Spring Cleaning for Fundraisers: Organizing Planned Giving Documentation

Spring Cleaning for Fundraisers: Organizing Planned Giving Documentation

​It’s that time of year again – when we roll up our sleeves, open our closets, and get everything in order. Why should fundraisers be any different? Just as a good spring cleaning refreshes your home, organizing your planned giving documentation can breathe new life into your fundraising strategy. A well-structured planned giving system not only keeps you compliant and prepared for future revenue but also sets the stage for stronger donor relationships. Here’s a step-by-step approach to auditing your data, collecting key donor details, promoting planned gift opportunities, and streamlining your documentation process.

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​I. Audit Your Planned Giving Data

Before you can plan your next move, you need to take stock of what you have. Start by auditing your current planned giving records:

• Review Your Existing Records:
  Go through your files and CRM to identify which donors have planned gifts on file. Determine the estimated value of these future gifts. This isn’t just about tallying numbers – it’s about understanding the potential impact on your organization.
• Check for Essential Data:
  One crucial piece of information is the donor’s birthday. Why? Knowing when your donors were born not only helps you project future revenue (especially when combined with other data points) but also gives you a chance to personalize your stewardship efforts and promote opportunities (like IRA rollovers) that are right for their age bracket.

I once had to project future revenue from our planned gifts for an accrediting agency. Sounds straightforward, right? Not so much – because I was missing a key piece of data: donor birthdays. Turns out, knowing a donor’s age helps with more than just sending a thoughtful birthday card. While it’s not the most cheerful topic, actuarial data can help organizations estimate when planned gifts might be realized. If you don’t have birthdays in your CRM yet, now’s a great time to start collecting them, it’ll help with stewardship today and strategic planning down the road!

• Double Check Documentation:
  It’s considered best practice to log even verbal commitments for planned gifts so that you can steward those donors. However, closing the loop and getting a planned gift letter of intent and supporting documentation is the gold standard. Understand which donors’ gift intentions are verbal only, written intent, and written intent with documentation. This will help you prioritize folks for follow-up.

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​II. Collect Key Donor Data

Once you’ve audited your existing records, the next step is to fill in any gaps, especially with critical data like birthdays. Capturing birthdays is a good idea for everyone in your database not only legacy donors!

• Why Birthdays Matter:
  Birthdays aren’t just dates on a calendar – they’re opportunities. They allow you to send a personalized birthday card or a thoughtful email, reinforcing your relationship with the donor. Such touches can make all the difference in donor retention and long-term engagement.
• How to Collect Data:
  • Update Your CRM: Make sure every donor profile includes a birthday field.
  • Use Surveys and Forms: Include a simple question about birthdays in your regular donor surveys or update forms.
  • Stewardship Touchpoints: Every time you have an interaction with a donor, verify that you have their current information.

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III. Promote Planned Gift Opportunities and Track Leads

Now that your data is in shape, it’s time to get the word out about your planned giving opportunities – and track every inquiry that comes your way.

• Outreach Strategies:
  Develop an integrated promotional plan that spans multiple channels:
  • Email Campaigns: Send targeted emails that explain the benefits of planned giving and include a clear call-to-action.
  • Social Media Posts: Leverage your platforms to educate and engage. Quick tips or success stories about planned gifts can capture attention.
  • Donor Events: Host webinars or in-person events to discuss planned giving, answering questions in real time.
• Tracking Leads:
  Implement a system to track all inquiries related to planned gifts:
  • Database or it didn’t happen: Make sure every inquiry is logged in your CRM.
  • Lead Capture Forms: Create a dedicated form on your website for planned giving inquiries.
  • Follow-Up Reminders: Set up automation or calendar reminders to follow up with interested donors promptly.

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IV. Documenting Planned Gifts: A Step-by-Step Process

Once a donor decides to move forward with a planned gift, it’s critical to have a clear, standardized process for documentation. This ensures nothing slips through the cracks and that every commitment is properly recorded.

1. Guide Donors Through the Initial Steps

• For Bequests:
  Encourage your donors to consult with their attorney to update their wills. Provide clear, simple instructions on how to include your organization as a beneficiary. Offering sample bequest language can make this step much less daunting.
• For Beneficiary Designations:
  Direct donors to fill out the appropriate beneficiary forms for their life insurance policies or individual retirement accounts. This step is often straightforward and can be promoted via social media and email. My social media templates to promote planned giving opportunities includes a Beneficiary Designations Checklist to promote the kinds of accounts that qualify.

2. Collect and Secure Documentation
After the donor has taken the initial steps, ensure that you collect the necessary documentation:

• Planned Gift Letter of Intent:
  Have the donor complete a formal letter of intent. This document should outline their planned gift and serve as an initial record of their commitment.
• Supporting Documents:
  Request copies of any official documentation:
  • For bequests, a copy of the relevant page from their will or codicil of their will.
  • For beneficiary designations, a copy of the completed form or a confirmation from their financial institution.

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3. Organize and Track the Documentation

• Hard Copy Files:
  Maintain a secure physical file for each planned gift, containing all original documentation and correspondence.
• Digitized Cloud Files:
  Scan documents and store them in a secure, organized cloud storage system. Use clear naming conventions and folder structures for easy retrieval.
• CRM Integration:
  Upload digital copies of the key documents into your CRM. Record essential details in donor profiles to ensure you have a centralized record of every planned gift.
• Action Step:
  Create a standardized checklist that outlines each step of the documentation process – from guiding the donor to collecting and storing the necessary documents. This checklist will serve as a training tool for your team and help maintain consistency across the board.

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V. Final Thoughts: A Clean Slate for Future Success

A well-organized planned giving system is like a well-tended garden – regular maintenance pays off in beautiful blooms year after year. By auditing your data, collecting key donor information, promoting planned gift opportunities, and establishing a clear documentation process, you’re setting the stage for both immediate and long-term success.

Implement these spring cleaning steps today, and watch as your planned giving program becomes more efficient, donor-friendly, and robust. Not only will you be better prepared to project future revenue, but you’ll also be fostering stronger, more meaningful relationships with your donors.

Remember, every great legacy starts with a single, well-documented planned gift. Get organized, streamline your process, and make it easier than ever for donors to leave a lasting impact on your mission.
What’s on your list for fundraiser spring cleaning? Let me know in the comments!
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Cheers!

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