Research in this paper examines, through analysis and a case study, the profi tability of individual donors. The purpose is to examine these questions: What can we learn about the range and distribution of donor profi tability from case studies? Who counts the most, profi t-wise? What are the implications for fundraising management? The main conclusions are: Profi table and unprofi table donors : About half of donors are profi t making and half loss making in a year. Donors show a very wide

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... e in their annual net profi tability. 2. It is down to a few : A very few donors create the annual net surplus in a programme. In the case study shown, three quarters of net profi t was generated by just one tenth of the donors. 3. Strategy : A strategic focus on the few profi t generators seems obvious, and a new approach to fundraising management is strongly indicated. 4. Changing fundraising practice : Discussions with charities, agencies and consultancies suggest that cultural factors and a reluctance to change ' the way we do things ' impede the take-up of a profi t-based donor strategy.