Philanthropy: Benefits to schools and how to make it a success

Philanthropy has played a significant role in supporting schools all around the world. In countries where independent and boarding schools rely heavily on philanthropic donations for building programs and recurrent funding, it’s been the difference between keeping the doors open or shut.

While the use of philanthropy by Australian schools is lagging behind its overseas counterparts, it can be a crucial and winning strategy. But the disparity between schools that find success and those that don’t often depend on the attitudes Business Managers and Principals have when using it.

How philanthropy can benefit schools

Philanthropy can help schools by raising additional funds through charitable contributions towards important projects, developments and initiatives. It is a useful alternative for schools looking to undertake projects such as new student facilities and programs without the need to rely solely on parent fees and contributions like building levies.

According to Richard Stokes, CEO of the Australian Boarding School Association, schools in both the UK and US have been incredibly successful using philanthropy to generate large sums of money by attaching naming rights and other privileges to donations.

However, Richard notes that foresight in exploring alternative ways to secure funding and proactive thinking is often the key difference in achieving the best outcome. Old students, or past alumni, are a critical area of focus that is often overlooked but can contribute significantly to a school’s funding. The schools that embrace philanthropy early, while also telling good stories and providing personalisation opportunities to engage other potential donors, are put in the best position to succeed.

What is the best way to approach philanthropy?

Having the right strategy can mean the difference between success and failure in a school’s campaign for philanthropy. Here are some of Richard’s top tips:

Start Early: Schools should start planning and building relationships early to increase their chances of success in philanthropy efforts.

Build Relationships: Schools should focus on building strong relationships with parents, alumni, and past students, who can provide a critical source of funding.

Tell Good Stories: Schools need to effectively communicate their mission and the impact of philanthropy through compelling stories to engage and inspire donors.

Be Strategic: Schools should have a clear strategy in place and think outside the box to find new and innovative ways of raising funds.

Consider Estate Planning: Schools can explore opportunities for alumni to include the school in their estate plans, which can provide long-term funding.

Learn from others: Schools can learn from successful international examples, such as the U.S. and UK, to find inspiration and ideas for their own philanthropy efforts. Interesting example: https://www.christs-hospital.org.uk/.

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