New research firms like Xapien and Wealth-X are being tapped to ensure philanthropic donations are scandal-free. Experts chime in on the topic.
For decades, the Sackler family bestowed tens of millions of dollars on hallowed universities and museums in the United States, the U.K., Europe, and Asia. extended to Harvard, Yale, Princeton, Peking University, the Metropolitan Museum of Art, the Guggenheim Museum, the American Museum of Natural History, the Louvre, the British Museum, the Tate, the Victoria and Albert Museum, and the Serpentine, to name a few.
In the past, prospect research was a laborious task that required scouring libraries and public records. As the internet grew, information became more available, bringing with it an enormous bank of data. But for many, vetting the source behind each and every donation just wasn’t financially feasible; while anyone can do a Google search, it can be both limiting and overwhelming. “The information is out there, but it’s very hard to find it, distill it, and make use out of it,” says Secretan.
Wealth-X launched 14 years ago with three people out of a WeWork; it now has some 4 million profiles of wealthy individuals in its database. During Garcia’s decade-long stint advising companies, he claims to have helped avert countless PR nightmares. He remembers taking meetings with clients in Washington, D.C., who were intent on naming Elizabeth Holmes from Theranos to their board of directors.
There’s also the issue of money spent making the scandal go away. “That’s where I think the due diligence of looking into who your donors are is also important,” says Austin Vogt, prospect researcher for Mercy for Animals, a Xapien client. Crisis-management PR can create a huge financial strain on organizations. “You may be accepting money, but then you would have to spend money after the fact,” says Vogt.
I think there’s a need for conversation rather than canceling. How do we have a conversation with the funder?Museums and universities tend to have broader aims and constituencies than issue-focused nonprofits. Even so, in recent years, more and more donors and board members have been targeted.
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