president can make. They’ll go on to say that an institution’s fundraising capacity is limited or enhanced by the president’s comfort with and competency in asking for money. Fundraising success is personal, and it is measurable.
With shrinking student-generated revenues in advance of a demographic cliff that will decimate enrollment, diversifying revenue streams is essential. Perhaps that’s why 65% of presidents surveyed for Deloitte’s 2017 Pathways to the University Presidency Report ranked fundraising among the top 3 most important responsibilities.
“Fundraising, in particular, is essential from a president’s first day in office, according to the survey, and only grows in importance over time in the position.” – Deloitte
Most Presidents Unprepared for Fundraising
The problem is that most presidents are not prepared for one responsibility that they can’t delegate. The same survey found that presidents need the most help in fundraising.
“Where there is agreement among presidents—no matter the size of the institution or their tenure in the position—is on the outsized role fundraising plays in their job and how many of them still feel unprepared for it.” - Deloitte
Deloitte’s findings were corroborated by Inside Higher Education’s 2019 survey which found that fewer than half of first time college presidents felt prepared for fundraising.
The good news is that you’re not alone if you feel overwhelmed by this set of responsibilities. After all, most college presidents are experts in other important areas of academic leadership. It’s not uncommon to be unprepared for this part of your role. But if left unaddressed, it could limit your presidency and future opportunities.
3 Steps to Becoming a More Effective Fundraiser
The better news is that you can improve both your comfort level and your competency as a fundraiser. No matter your background and personal pathway to your current presidency, there are 3 steps to becoming The Development President your college needs you to be and that your board expects you to be:
Assess your fundraising responsibilities and challenges.
Align your limited time, staff and budget with the most effective strategies.
Achieve your fundraising goals to realize your vision.
Key Performance Indicator
Fundraising and enrollment are two areas of accountability that are measurable and periodic. Almost all other non-financial success metrics for college presidents are subjective. And those accomplishments often depend on having sufficient revenue. This is one area of professional development presidents can’t ignore.
You were selected for the many other gifts you bring to institutional leadership. Don’t let those be overlooked or undervalued by ignoring this one opportunity for growth that you share with most presidents.
When you’re ready for an experienced guide to walk you through these 3 steps, call me.
In the meantime, Download: 3 Things Every College President Should Know About Fundraising.
With over 25 years of senior-level education leadership experience, including as president and vice president for advancement, David Rowe is a senior consultant with the Association of Governing Boards, executive coaching and mentoring practice lead for Registry Advisory Services and the CEO of The Development President.