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Bequests. FIA Webinar 30 July 2007 Presented by Michelle Trevorrow MFIA CFRE tell the story – fundraising & marketing consultancy. Bequests. Michelle Trevorrow. • Do you know the basics of Bequests? Is your organisation ready for a Bequest Program?

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Bequests

FIA Webinar

30 July 2007

Presented by

Michelle Trevorrow MFIA CFRE

tell the story

– fundraising & marketing consultancy

Bequests

Michelle Trevorrow


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• Do you know the basics of Bequests?

Is your organisation ready for a Bequest Program?

Bequest Programs – where do they fit in the mix?

• Does your organisation already have a bequest program? How can you improve it?

• Where does Direct Mail fit into Bequest Programs?

Bequests

Michelle Trevorrow


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Do you know the basics of Bequests?

Bequest – A transfer of property from an estate to a named individual or organization. Language of the bequest must be specific as to the identity of the charitable organization. Charitable bequests may be unrestricted or designated for a specific purpose, if such purpose is within the scope of the charity’s mission.

A bequest is the most common type of deferred gift in Australia and is essentially a gift made to an organisation during a donor’s lifetime which does not pass completely to the organisation until some future date.

Bequests

Michelle Trevorrow


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Do you know the basics of Bequests?

Why make a will?

In Australia almost 50% of people die intestate – the law sets out how their property will be shared out after all the debts have been paid.

Making or updating a will provides the individual with the assurance that at the time of their death their affairs are taken care of and their intentions for their will are clear.

 Codicil - A legal instrument made to modify/update an earlier will.

Bequests

Michelle Trevorrow


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Do you know the basics of Bequests?

Types of Bequests:

Residual – balance of estate. Where a donor leaves a percentage of the residue of their estate – after family and other affairs have been taken care of – THE MOST VALUABLE BEQUEST.

Pecuniary Legacy – nominated sum of money.

Percentage Bequest – estate is divided between number of beneficiaries incl. individuals and charities

Specific Legacy – gift of a specific item – bank account, motor vehicle, property, shares, art object owned by the deceased at date of death.

Life Interest - when property, such as a house, is left to a beneficiary to occupy or receive income from during their lifetime and then passes to the organisation.

Bequests

Michelle Trevorrow


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Do you know the basics of Bequests?

Why do people leave bequests?

Because they care AND because they were asked.

Because they feel a connection to the organisation or it’s mission.

Most people don’t leave a bequest – mainly because they were never asked - 7.5% of people who have made a will (currently estimated at 58%) include a bequest to a charity or other nonprofit organisation

Bequests

Michelle Trevorrow


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Do you know the basics of Bequests?

The right wording:

Below is suggested wording of a bequest clause. However, we suggest you seek expert advice to assist you in the preparation of your Will.

" I bequeath the sum of _________dollars and/or ____% of my residual estate to Peter MacCallum Cancer Centre to be used for cancer prevention, cancer education or patient care and treatment at, or any purpose connected with the Centre, for which the receipt of the Treasurer or other officer shall be sufficient discharge to my Executor for the bequest."

(From Peter Mac website - check other websites)

Bequests

Michelle Trevorrow


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Is your organisation ready for a Bequest Program?

Whether your organisation is large or small, you will need to take time to PLAN your Bequest Program.

Set goals, making sure they are realistic and then work to a structure.

Bequests

Michelle Trevorrow


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Is your organisation ready for a Bequest Program?

Five basic requirements for a successful bequest program:

Organisational needs – genuine, vital, challenging and capable of being met from the response to the program;

Sufficient potential donors or supporters;

Leaders who are respected, enthusiastic and prepared to act as an example;

A work force (paid and volunteer) who can be enlisted, organised and coached – be prepared to personally ask donors for support;

An education/marketing program to appeal clearly and consistently to potential donors.

Bequests

Michelle Trevorrow


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Bequest Programs – where do they fit in the mix?

Sample Strategic Plan - Goal Areas

Communication & Marketing of Organisation

Database and Systems Development

Human Resource Management

Special Events

Direct Mail

Direct Debit Giving Program

Supporters and Friends Program

On-line Fundraising

Planned Giving Program

Bequests

Michelle Trevorrow


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Does your organisation already have a bequest program? How can you improve it?

Goal Area 9 – Planned Giving Program

Objective:

To raise awareness of Bequests and Memorial Giving as alternative ways to attract wealth to Organisation and to develop the strategies to encourage these forms of giving. To develop recognition programs and to build and retain relationships with donors electing to give in this way.

Bequests

Michelle Trevorrow


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Does your organisation already have a bequest program? How can you improve it?

Goal Area 9 – Planned Giving Program

Strategies:

Review current Planned Giving Program including resources and structure

Develop literature for bequest and memorial giving programs

Build Planned Giving referral network

Build Memorial Giving referral network

Bequests

Michelle Trevorrow


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Does your organisation already have a bequest program? How can you improve it?

Goal Area 9 – Planned Giving Program

Strategies:

Promote the option of Planned Giving to Organisation in the community

Develop program of functions and education seminars

Increase number of Bequest notifications to Organisation

Introduce and develop a Bequest Society

Introduce recognition program for Bequestors

Bequests

Michelle Trevorrow


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Does your organisation already have a bequest program? How can you improve it?

