In our current economic environment, critical funding for an array of essential entities and institutions has dried up, leaving a momentous gap between budget needs and realities. Universities are certainly no exception to this phenomenon. Even Harvard is feeling the pinch.
The economic crisis has dominated the headlines since September 2008 and taken its toll on individuals and institutions alike. Few have been immune to the effects of a volatile stock market, low interest rates, rising unemployment, tight credit markets, and plunging real estate values.
WHEN IT BECOMES HARDER TO raise funds and the notion of success is coming up with just 90 percent of last year's revenues, fundraisers must get smarter--by better understanding their donors and the different tools and approaches to connecting with them.
It's too early to prescribe a tried-and-true methodology for meeting Donor 3.0 actively. There's still much change and experimentation happening, and each college or university will have to tailor its strategy to the peculiarities of that community.
As colleges and universities face the sobering realities of the economic crisis, one has to wonder: Is higher education approaching the perfect storm?