Women’s philanthropy and stewardship of donors of color are two important areas of focus in the nonprofit sector. Women play a critical role in philanthropy, as they make up a significant portion of donors, volunteers, and nonprofit leaders. Plus, in recent years, there has been a growing recognition of the importance of engaging donors of color and ensuring that their contributions are stewarded appropriately. In today’s podcast, Yolanda F. Johnson from Women of Color in Fundraising and Philanthropy and Stephen Halasnik from Financing Solutions discuss women’s philanthropy and stewardship of donors of color.
Summary
Women’s Philanthropy and Stewardship of Donors of Color
Women’s philanthropy is a significant and growing segment of the philanthropic landscape, with women playing an increasingly important role in charitable giving. Women’s giving has the power to shape the social, economic, and political landscape by supporting various causes, from education and healthcare to social justice and environmental issues. Women are also more likely than men to give to causes that affect women and girls, and their giving often reflects their values and concerns.
Stewardship of donors of color refers to the responsible management and engagement of donors from diverse racial and ethnic backgrounds. It involves ensuring that these donors feel respected, heard, and appreciated and that their giving is used effectively to support the causes they care about. Donors of color often have unique perspectives and experiences that can inform and shape philanthropic efforts, and their engagement can help to create a more equitable and just society.
In this article, we will explore these two areas of focus and their significance in the nonprofit world.
What Is Women’s Philanthropy?
Women’s philanthropy is the study and practice of women’s giving to charitable causes. It has become an important area of focus in the nonprofit sector, as women are increasingly becoming more involved in philanthropy. In fact, according to a study by the Women’s Philanthropy Institute, women now make up the majority of the U.S. workforce, control more than 50% of the country’s personal wealth, and are responsible for more than 80% of household purchasing decisions. As a result, they have significant power and influence in the philanthropic world.
One of the unique characteristics of women’s philanthropy is its emphasis on collective giving. Many women’s giving circles and networks have emerged in recent years, where groups of women pool their resources to make a collective impact on the causes they care about. These groups not only provide a way for women to engage in philanthropy but also foster relationships and build communities of like-minded individuals.
Another significant aspect of women’s philanthropy is its focus on social change. Women’s philanthropy often centres on issues such as gender equity, education, and healthcare, as well as supporting marginalized communities. Women are also more likely to support grassroots organizations and initiatives that work to create systemic change.
Stewardship of Donors of Color:
Stewardship of donors of color is another important area of focus in the nonprofit world. Historically, the philanthropic sector has not been inclusive of diverse communities. However, this is changing as nonprofits recognize the importance of engaging donors of color and ensuring that their contributions are stewarded appropriately.
Stewardship of donors of color involves:
- Building relationships with donors.
- Understanding their values and philanthropic goals.
- Ensuring that their contributions are used in ways that align with their intentions.
It also involves creating a culture of inclusivity and equity within nonprofit organizations.
There are several best practices that nonprofit organizations can follow to ensure that they are effectively stewarding donors of color. These include:
- Building relationships: Donor stewardship is all about building relationships. Nonprofits should take the time to get to know their donors of color, understand their values and interests, and engage with them on a personal level.
- Emphasizing inclusivity: Nonprofits should make a concerted effort to be inclusive and equitable in their operations. This includes everything from hiring practices to program design.
- Communicating impact: Donors want to know that their contributions are making a difference. Nonprofits should communicate the impact of their
- work in a way that is meaningful and resonates with donors of color.
- Providing transparency: Donors of color want to know where their contributions are going and how they are being used. Nonprofits should be transparent in their financial reporting and provide regular updates on their programs and initiatives.
The Bottom Line
Women’s philanthropy and stewardship of donors of color are critical in the nonprofit sector. Women play a critical role in philanthropy, and their influence is only going to grow in the coming years. Donors of color are also a vital part of the nonprofit world, and nonprofits must make a concerted effort to engage them and ensure that their contributions are stewarded appropriately. By following best practices and building strong relationships with donors, nonprofits can create a culture of inclusivity and equity that will benefit everyone involved.
Learn About Our Guest
Yolanda F. Johnson is a leader in fundraising, philanthropy and Inclusion, and Equity and Diversity. She has developed training methods for boards and leadership groups in effective fundraising strategy and in racial and gender equity, in addition to successfully launching fundraising and marketing initiatives. Her philanthropic work includes counselling philanthropists on where to direct their resources, and through her own YFJ Philanthropies, she personally gives back to causes supporting racial and gender equity and those with disabilities and the arts.
Learn About Stephen Halasnik
Stephen Halasnik is the host of the popular Nonprofit MBA Podcast. The Nonprofit MBA podcast’s purpose is to help nonprofit leaders and their teams. Stephen is the Co-founder and Managing Partner of Financing Solutions, a leading provider of loans for nonprofits in the form of a Line of Credit. Stephen is a best-selling Amazon author and is considered a leading authority on building great, purpose-driven businesses.
Stephen lives in New Jersey, and his top life mission is to raise his two sons, Michael and Maxwell, to be good men
