The Endowment Guilt: How to Ask for Money When You Have Money
Stop thinking like an institution. Start thinking like a friend. (Plus: 3 email scripts you can steal).
“How can we raise money? How can we expect people to donate money to us when we have an $80M endowment?”
Those were questions I found myself wrestling with during my time working in public media. I have since learned that this question isn’t unique to the organization I was with. It isn’t even unique to public media at all.
For many nonprofit leaders, having an endowment of any size triggers two powerful reactions. Guilt and overwhelm.
There is something expected and even poetic about being part of a struggling mission-driven organization. The work is hard. The margins are thin. The threat of financial collapse is real. Asking for support to “keep the lights on” feels honest and legible.
Endowments complicate that story.
Most organizations draw 3 or 4 percent annually. That is a sum that can easily reach into the millions.
But that immediately raises uncomfortable questions. Do you use it for current operations? Innovation? Growth? Do you try to grow the endowment itself beyond investment earnings?
And then the guilt creeps in. We feel like we already have enough. Asking for more starts to feel greedy.
To the staff, the question becomes even sharper. If we have so much money, why do we need more? And why can’t we spend more?
While these questions feel uniquely thorny in nonprofit media, they have been wrestled with and largely resolved in higher education. We don’t need to reinvent the wheel here.
Take Temple University in Philadelphia.
Temple is a state-related institution with an endowment of nearly $1 billion. Yet in the fiscal year that just ended, they raised $133 million. That was the best fundraising year in their history.
So how did they get past the question of asking people for money when they already had nearly a billion dollars in the bank?
The answer is right there in their campaign slogan: Made for More.
Temple doesn’t hide its stability. It leverages it. They didn’t pitch philanthropy as a way to keep the university afloat. They pitched it as an invitation to help build what comes next. One clear example is a targeted goal of raising $125 million specifically for scholarships. It was framed as a way for donors to create a lasting legacy rather than filling budget holes.
Crucially, they are transparent about how that money is used. Temple publishes an “Impact” newsletter that shows exactly where philanthropic dollars go. It covers everything from mental health initiatives to student scholarships.
Temple isn’t an outlier. Annual and capital campaigns are standard practice across higher ed because institutions have invested deeply in stewardship.
The University of Washington even publishes a Stewardship Guide for Chairs and Directors. In it, they define stewardship this way:
“Stewardship builds trust with our donors and creates the opportunity for future giving. Donors need three things from us in order to continue their support: a prompt and meaningful acknowledgment of their gifts; reassurance that their gifts are being used for the purpose intended; and a report on what happened with their last gift before being asked to give again.”
That last line matters most. A report on what happened with their last gift.
Not just a receipt. A letter. A call. A meeting. A story that shows impact.
And this is where many news organizations feel stuck. We are busy producing the news. We don’t have large development teams. Stewardship feels like one more thing we don’t have time for.
The answer is not more infrastructure. It’s a mindset shift.
Stop thinking like an institution. Start thinking like a friend.
At its core, stewardship is just a professional word for a relationship. Think about how friendships work. You stay in touch. You share what’s going on in your life. You don’t only reach out when you need a favor. You certainly don’t just call when you need a ride to the airport.
Yet that is exactly how many organizations treat their donors. We only call when we need a check.
Good stewardship is simply being a good friend to people who share your values.
Here are three practical ways to operationalize that relationship. They work whether you’re a major institution or a two-person newsroom.
1. The “Impact Log” Strategy
Most organizations track output. We count stories, clicks, and pageviews. Donors don’t invest in clicks. They invest in change.
ProPublica sets the gold standard here. Their annual impact reports don’t just list stories. They document outcomes. Laws rewritten. Loopholes closed. Wrongs righted.
You don’t need a glossy report to do this. This is the same thinking behind impact frameworks like Metrics for News or Source Matters, but you can start with a spreadsheet. Track every real-world reaction to your work. A council member citing your reporting. A policy debate sparked. A pothole finally filled. Send that list to donors quarterly. Subject line: Here’s what you changed this month.
