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Rose Community Foundation Live On Program. Bequest Relationship Building Betsy A. Mangone Vice President, Philanthropic Services Group The Denver Foundation. Why Bequests are Important- a Review . Bequests produce the greatest amount of revenue as a percent of fundraising dollars

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rose community foundation live on program

Rose Community FoundationLive On Program

Bequest Relationship Building

Betsy A. Mangone

Vice President, Philanthropic Services Group

The Denver Foundation

why bequests are important a review
Why Bequests are Important-a Review
  • Bequests produce the greatest amount of revenue as a percent of fundraising dollars
  • Bequests are cost effective
  • People of any means can leave bequests-thus creating an opportunity for all to enjoy being philanthropists
why bequests are important a review3
Why Bequests are Important-a Review
  • Donors are more likely to give bequests than other types of gifts
    • Control assets during their lifetime
    • Can adjust bequest amounts depending on life circumstances
  • Bequests will increase your annual fund
a conversation about how to use the donor record form
A Conversation About How to Use the “Donor Record” Form
  • From the donor’s perspective
    • Private
    • Confidential
  • From your perspective
    • Clarification
    • Planning
stewardship and accountability
Stewardship and Accountability
  • Why stewardship and accountability are important for bequests
    • Ethical reasons
      • Donors are assigning their hard-earned assets to your organization
      • Bequests are gifts from the ‘heart’
    • Practical reasons
      • Increase annual gifts
      • Maintain bequest gifts
stewardship and accountability6
Stewardship and Accountability
  • Why stewardship and accountability are important for bequests
    • Financial Reasons
      • Revocable
  • Because donors deserve it
tools for keeping bequests
Tools for Keeping Bequests

Build relationships

  • Visits
  • Correspondence
  • Invitations to events
  • Mailing lists
tools for keeping bequests8
Tools for Keeping Bequests
  • Establish a legacy society
    • Define the society’s purpose
      • Recognition
      • Education
      • Further commitment
tools for keeping bequests9
Tools for Keeping Bequests
  • Establish a legacy society
    • Set membership qualifications
      • Inclusive
      • Exclusive
      • Charter members
tools for keeping bequests10
Tools for Keeping Bequests
  • Establish a legacy society
    • Name the society
    • Determine the benefits
      • Annual event
      • Publications
      • Personal briefings
      • Gifts
tools for keeping bequests11
Tools for Keeping Bequests
  • Donor walls-important?
  • Publication of members names
involve the board
Involve the Board
  • Board member activities
    • Make a bequest
    • Identify bequest prospects
    • Assist with stewardship of bequest donors
    • Approve the bequest program policy
a bequest advisory committee
A Bequest Advisory Committee
  • What is it?
  • What is the purpose?
  • Who should be invited to join?
  • Issues to consider
    • Job descriptions
    • Term limits
    • Financial support
    • Meeting schedule
allocating time for relationship building in a small shop
Allocating Time for Relationship Building in a Small Shop

FACTS

  • The vast majority of successful bequest programs in the country are managed part-time
  • Bequest programs are easy to manage
allocating time for relationship building in a small shop15
Allocating Time for Relationship Building in a Small Shop

TOOLS

1. Plan

Have a plan that includes a specific number of hours a week devoted to bequest work—always the same hours at the same time

  • Example-Monday mornings from 9-10:30
allocating time for relationship building in a small shop16
Allocating Time for Relationship Building in a Small Shop

TOOLS (Con’t)

2. Personal Contact

  • Make phone calls first
  • Send follow-up correspondence next
  • Send initiating correspondence next
  • Review legacy society ‘to-do’ list next
allocating time for relationship building in a small shop17
Allocating Time for Relationship Building in a Small Shop
  • Institutionalize the program
  • Utilize board and volunteers to participate
the key to relationship building
The Key to Relationship Building
  • Appreciate, honor and respect your donors