From Declaration of Intent to Formalized Gift

Transcription

1 From Declaration of Intent to Formalized Gift Dena Morris Kaufman April, 2016 The Harold Grinspoon Foundation As my fathers planted for me, so do I plant for future generations - Taanit 23a

2 Building Jewish Legacies Across North America LIFE & LEGACY: 28 Communities (see below) Areivim: St Louis, Tucson, San Francisco, Philadelphia Hillel: 13 Affiliates Small Federated Communities: Arkansas, Augusta, Chattanooga, El Paso, Fort Worth, Peoria, Springfield, South Bend Cohort 1 LIFE & LEGACY Charlotte, NC Memphis, TN Miami, FL New Haven, CT Orange County, CA Portland, OR Princeton, NJ Cohort 2 LIFE & LEGACY Chicago, IL Greater Metro West, NJ Greater Washington, DC Milwaukee, WI Omaha, NE Sacramento, CA Southern NJ Cohort 3 LIFE & LEGACY Cincinnati, OH Delaware East Bay, CA Houston, TX Indianapolis, IN Phoenix, AZ South Palm Beach, FL Tampa, Orlando, Pinellas, FL Cohort 4 LIFE & LEGACY Central Pennsylvania, PA Charleston, SC Heart of New Jersey, NJ Minneapolis, MN Richmond, VA Seattle, WA January, 2016

3 LIFE & LEGACY National Update As of December 31, 2015 In 3 years Had 7,634 legacy conversations Made 1,420 group presentations Secured 8,071 legacy commitments Valued at an estimated $329 Million in future gifts to the Jewish community! Already realized $21 Million

4 South Palm Beach County Update As of March 31, 2016 Community Aggregate Goal by March 31, 2016 = 198 Total of 290 legacy commitments Valued at an estimated: $ 29 Million in future gifts to the Jewish Community

5 South Palm Beach County Update Signed Declarations of Intent

6 Year 1

7 Year 2

8 Jumpstart Year 2 What are you doing with your incentive grant? Can your current donors help you get more donors? How will you get and use testimonials?

9 Jumpstart Year 2 What are 3-4 Marketing ideas you have that you can enact in the next 4 months?

10 1. What constitutes formalization? 2. Why formalize? 3. The role of stewardship in formalization 4. Formalization conversation 5. Written correspondence 6. Importance of tracking 7. Practice

11 What Constitutes Formalization? Formalization is the process by which the donor makes the necessary arrangements with their attorney, financial adviser, life insurance company or retirement account manager to ensure that the legacy gift will be received by your organization after their passing.

12 What Constitutes Gift Confirmation? Legacy Gift Confirmation indicating a provision was made Letter from attorney or financial adviser Copy of relevant portion of Will or Trust Copy of Beneficiary form

13 Why Important to Ask To ensure that a donor s philanthropic wishes will be realized. To give heirs clarity about a donor s wishes. To increase your organizations chances of receiving the committed funds.

14 Organization vs Federation Roles The role of your organization is to: Follow up with legacy donors to encourage them to formalize their intent Steward donors throughout their lifetime. The role of the JJCF is to: Be a resource to both organizations and donors in formalizing legacy commitments Work in partnership with our donor s professional advisors

15 Foundation as a Resource JJCF is the investment arm of the Jewish community: Manage and oversee a large pool of funds that will be invested conservatively to provide the best rate of return possible Make annual distributions according to donor s wishes Interact with attorneys, financial advisors, CPA s, and finance professionals to advocate for donors and the Jewish community

16 Foundation as a Resource Foundation staff is knowledgeable and will: Meet with donors at no cost Work with the donor to solidify their philanthropic wishes Educate donors on a variety of giving vehicles to find the one that best fits their needs Work with donor s professional advisors

17 Formalization Process Takes place when the time is right for the donor Fine line between encouraging vs. harassing Need to keep accurate records so we only approach donor within the appropriate time frame Must be donor-centric in our approach Effective stewardship is key ongoing, sincere, meaningful to donor Organization that got the gift originally will also work to formalize the gift (notify others when accomplished)

18 Four Steps Stewardship Conversation with the donor Letter asking donor to formalize the commitment Encourage gently

19 Stewardship Stewardship & Engagement 1. Personal Conversation 2. Send Letter with Materials 3. Recordkeeping and Tracking Stewardship & Engagement

20 Effective Stewardship Strengthens relationships with donors Keeps donors engaged Makes them feel appreciated Ongoing process that must continue over the donor s lifetime

