Webinar Q&A: Transform the Way You Research with the First-Ever Foundation and Company Screening Technology
In June 2021, iWave announced the industry’s first Foundation and Company Screening technology. While wealth screening for individuals has been available for decades, no technology provider has ever been able to provide a screening solution for institutional donors, until now.
The first of its kind, this screening technology enables nonprofits to secure more grants and gifts by accelerating and transforming their foundation and corporate fundraising efforts. We hosted a webinar to show iWave’s Foundation and Company Screening in action and share how it will support nonprofit’s foundation and corporate fundraising strategies like never before.
Here’s a sneak peek of the webinar:
Here are some Q&A from the webinar:
How does iWave calculate giving capacity for organizations, and is it the same formula for both charitable and corporate organizations?
Capacity is an estimated five-year dollar amount of what an individual or institution could potentially give to the nonprofit industry as a whole. We look at Donations and Grants Awarded information from the last six years and multiple it by five. Capacity ratings for foundations or companies are based on the capacity calculation above and how it relates to the capacity scoring preferences the client has set up for Foundation and Company Screening.
Does this feature integrate with my CRM?
Not yet! This feature is not currently supported by iWave’s integrations, but we are currently working on this and will have it available at a later date.
What information do we need to provide in order to perform a screening project?
To increase the quality of information returned in your screening, you should provide: Institution Name, Street Address, City, State/Province, and ZIP/Postal Code. In addition, you can also provide more information like website, DUNS, EIN etc. Please note: iWave does not use or share any of your internal giving data.
How do we find new prospect institutions? Can we do a search for companies that give to organizations like ours in iWave?
If you don’t have any names in your database, there are many ways to search and learn more about foundations or companies and the people connected to them. For example:
- visit your local library and explore listings of nearby foundations so you can determine who gives to them or to whom the foundations themselves tend to give
- build a list of foundations or companies that have funded similar organizations in your home state/province or nationally
- perform a reverse search by making a list of nonprofit organizations that are similar to yours and then researching those organizations to determine which foundations or companies fund them
If you do have names in your database, iWave offers access to data sources like Donations (Verigift) that allows you to search by donor type (Foundation, Company) and by category code which will help build lists of organizations that donate to nonprofits similar to yours. Also, ZoomInfo and Dun and Bradstreet can be used to look at companies covering different types of industries that may relate to your cause. As well as Guidestar and Canada Revenue Agency that can be used to discover which foundations are awarding grants to similar organizations.
This information can help you: Determine an appropriate ask based on past giving to other organizations; Build a list of charities with potential to give to your cause based on a number of search filters; Understand what causes your prospect is passionate about (what foundations they’re affiliated with); Search by an individual’s compensation from the foundation to identify high capacity donors; and Find out how to apply for grants.
Do we need to use a corporate headquarter address or can we use a local branch or regional office address for screening?
Depending on what you are looking for, we have data sources that provide both headquarters addresses and local addresses.
Does the corporate giving data take into account potential variations on company names (Pepsi, PepsiCo, etc…?)
Yes, to an extent. If there are spelling errors we do match on address as well so if you have a match on address that can override the name variation.
Is there a limit to how many we can screen?
No! There is not a limit to how many foundations/companies you can screen in iWave. Screens included within your subscription package, or purchased in bulk, can be used for individual or institutional screening.
If we purchase, is training included?
Yes, with all of our new features and add-ons, unlimited training is always available at no additional cost! Please speak with your Client Success Manager to discuss training options. You can also read our Foundation and Company Screening product guide, or watch our webinar!
How much does this cost?
If you would like to add this feature to your iWave subscription package, please contact your Client Success manager, or book a personalized demo to learn more today.
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