Legacy Giving

Legacy Giving

• 1.
  Legacy Giving A SimpleApproach to Attracting Loyal Support Nicole C Weld
• 2.
  Presentation Overview Define Legacy Giving TremendousRevenue Opportunity Legacy Giving Building Blocks Philosophy Why Legacy Giving is Important Common Obstacles to Starting a program Why People Create Legacy Gifts Measuring Success Questions and Answers
• 3.
  How Do YouDefine Legacy Giving? • To convey one's values through creation of a future gift to charity • A foresighted action to strengthen a favorite cause
• 4.
  Legacy Gifts • Examplesinclude: • beneficiary form designation • will • trust • life-income arrangements • endowment gifts • They can be created by: – Any individual – At any point in his/her life
• 5.
  Simple & Easy Via Beneficiary Form •Savings account • Checking account • Stocks or bonds • IRA or pension • Life Insurance policy • Annuity
• 6.
  More Complicated Types • Will orliving trust • Charitable gift annuity • Life income trust • Many others
• 7.
  Tremendous Opportunity • Seven outof ten Americans make gifts to charity during their lifetime. • Yet fewer than one in ten leaves a gift to charity in their will or trust. Why? • It never occurs to most of us because we haven’t been asked!
• 8.
  Legacy Building BlocksPhilosophy EASY TO UNDERSTAND DEFINES LEGACY GIVING GOALS ENGAGES ORGANIZATIONAL LEADERS IDENTIFIES PROSPECTS & CULTIVATION STRATEGIES HELPS STEWARD RELATIONSHIPS
• 9.
  Legacy Building BlocksPhilosophy Promotes outcomes-based communication Simple plan for creating successful program Creates organizational culture that values, emphasizes and encourages long-term support
• 10.
  Why Encourage LegacyGifts?
• 11.
  Why Are Legacy Gifts Important? • Almost everyone is a prospect • For most people it’s the largest gift they make • It has the lowest cost of fundraising • Legacy donors make larger annual gifts • Only a small percentage of donors have been asked • Wide variety of gift options, many easy to create • Only revenue that increases during recessions • Staggering transfer of wealth in next 50 years
• 12.
  Common Obstacles to Starting a LegacyGiving Program • Uncertain why it’s important • Subject matter perceived to be too difficult • Concern that it takes a lot of staff time • Fear that it requires a large budget • Misconception that only wealthy individuals create legacy gifts • Unsure how to create board / staff support
• 13.
  Why Aren’t More Charities Promoting LegacyGiving? • Some organizations keep putting it off…..
• 14.
  What Does Your Organization Need ToBuild A Legacy Giving Program? • Understand why legacy giving is important • Willingness to talk with others about legacy giving • Commitment to celebrate legacy gifts and the individuals who create them
• 15.
  What Are The MeasuresOf A Successful Legacy Giving Program? • Annual goal for people you speak with • Recruitment goal for your legacy donors • Legacy giving = organizational priority, not development office responsibility
• 16.
  Seven Building Blocks • 1.Mission, Legacy Giving & Endowment • Understanding why legacy giving is important • 2. Case • Articulating how legacy giving is important to your supporters and your organization • 3. Leadership • Involving board & staff leadership in your program • 4. Prospects • Identifying and approaching the best prospects
• 17.
  Seven Building Blocks • 5.Stewardship • Fostering and supporting relationships with your supporters • 6. Communications and Marketing • Sharing your story and promoting legacy gift opportunities • 7. Program Plan • Defining and building a plan for sustainable revenue
• 18.
  Why Do People CreateLegacy Gifts? • Express appreciation to a charity that served them • Support and sustain organizations they care about • Reflects a cultural, ethical or religious value • Meets a need of the community • Memorialize themselves or a loved one • Serves as an example to future generations • Creates something of beauty • Accomplishes planning and financial benefits
• 19.
  The Building Blocks Approach Works • Emphasizessustainability and resource management • Articulates long-term objectives and outcomes • Engages volunteers, supporters and staff • Focuses on relationships, not techno-babble • Promotes appreciation of donors on an ongoing basis • Communicates how legacy giving impacts mission • • Provides a plan for creating a sustainable program