Asian Donors Are Giving, and They Are Giving in the US
By Nicole Carrea, Development Director, National Kidney Foundation
It’s a sunny Friday afternoon and I’m at our designated meeting spot, a restaurant in midtown with a killer lunch special. I’m joined by a new friend with infectious passion and energy, Linlin Chen Reid. Linlin is a Research Manager at Weill Cornell Medicine. We’re here to discuss her upcoming presentation at Fundraising Day in New York on June 22, 2018. Titled Asia: A Continent in Perspective, the session is a part of the Prospect Research track and will discuss the overwhelming wealth in East and Southeast Asian countries, the tools used to identify that wealth and insights on how to evaluate it.
I started the interview by asking what one piece of knowledge Linlin hopes attendees of her session will gain. Her response was simple “let it be an understanding that Asian donors are giving, and they are giving in the U.S.”. When prompted to explain exactly to whom these donors are giving, Linlin elaborated that it depends on your scope of mission impact, as well as the cultural and societal relativity to Asia. “Revitalizing a playground in New York City may not appeal to someone in Asia but things like health and education are definitely of interest and have a global impact that is attractive to Asian philanthropists” she said. If you have a mission that would attract international donors, take advantage of it because according to Linlin, these donors do exist and are ready to give.
Linlin has made a name for herself as an expert in decoding Asian wealth and she credits a curious personality for fueling her interest in research to begin with. “There’s always new information to find” she explained. “You get to understand the differences in industries, types of wealth – are their assets liquid? Or tied up in real estate? The job is very interesting & fresh. I’m constantly learning”.
It’s serendipitous that Linlin ended up in this field at all. She was born in China where the idea of being a prospect researcher was completely alien to her. You see, the social sector is quite new there and fundraising as a career was not something she had exposure to. Frankly it might not have mattered if she did know about fundraising because she was narrowly focused on her passion for the arts. Linlin is a trained artist and studied at the School of the Art Institute of Chicago where she received a master’s degree in arts administration and policy. She intended to become a museum administrator but during her studies, Linlin was introduced to fundraising through a required class on grant writing. And, alas, yet another unsuspecting soul stumbles into the profession.
Linlin’s career journey eventually took her to New York University where she was the first senior research analyst dedicated to global prospect research. I was surprised to learn that higher education leveraging their global alumni is a fairly new concept. Linlin explained to me that the evolution has a lot to do with the ability to receive gifts from other countries, as well as the economy changing. “Wealth is growing in Asia & they are becoming increasingly more interested in philanthropy. They are catching up with tax laws too.” said Linlin.
Social and cultural knowledge is not technically part of the prospect researcher’s job but like so many fundraisers that I know, it’s evident that Linlin goes above and beyond to excel in her role. She proudly stated “my relationship with the gift officers allows for an organic transfer of information. I am providing them the profiles on who they are meeting with, so it makes sense that I would also provide guidance on cultural norms. I want to set them up for a successful meeting. It’s a partnership.”
A big part of the cultural wisdom she shares stems from a personal interest in contemporary art and its market. “My fascination with arts fuels my passion for this work” Linlin explained. “In the past 10-15 years, the art market has grown not just as a hobby but an asset allocation for high net worth individuals. This could be because of a sheer interest but the upswing is likely also attributed to the business aspect of art collecting, it preserves wealth during uncertain economic times”.
Art evaluation is not the primary focus of Linlin’s upcoming presentation, however it speaks to her wide range of knowledge and ability to add color to the otherwise vapid topic of research. If you’re looking for insider tips on how to identify and decode Asian wealth from someone who truly loves the topic, you won’t want to miss Linlin Chen Reid’s presentation at Fundraising Day in New York!