Mutual distrust and misperceptions often prevent nonprofits from working with corporations. But when organizations work together in good faith, they can achieve their objectives in ways they could not have found alone.

Susan Rae Ross explains the importance of nonprofit-corporate partnerships, describes the various types of relationships, and addresses their benefits and challenges. Successful partnerships are built; they do not just happen. They have clearly defined outcomes, and a well-articulated strategy, which includes indicators to monitor progress. They have structures, communication channels, and operational systems to support the partnership.

Jim Pitofsky cites several examples of successful partnerships, and gives practical advice from years of personal experience. It begins with doing your homework. Understand your prospective partners. What do they believe in? What do they want to do? What have they done? Approach them. You don’t need to know someone. Jim began a long relationship with the Body Shop by falling in line for CEO Anita Roddick’s book signing, without even buying her book.

Randy Chun shares the perspective of the “money buckets”, the people who write the checks. Two things you need to know: (1) What makes our clock spin? For a financial institution like Wells Fargo, it’s economic development, small business technical assistance, and job development. (2) Decisions are made at the local level, so make friends at your local branch. But it doesn’t hurt to know the boss.

The panel then answers questions on several subjects, including how to approach and pitch, whether to make multiple proposals, how to get corporations to become socially responsible, and how to handle controversial projects.