No. Right now, you're shooting blanks. You're wasting your money.
Emotional triggers are your best hooks. Do you have them for the 50,000?
The fall 2014 front cover was a failure.
How about page 2? Great photo. Goes nowhere interesting for donors.
Or page 3? A bad visual joke on readers.
Page 4? Enjoyable to lots of donors (at last).
Page 5? Poo-bahs.
Page 6-7? Unhelpful graphic design.
Page 8? Self-mailer, the worst choice.
RE: that last point. If you want to see donor revenue leap, then switch to stuffing your print newsletter into a #10 envelope with some kind of message on the envelope like, "Dear Wonderful Person, Dear Compassionate Heart, Dear Hero, enclosed with everyone's deep gratitude is your latest newsletter. I hope we did not disappoint you...." Or similar