Goal Area 9 – Planned Giving Program

Strategy 5:Promote the option of Planned Giving to Organisation in the community

Actions:

Include articles on bequest donors in your newsletters

Ask Group of senior volunteers, donors and other supporters to meet with you to explore how your organisation can increase revenue from bequests

Decide on tagline and include it at the foot of letterhead and on all correspondence

Mail at least one bequest mailing each year

Bequests

Michelle Trevorrow


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Does your organisation already have a bequest program? How can you improve it?

Goal Area 9 – Planned Giving Program

Strategy 5:Promote the option of Planned Giving to Organisation in the community (cont.)

Actions:

Include information about your program on your web-site – make it easy for people to order your material

Visit legal firms – ask solicitors to pass on information to individuals

Host information sessions for solicitors and other will writers

Organise Will Writing Seminars for Staff and Supporters

Bequests

Michelle Trevorrow


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Does your organisation already have a bequest program? How can you improve it?

Goal Area 9 – Planned Giving Program

Strategy 8: Introduce and develop a Bequest Society

Actions:

Develop suitable name and membership benefits – lapel pin, key ring, certificates

Membership for all confirmed bequestors

Develop new materials

Develop detailed web page

Launch Bequest Society

Bequests

Michelle Trevorrow


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Goal Area 9- Strategy 8 Action No. 3 - Develop New Materials

Guide to Wills and Bequests

Available to order on-line

Planning and Updating your Will

Delivered by Planned Giving Officer

Personal Record Book

Delivered by Planned Giving Officer

Bequests

Michelle Trevorrow


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Goal Area 9- Strategy 8 Action No. 3 - Develop New Materials

Wills & Bequests Overview Mailer

Used in Direct Mail – together with covering letter & Intention Form

http://www.petermac.org/dept/crfd/friendsforlife.htm

Original Direct Mail to donors - Identified 190 confirmed bequestors and 270 definite prospects

Bequests

Michelle Trevorrow


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Goal Area 9- Strategy 8 Action No. 4- Develop detailed web page

http://www.petermac.org/dept/crfd/friendsforlife.htm

Bequests

Michelle Trevorrow


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Where does Direct Mail fit into Bequest Programs?

Current Donors have already told you they care;

Older people are more likely to respond to mail – we all have ‘old’ database;

Older people are more likely to be thinking about making or changing their will;

Older people most likely prospects to realise bequest.

Bequests

Michelle Trevorrow


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Where does Direct Mail fit into Bequest Programs?

Direct Mail Package for Bequest Program – some recommendations:

Make donors FEEL they WANT TO SUPPORT your mission this way – they are good people.

It is an opportunity for you to talk about your organisation with a high level candidate.

Reiterate the importance of Residual Bequests.

Include a response form – should contain: acknowledgment of leaving bequest – intention to leave bequest – request for more information.

Include pre-paid response envelope.

Include comments section.

ASK

Bequests

Michelle Trevorrow


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Some Recommendations

Mention Bequests in ALL your communications.

All donor development work is bequest work.

Have a ‘Conversion Pack’ – for people who want more information.

Allocate a staff member to have responsibility for Bequests.

Bequests

Michelle Trevorrow


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Some Recommendations

Ensure all staff members – receptionist, fundraising officers etc or anyone who is likely to take a call is briefed on Bequest Program basics.

If no-one is available to take call, ensure a number is taken and the call is dealt with promptly.

Ensure enquiry is dealt with within 3 days of receiving the call.

Bequests

Michelle Trevorrow


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Recommendations

Caring for Bequestors

Consider having a Bequest Society.

For confirmed Bequestors – have a communication program in place.

Treat them as special – they are a major donor and should be treated that way.

Communicate your work – make their promise more real for them.

Bequests

Michelle Trevorrow


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Recommendations

Caring for Bequestors

Get your CEO to call and thank them.

YOU call and thank them yourself.

Invite them to events – tours of your organisation.

DO NOT remove them from programs they were already supporting – e.g. direct mail appeals – unless they request removal.

Personalise their appeal letters – no “Dear Supporter” salutations.

Bequests

Michelle Trevorrow


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Recommendations

Caring for Prospects

Have a follow up strategy in place – add Reminder or Action Item to your database or Outlook Calendar.

Create a filing system that helps develop Prospects –Inquiry, Prospect, Donor, Bequestor.

Call them – ask them if they have managed to make that bequest. Keep communicating with them.

Visit them – great opportunity to build relationships – make the ASK.

Bequests

Michelle Trevorrow


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Questions & Feedback

Presentation and Feedback Questionnaire will be emailed to you – please complete questionnaire and return to FIA Chapter 1

c/-Jessica de Araugo

[email protected]

Michelle Trevorrow CFRE MFIA

Director

tell the story

fundraising & marketing consultancy

8 Moreton Street

Balwyn North, VIC 3104

mobile: 0407 687 500

phone & fax: 03 9857 8050

ABN: 28 103 519 775

[email protected]

Bequests

Michelle Trevorrow


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