Bequests

1. Bequests FIA Webinar 30 July 2007 Presented by Michelle Trevorrow MFIA CFRE tell the story – fundraising & marketing consultancy Bequests Michelle Trevorrow

2. • 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

15. 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

16. 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

17. 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

18. 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

19. Goal Area 9- Strategy 8 Action No. 4- Develop detailed web page http://www.petermac.org/dept/crfd/friendsforlife.htm Bequests Michelle Trevorrow

20. 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

21. 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

22. 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

23. 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

24. 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

25. 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

26. 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

27. Questions & Feedback Presentation and Feedback Questionnaire will be emailed to you – please complete questionnaire and return to FIA Chapter 1 c/-Jessica de Araugo jdearaugo@fia.org.au 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 michelle@tellthestory.com.au Bequests Michelle Trevorrow