#Friends4life PGCH 2016
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Friends for life: stewarding planned gifts, presented at Planned Giving Council of Houston annual Gift Planning Conference on April 28, 2016
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#Friends4life PGCH 2016
- 1. LISA M. CHMIOLA, CFRE @HOUDATLISA DAVE TINKER, CFRE @DAVETHECFRE PLANNED GIVING COUNCIL OF HOUSTON APRIL 28, 2016 Friends for life: stewarding planned gifts #friends4lifePG
- 3. Learning Objectives Stewarding planned gifts Working with new & existing donors Maintaining planned gift records Review & discussion of case studies #friends4lifePG
- 4. The Price is Right! What percentage of charitable donations received in 2014 came from bequests? 8% Source: Giving USA 2015
- 5. The Price is Right! What percentage of Americans do not have a will? 64% Source: Rocket Lawyer survey, 2014
- 6. The Price is Right! What percentage of planned gifts are revocable? (bequests, insurance, retirement plans) 90% Source: CASE BriefCASE, September 2012
- 7. Planned Giving Stewardship Decades-long process Likelihood of gift realization during your tenure = low Requires a well-documented plan #friends4lifePG
- 8. Stewardship of new donors Proper documentation Prompt & ongoing thanks Annual visits (where feasible) Ongoing communication Volunteer engagement #friends4lifePG
- 9. Stewardship of existing donors Assess the landscape Visits & documentation Maintain communication Treat them like a new donor #friends4lifePG
- 10. Record Keeping Which documents will you use? Where & how will you store them? Who can access the files? How else will you document the relationship? #friends4lifePG
- 12. Case Study #1 A same-sex couple who has left your organization in their estate notifies you that they plan to change their estate and remove your organization. This is upon learning that your organization will oppose a court ruling on same-sex marriage. How would you react to the donor? What steps could you take to mitigate the loss of the planned gift? How would you handle the media attention if the gift is ultimately lost? #friends4lifePG
- 13. Case Study #2 A member of your faculty makes sexist comments about women and science at a conference, and the public outcry that follows forces his resignation from the school. One of your planned gift donors is upset and threatens to remove a bequest to the school from his estate unless the professor is reinstated or issued an apology. How would you react to the donor? What steps could you take to mitigate the loss of the planned gift? How would you handle the media attention if the gift is ultimately lost? #friends4lifePG
- 14. #friends4lifePG
Editor's Notes
- Whose org has planned giving program? Who in room works directly with planned gifts? On the stewardship of them? With tough economic times, PG can rise (costs nothing now). Are you ready? 33% Americans will consider charitable bequest but only 37% over 30 familiar with “planned giving” http://www.thefundraisingauthority.com/planned-giving/20-facts-about-planned-giving/
- Difference w PG: decades of stewardship. How to handle when you are likely not the staff to see the gift mature? Avg age of first charitable bequest is 40-50: http://www.thefundraisingauthority.com/planned-giving/20-facts-about-planned-giving/
- More than $358B received. 72% from individuals. 8% reps $28B+.
- https://www.rocketlawyer.com/news/article-Make-a-Will-Month-2014.aspx 55% of Americans with kids without a will Important to keep in mind other tools available for donors to gift assets at death, but chances are donors without wills don’t have these set either.
- http://www.case.org/Publications_and_Products/September_2012/Research_and_News_of_Note/Role_of_Planned_Giving_Grows_in_Today%E2%80%99s_Economy.html?ct=9656468bd834559ac9f59c04fb45e8e12ac7e480fd462b49e80a7b9863504997f7bfe60e7213bf4fdda915bca2fbd0509d5ec4a31cd6c1f5a68b33baa8425765 Annuities and trusts have fallen out of favor, were more in vogue 20 years ago. Even more important to steward even tho article notes donors don’t see these as changeable as we do.
- Many PG programs focus on acquisition metrics: Visits, notifications, amounts. But what does that matter if the gift is lost later? Quality vs. quantity and lots of patience. A PG secured now may not be realized for 30-40 or more years. Recommend calendar and procedure of how planned gifts will be stewarded. For example our dept has a spreadsheet for all touches, not just PG. Also a procedure for when gift is realized that includes some stewardship touch points.
- What would you do to steward a newly acquired gift? Put yourself in their shoes. Documentation-wishes for gift. Will talk more in record keeping. Thanks-both immediate from higher up and ongoing through year Visits-update on org, learn of changes in their lives. Russell James 2009 study: #1 reason PG dropped, became grandparents https://philanthropy.com/article/New-Research-Sheds-Light-on/162667 Communication-should be on all lists, also being responsive. Will play role in case studies. Volunteering-especially retired donors, how can they feel relevant?
- Who are your planned donors? What do you know? Visits-fill in gaps of knowledge. Being new, allows to ask their story. Don’t let them feel any less important-keep communicating All strategies from last slide apply
- PG LOI, endowment or gift agreements, as well as donor docs like wills Physical and electronic storage. Consider who has access to the files-many confidentiality issues with copies of wills etc. Contact reports/actions, org archives all can be useful
- Actually happened 2015 at University of Alabama where couple met. Sent 2 page letter, no reply. When word got out about loss of $15M gift, university issued a statement on donors’ loyalty. http://www.thenewcivilrightsmovement.com/davidbadash/university_of_alabama_loses_15_million_donation_over_state_s_refusal_to_support_same_sex_marriage
- Also actually happened in UK-University College London. Prof intended his comments as a joke. “College cut out of donor’s $1.5 million will due to treatment of Nobel scientist Tim Hunt” Dave Huber, The College Fix, July 26, 2015 http://www.thecollegefix.com/post/23513/ (N.B. the value of the bequest was corrected to $150,000 or £100,000)