Due to certain developments in the business of fundraising, there exists an increasing necessity to theoretically and empirically analyze donor behavior. This article examines donor retention from the donor’s point of view. It concretizes four antecedents and their relationships with one another. The influencing variables investigated are commitment, trust, satisfaction, and involvement. The empirical analysis conducted in Germany among donors of four representative social non-profit organizations shows that all variables have an influence on donor retention, although some of them only indirectly.