Legacy Giving Building Blocks A Simple Approach to Attracting Long-Term Support
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Transcript of Legacy Giving Building Blocks A Simple Approach to Attracting Long-Term Support
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Legacy Giving Building Blocks
A Simple Approach
to Attracting Long-Term Support
Money for Our Movements
August 13, 2010
Greg Lassonde, CFRE
Legacy Giving Specialist
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Presentation Overview
• Define Legacy Giving
• Tremendous Revenue 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
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How Do You Define Legacy Giving?
• To convey one's values through creation of a future gift to charity
• A foresighted action to strengthen a favorite cause
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Legacy Gifts• Examples include:
– beneficiary form designation– will– trust– life-income arrangements– endowment gifts
• They can be created by:– Any individual– At any point in his/her life
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Simple & Easy Via Beneficiary Form
• Savings account• Checking account• Stocks or bonds• IRA or pension• Life Insurance policy• Annuity
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More Complicated Types
• Will or living trust• Charitable gift annuity• Life income trust• Many others
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Tremendous Opportunity
• Seven out of 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!
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• Easy to understand
• Defines legacy giving goals
• Engages organizational leaders
• Identifies prospects & cultivation strategies
• Helps steward relationships
Legacy Building Blocks Philosophy
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Legacy Building Blocks Philosophy
• Promotes outcomes-based communication
• Simple plan for creating successful program
• Creates organizational culture that values,
emphasizes and encourages long-term
support
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Why Encourage Legacy Gifts?
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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
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Common Obstacles to Starting a Legacy Giving 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
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Why Aren’t More CharitiesPromoting Legacy Giving?
• Some organizations keep putting it off…..
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The Resistance Approach
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What Does Your Organization Need To Build 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
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What Are The Measures Of A Successful Legacy Giving Program?
• Annual goal for people you speak with
• Recruitment goal for your legacy donor society
• Legacy giving = organizational priority, not development office responsibility
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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
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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
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Why Do People Create Legacy 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
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Why Building Blocks Approach Works• Emphasizes sustainability 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
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Thank You!
For more information and resources:
www.greglassonde.comwww.legacygiving.com