Bequests

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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 charitys
  mission.
• A bequest is the most common type of deferred
  gift in Australia and is essentially a gift made
  to an organisation during a donors 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 its mission.
• Most people dont 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.h
tm
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.h
tm
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
jdearaugo_at_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 [phone] ABN 28
103 519 775

• michelle_at_tellthestory.com.au

Bequests
Michelle Trevorrow