Looking for ideas on running a successful nonprofit? Take a look at this article.
Basics of Planned Giving To Nail before Going Forward
I have seen all types of planned giving programs. And I use the term “program” very loosely. Some organizations are trying to do sophisticated gifts without really having the basics down. Trust me – it’s important!
Knowing the basics of a planned gift or program is essential
I know, I know – you want to skip right to the fun stuff about planned gifts:
Bigger gifts (this one should have been listed first)
Want to test your knowledge on some basics before skipping ahead?
Let’s make it fun:
1. A legacy gift is:
A gift of artwork
All of the above
2. Most legacy gifts are:
Life insurance policies
Charitable gift annuities
Charitable remainder trust
3. The most likely legacy giving prospect is:
Someone that came to an event
Someone that once gave a large gift years ago (but nothing since)
Someone who gives a small gift multiple times a year
A new board member
4. Why would a donor want to make a legacy gift?
Passionate about the mission
All of the above
If you got 4,4, 3 and 4 you are on your way. To see whether you are ready for a legacy giving program take the fun and quick quiz here.
If you want to learn more about using legacy giving in your development program the best start is to join our closed Facebook group here to share with others resources and tips on growing your planned giving program.
Just starting out and confused on what to do first? Read on for a quick case study of a new nonprofit professional and what I suggest between to avenues.
When should you launch a planned giving program?
There are many reasons to factor in.
If you work in a nonprofit organization I bet you have some responsibility to raise funds or work with donors. It may not be readily apparent (it’s not in your title) but if you have any contact with donors you are in the revenue generating business. It is the only way for the organization to function. If there were no revenue coming in, you wouldn’t be able to do the incredible work you do.
In the initial start up stage of an organization it is common to be supported by a few foundation grants and some individual seed funders – that is fantastic! It got a wonderful idea or program off the ground. You start gaining momentum. Perhaps the funding is sufficient for the first few years. And then, your organization is doing so well it needs to grow – either the facilities, staff, technology, geographically… you name it. Where is this funding coming from? If you don’t know, and haven’t started to work on it, you will be stuck.
Because what go you here will not get you THERE.
We know that a financially strong organization should capture both annual gifts and legacy gifts (or, planned gifts). They both contribute to the stability of the organization in different ways and provide opportunities for donors to give in different ways.
You need a stable and consistent annual campaign. Absolutely. But did you know as you build a donor base, those same annual donors will give you legacy gifts one day? So, if you are still building your annual campaign, let’s talk about ways to start to incorporate legacy giving into your development program and culture of giving so that when it comes time to promote legacy giving it is a very easy ask.
Want to know all the ways? Click here to read the full article I wrote on as a guest article for Alesha Mathis, nonprofit consultant to small and mid-size new organizations.
Ever wonder how your career enhances the relationships you have with your friends and family? My career in legacy giving has shaped how I now communicate with my aging parents.
Legacy gifts can be broken down into 2 components: why someone is dong the planned gift and what type of gift vehicle they should do. The first step comes before the second, so marketing only based on gift vehicle features or benefits will not entice a donor to make a legacy gift if they aren’t connected.
Are you struggling on where to start by offering legacy giving options to your donors? Do you think it is the correct way to offer EVERY option there is? WRONG! By focusing on a few gift vehicles you provide clear choices to your donors and increase your chance of getting a gift.
Are you adding a legacy message to your year end appeal? You should! If you don’t you will be missing out on opportunities to raise awareness and raise more money. Read on to see what your options are.
Did you miss a legacy, or planned gift? One that you didn’t even know you could have received? Yes, it is likely the case and read on to explain why you didn’t get it.
Planned Gifts can be complex, but don’t need to be. If you had to ask for one type of gift, which one would that be?
Are you toying with the thought of starting a legacy program? Have you been wondering if now is the time? Here are just 3 simple ways that indicate you need to start to ask for legacy gifts.
Many organizations attempt to start a legacy program without this key element - a good legacy case statement is essential to provide the message behind why your organization needs planned gifts. By creating one your marketing and conversations with donors will be much easier and productive.
If you are thinking about starting a legacy giving (planned giving) program and are wondering who the players are that you need to get on board, read this post on who you need to help you build a program.
Think you are ready to start a legacy, or planned giving, program? It starts with a legacy conversation with a donor, and then there is much more to think about for how your program can grow and be successful.
Want to stand out from your peers, gain confidence in raising funds and watch your career soar? Start applying legacy giving conversations in the work you are doing already and watch the shifts that will happen as your donors engage and provide more support.
Getting stuck in old habits and mindsets are normal. To get unstuck and gain the success we want we need to uncover and resolve the old myths we were hiding behind. In this post you can explore 3 commons myths about legacy giving that holds you back from getting more gifts for your nonprofit.
Don’t put off starting, or growing, a planned giving program because your organization has a tight budget. There are some many ways to jumpstart legacy giving without spending a lot of money. Read here how to raise a lot of money with little to spend.
Do you work in a nonprofit and have thought about doing planned giving (legacy giving) as part of your job or doing it full-time? I made the transition years ago and love working in this field. Is it right for you? In this post I describe 3 reasons it was right for me.
Individuals with a value driven purpose create gifts in their wills (Bequests) and often we don’t know abou the gift, or individual, until after they pass and the organization receives a gift. Are you curious about who they were and why they supported your organization in an impactful and personal way? Here I explore how I started to get curious and ask the right questions.