21 Minimum of 4 Touches Thank you note Phone call Cards Birthday, Holiday, Anniversary of Legacy Commitment Personalized letter specifically for legacy donors Gifts Personal Touch Donor Listings/ Testimonials Newsletters or newspaper Website Poster, digital display or donor wall Annual report or programs Annual meeting or other gatherings Legacy Shabbats Annual meetings light candles Galas or other special events Recognition at community gatherings Special gathering for Legacy donors Reception before community gathering Shabbat Dinner Invitation to event not open to general community

22 Stewardship Summary Acknowledge all commitments Recognize regularly Keep connected using communication and engagement tools Keep accurate records Honor donor s intent Invest funds wisely Use funds efficiently

23 Role of Stewardship Continue to steward in ways that will encourage formalization: Public recognition on wall, in print, at events Personal stewardship keep informed of your organization s activities and the impact you are having on the community

24 Personalize Follow-up Review your list of donors Review the timing the donor has set for formalization Decide how best to encourage/ask for gift confirmation for each donor

25 Best Stewardship & Follow-up

26 Process I intend to Create a Jewish Legacy and will formalize my gift within months Quarterly, after the designated time: Community will send letter Organization will follow-up two weeks later with a personal phone call or meeting

27 Community Letter Quarterly AFTER date that the donor has noted, beginning May 1 Copy to each organization Organization to follow-up with donor

28 Legacy Confirmation of Gift

29 Legacy Giving Options

30 Conversation Thank the donor for signing the DOI form and being part of your legacy initiative Ask the donor if he/she has had an opportunity to formalize his/her intent Be prepared to answer no matter which response you receive

31 Donor says YES!

32 Donor says Not Yet Thank for signing DOI Ask if anticipated time frame and jot down Ask if can be of assistance Reiterate importance of formalization Leave/Send Confirmation form Contact 2 weeks after anticipated formalization time

33 Donor says No Thank for signing DOI Ask if can be of any assistance Reiterate importance of formalization Ask if OK to check back in 3, 6, 9 or 12 months Make a note to follow up at appropriate time

34 Overcoming Objections Objection Don t have a Will Not sure how to provide for organization What if I need my money? Changed my mind, no longer want to give I will get to it eventually Response Life insurance, retirement accounts only require a change of beneficiary form with no cost. Fund Agreement also no cost Most common: % in Will, named beneficiary of Life Insurance or Retirement Fund Federation staff can meet and review options Legacy gifts are after-lifetime so your money is available for all of your needs Can you share with me why you have come to this decision? (no matter the response, be sure to thank for ongoing support) Thank and remind of incentive grant and deadline

35 Make it easy Provide the donor with confirmation of formalization options Legacy Gift Confirmation indicating a provision was made Letter from attorney or financial adviser Copy of relevant portion of Will or Trust Copy of Beneficiary form

36 Suggested Mailing Letter or note with Tax ID# Legacy Confirmation of Gift One-pager of giving vehicles Reply envelope

37 Suggested Letter

38 Role Playing

39 Role Playing Feedback Legacy Team Member Was the ask easy or difficult and why Donor Was the conversation comfortable or uncomfortable and why

40 Legacy Gift Tracking Create a file for each donor DOI form correspondence Stewardship Checklist Legacy Confirmation of Gift or other documentation that the gift has been formalized Utilize an electronic tracking system to track the donor, when the commitment was made, when you last spoke with them, when the gift was formalized and when the gift is realized. If you have the ability to set up a reminder system, its great to be able to send the donor a card or call them to thank them for their commitment on the anniversary of receiving their Declaration of Intent.

41 Tips

42 Next Steps Year 2 ends March 30, 2017 Keep your momentum going! Review your prospect list, potentially add to it and keep going! Assign prospects to each member of your legacy team. Each team member commits to having at a minimum one conversation a month every month! Continue to schedule regular team meetings to check in and so each member has a deadline for their monthly conversations be accountable to each other. Take advantage of every opportunity to acknowledge your legacy donors to date and to encourage new commitments.

43 Next Steps Continue to fill out your quarterly reporting form as you have conversations. Continue your marketing to both targeted prospects and general donor base celebrate your receipt of the Year 1 grant and encourage commitments to help you secure grant in Year 2. Stewardship, Stewardship, Stewardship minimum of four touches a year donor listings, legacy donor event, legacy donor recognition, personal touch. Work on formalization as you are able new commitments still the priority for Year 2

44 As my fathers planted for me, so do I plant for future generations - Taanit 23a From Declaration of Intent to Formalized Gift Dena Morris Kaufman April, 2016 The Harold Grinspoon Foundation