2. The “Insider” Update
Most newsletters link to content. Most emails ask for money. Very few treat donors like partners.
The Texas Tribune built its reputation partly through radical transparency. They share their business goals, their strategic roadmap, their wins, and even their scary moments. Supporters are treated like shareholders, not ATMs.
If you’re small, this is easier, not harder. Once a quarter, write a plainspoken note from the editor or publisher. No donate button. Just tell them what you’re building. Tell them what is taking longer than expected. Tell them who you just hired. When people feel like insiders, they feel responsible for what happens next.
3. The “Radical Access” Loop
University endowments often come with perks like access to deans, special lectures, or private briefings. Newsrooms have something even more powerful. We have the reporting process itself.
City Bureau in Chicago didn’t just ask for money. They opened their newsroom. Through the “Public Newsroom,” they invited the community into the work of journalism. They made the process visible and participatory.
You don’t need an event space to do this. Offer sustaining members a quarterly Zoom conversation with your reporters. Not a webinar. A conversation. Let them ask how the story came together. Let them see a draft before publication. This kind of access builds trust that makes an endowment feel like a shared resource, not a hoard of cash.
This is how organizations grow when they already have money.
They stop asking donors to fund survival and start proving they are good stewards of investment.
If we want to move past the guilt that comes with having an endowment, we have to get serious about the mechanics of stewardship. That’s how a bank account becomes a growth engine. And that is how donors become people who are rooting for what you build next.
🛠 The Stewardship Playbook: Steal These Scripts
If the idea of “stewardship” feels overwhelming, start here. You don’t need a new CRM or a consultant. You just need to send the right emails at the right time.
Here are three templates you can adapt and send next week.
1. The “No Ask” Impact Update
When to send: Quarterly The Goal: Prove the return on investment (ROI) without asking for more money.
Subject: This isn’t a fundraising email
Hi [Name],
I promise this isn’t a request for money. It’s actually a receipt.
When you supported [Organization Name] earlier this year, you helped us put a reporter in a seat that didn’t exist before.
Because of that, we were able to spend three weeks digging into [Specific Topic/Story]. The result wasn’t just a story—it was [The Consequence: e.g., a law changed, a pothole filled, a packed town hall].
That doesn’t happen without the fuel you provided. I just wanted to make sure you saw what you built.
Best, [Your Name]
2. The “Insider” Roadmap
When to send: Twice a year (or when you hit a bump) The Goal: Build trust through vulnerability.
Subject: A quick look under the hood
Hi [Name],
We talk a lot about our wins, but I wanted to share something we’re wrestling with right now.
We’re currently trying to launch [Project X], and honestly, it’s proving harder than we thought. [Briefly explain the specific hurdle—e.g., The data is messy, or the interviews are taking longer].
We aren’t giving up. In fact, we decided to [Brief Strategy: e.g., bring in a specialist / extend the deadline].
I’m sharing this because we view you as a partner, not just a subscriber. You deserve to know the real status of the business you support—the good days and the hard ones.
I’ll let you know when we crack this.
Best, [Your Name]
3. The “Radical Access” Invite
When to send: Quarterly The Goal: Demystify the process and deepen the bond.
Subject: Want to see the messy notes?
Hi [Name],
Usually, we only show you the polished, final story. Next week, I want to show you the rough draft.
On [Date/Time], I’m opening up a Zoom link for our members. No slides. No pitch deck. Just our reporting team talking about how on earth they found the data for the [Big Story] investigation.
We’re going to talk about the dead ends, the lucky breaks, and the arguments we had over the headline.
Come hang out. We’d love to see you there.
Best, [Your Name]
What about you? Does this “endowment guilt” ring true in your organization? Or have you found a way to bridge the gap between your balance sheet and your fundraising pitch? I’d love to hear what strategies are working for you. Let’s talk in the comments.
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