Planned giving may not seem to be a vital component of a capital campaign. After all, a planned gift won’t likely help your immediate fundraising needs. And this mindset may be okay if your goals are centered around dollars only. But if you desire your campaign to be a more focused, meaningful exercise in stewardship, development and fundraising – then planned giving should a huge priority.
A well-run capital campaign provides the perfect platform for learning more about your donors – including if any have left your organization in their estate plans. During both the feasibility study and campaign, you can inquire and educate about legacy support. This can often lead to both short-term pledges to your campaign and long-term commitments via estate gifts.
Here are five smart ways to include planned giving in your capital campaign:
Spot Your Legacy Donors Early
It can be difficult to identify legacy donors. Nearly anyone can make a planned gift in some capacity. But a campaign provides multiple opportunities to promote and then identify planned giving options.
Start by looking at your donor database. You likely know your supporters who have shown the strongest loyalty. Whether they volunteer, make consistent donations, serve on the board or post about your organization on social media. These donors are the first place to start for legacy gifts. They are dedicated to your organization and are good candidates to invest in your long-term sustainability.
Include Planned Giving Language In Your Campaign Messaging
At the Steier Group, we use planned giving language throughout our campaign planning studies (also known as feasibility studies) and the campaign itself.
During the planning study, we make sure to include a question about planned gifts in every survey – whether it is an in-person interview, a mail-in form or an online survey. If someone has already put you in their will, this is an opportunity for them to share the news with you. This is the low-hanging fruit of legacy giving.
Additionally, the question should also ask if a donor would like to learn more about leaving a planned gift. This allows you the opportunity to educate interested donors.
During the campaign itself, we make sure to include language about leaving a planned gift as well. We include it in the case statement and any materials sent to prospective donors. You could even mention it during any campaign events.
Finally, if you think you have identified a potential legacy donor, you could make a dual ask. During a meeting with the donor, you could ask for support for the campaign and also ask the donor to consider a planned gift. While that may seem like a big ask, it actually allows the donor to increase their level of support beyond a cash gift or campaign pledge.
Coach Your Staff to Begin Planned Giving Conversations Naturally
Planned giving conversations can be awkward. Asking for money and talking about death aren’t most people’s favorite subjects. You and your staff will need to learn to craft the messaging in an inspiring, hopeful way. And coach donors through the thought process of leaving a legacy with your organization.
The first step is to recognize that it is healthy for all of us to consider the impact our life is having on others. Making a bequest can give the donor peace of mind.
Here are some ways you can make the process easier and more natural:
- Create materials explaining planned gifts. A well-designed piece should lay out the benefits of a bequest, the importance it will have for the organization and the legacy it will create.
- Draft a list of recommended financial advisors and tax advisors. Often the biggest hurdle to making a planned gift is a lack of financial and tax expertise.
- Host information events conducted by financial planners and other specialists to educate donors on planned gifts.
Launch a Legacy Society
If you don’t have one already, consider launching a legacy giving society. This would be a collection of donors that have already made a planned gift to your organization.
There are a few major benefits to this social network:
- Catalog your donors. It allows you to track those who have already left you a planned gift. This information allows you to responsibly plan for the future.
- Create social proof. “Social proof” is a psychological phenomenon where people, particularly in uncertain situations, look to the actions, opinions and behaviors of others to decide what to do themselves, assuming that the group is correct. If potential legacy donors hear about the society or know someone who is a member, they are more likely to alter their own plans to include your organization.
- Establish an endowment. You can create a giving society endowment that gives donors the security that their legacy gift will help the organization in perpetuity, for years and generations to come.
Use Real Donor Stories to Make Legacy Giving Relatable
Proper fundraising protocol is to consistently thank your donors for support. That could include a call, a thank you note or a special event. The same holds true for planned gifts.
When a donor to your organization passes away and leaves a gift, this presents a great opportunity to honor that donor’s legacy. And it may also inspire others to make a planned gift as well.
After an appropriate amount of time passes, invite family, friends and organization supporters to honor the donor’s life and legacy. At the event, make sure to explain how this gift will support your organization’s mission and the impact it will have for years to come.
Additionally, you could ask donors that have made a planned gift or members of a legacy society to share their story with your organization’s donors. This allows you to recognize the legacy of these important donors while they are still alive, while also providing an opportunity to promote planned gifts.
Conclusion: Think Legacy, Not Just Big One-Time Gifts
The population in America is currently experiencing a historic transfer of wealth. This presents an opportunity for smart nonprofit leaders and legacy-minded donors. Think beyond just securing a major gift for your annual appeal or capital campaign. A long-lasting legacy gift can help your organization for many years to come.
