Gratitude is not Stewardship
Craig Swistun
Portfolio Manager
Lexicon Financial Group of Raymond James Investment Counsel
NOTE: This article was originally published under the banner “The Strategic Steward” with Future of Good (futureofgood.co) in August 2026. A link to that version is here.
Most people who donate to charities want to know that their contributions are appreciated. They like knowing that their efforts have been noticed, which is why it's important for charities to acknowledge contributions in a timely manner.
Thanking donors has become one of the most deeply embedded practices in philanthropy. Organisations devote significant time and energy ensuring gifts are acknowledged. An email, a card, a phone call, or a handwritten note are all worthwhile activities to let donors know that you’ve received a gift and their support is valued.
But don’t confuse expressions of gratitude with actual stewardship. Donors can be thanked without meaningful connections being formed. Merely acknowledging receipt of a gift doesn’t give you permission to check the “stewardship” box.
That’s because gratitude acknowledges something that has already happened – the gift. While stewardship can often result in a gift, I like to think about it as the answer to the question: “What happens next?”
For many organisations, the answer is surprisingly little.
Why Next Matters
Nothing about this sequence is inherently wrong. In fact, it reflects what many would consider to be sound fundraising practice. Problems may arise if saying “thank you” represents the entirety of the donor experience.
A well-developed donor stewardship program might start with recognition, but it is equally concerned with:
Understanding the motivations behind a gift,
Building a deeper relationship with donors,
Creating opportunities for supporters to become even more familiar with your work.
Ironically, it’s not difficult to adjust current gratitude practices to embrace better stewardship. Consider the traditional donor thank-you call. A volunteer, board member, or staff member receives a list of names and a brief script, places a call, thanks the donor for their generosity, and records the interaction. The process is efficient, well-intentioned, and genuinely appreciated by the donor.
But what was actually accomplished? What did the organisation learn today that it could use tomorrow?
Making the Boat Go Faster
When I think about donor stewardship, I'm reminded of Will It Make the Boat Go Faster?, the book by British Olympic rower Ben Hunt-Davis. As the British rowing team pursued Olympic success, they developed a habit of evaluating nearly every activity through a simple question: Will this make the boat go faster?
It’s a simple idea. It creates clarity. All activities could suddenly be evaluated against a simple objective. If they didn't contribute to the outcome the team was pursuing, they deserved reconsideration.
Before charities can embrace a similar mindset, they need to clearly understand their goals and objectives and train their front-line people accordingly. Soliciting for an immediate need is different from a campaign around legacy giving. However, the better question will always be: “Will this strengthen the donor's relationship with our organisation?”
If a donor leaves a call feeling acknowledged but not understood, organisations might be mistaking gratitude for stewardship. Donors who understand and connect to an organisation's mission are often more resilient during difficult periods. They are more likely to advocate on behalf of the organisation, introduce others to its work, consider larger gifts, and remain engaged when circumstances change.
Relationships Create Options
Organisations that invest in stewardship are not simply cultivating today's gift; they are actively working on tomorrow’s as well.
Here are a few questions that you might want to incorporate into your gratitude calls. Use open-ended questions that cannot simply be answered by either a “yes” or a “no.” They are far more effective at creating conversations and can help reveal insights about motivations, values, and interests that might otherwise remain hidden.
What inspired you to make your gift?
How did you first learn about our organisation?
What aspect of our mission resonates most strongly with you?
Have you or someone close to you been personally affected by the issue we address?
What made you decide to support us at this particular time?
Is there a project, program, or area of our work that you would like to learn more about?
What do you hope organisations like ours will accomplish over the next few years?
How would you prefer to stay informed about our work?
Have you been involved with other charities that have created particularly meaningful donor experiences?
Is there anything about our organisation that you wish you understood better?
Not every donor will want a lengthy conversation, so don’t try and cram all the questions into a single discussion. It’s not an interrogation. It’s an opportunity to demonstrate curiosity about their support. As communications expert and public speaker James Morris says, remember “the most important person in the conversation is the other guy.”
More importantly, these conversations can provide donors with something they rarely receive from charitable organisations: the feeling of being understood rather than merely acknowledged.
And, by all means, record answers to these questions in a robust donor database to ensure information doesn’t disappear when the phone call ends. This turns casual conversations into institutional knowledge. You do have a database that keeps track of information like this, don’t you?
Remember: gratitude may start the conversation. Stewardship is what keeps it going.
Craig Swistun is Portfolio Manager with Lexicon Financial Group (www.lexiconfinancialgroup.com) at Raymond James Investment Counsel.
The opinions expressed are those of Craig Swistun and not necessarily those of Raymond James Investment Counsel which is a subsidiary of Raymond James Ltd. Statistics and factual data and other information presented are from sources believed to be reliable but their accuracy cannot be guaranteed. It is furnished on the basis and understanding that Raymond James is to be under no liability whatsoever in respect thereof. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Raymond James advisors are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters.
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