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[ASK AN EXPERT] What’s The Best Way To Revive A Moribund Legacy Society?
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Our Ask An Expert series features real questions answered by Claire Axelrad, J.D., CFRE, also known as Charity Clairity. Today’s question comes from a nonprofit employee who wants advice on how to energize their legacy giving program:
Dear Charity Clairity,
We have an on-paper “legacy society” that was started before my time here. Members gave $5000 outright to be a “member” and the funds are in our restricted fund. I want to energize our legacy giving program, and wonder if starting with these members to talk about actual bequest giving is a good start? Also, do bequest societies work to secure gifts? If so, what benefits should I list?
— Uncertain How to Proceed
Dear Uncertain,
First, allow me to address whether legacy societies matter. Yes! As I’ve previously noted, most people enjoy being recognized and appreciated. It appears these $5,000 donors may have felt this way when your legacy society was initiated, but… perhaps it’s been some time since they’ve felt the rewards for their giving? You are right to consider how to reboot your legacy giving program so it brings donors the connection and meaning they seek. Generally, this will be the reassurance that their values will live on.
Second, beginning with your current members is a great idea. The $5,000 cash gifts they already made are indicators they can probably make much larger legacy gifts from their assets – once they no longer need them. These are folks who already understand the importance of having the equivalent of a “rainy day fund,” and will be receptive to adding to their impact if you make it easy for them to do so. Depending on how many of these members you have, you might want to attempt a personal meeting with as many as possible. Some may want to vent about their discontent at having been abandoned for so long. Allowing them to do so, while embracing your own organization’s errors, is a good way to restart what should be a values-based conversation.
Beginning with bequests is also smart. They’re the most common form of legacy giving, and something with which most folks are familiar. You don’t need to become an expert on complex gift vehicles (e.g., charitable remainder annuity and unitrusts, charitable lead trusts, charitable gift annuities, pooled income funds, real estate gifts, etc.), which actually make up just a small fraction of all deferred gifts. Just be aware of these options should a donor who’s seen them being promoted elsewhere asks you about them; know who to call for help when the need arises. When you’re ready, you can add in other giving options you’ll want to promote more actively.
List benefits the same way you would for any other type of giving society. For example: “Legacy Society donors assure the mission of XYZ Charity continues on for future generations. All members receive ongoing updates on program outcomes, and also get….” Whatever you choose to offer as a benefit doesn’t need to be fancy or even substantial. The real benefit is intangible: the donor feels a warm glow knowing their values will live on, and they’ve planted a seed for those who will come after them.
Here are some examples of benefits you can list:
- Listing in your donor honor roll.
- Receipt of a certificate of appreciation.
- Special annual or bi-annual newsletter.
- Impact story of the quarter.
- Invitation to a free event or virtual fireside chat.
- Bi-annual conference calls with updates and Q & A.
It’s all about making them feel special, and reinforcing this feeling consistently throughout the year and years to come. The point of such a society is to make people feel they belong to a community of like-minded folks. Here’s a simple example from the Hospice East Bay.
My best advice is to hold an annual legacy society “event” that showcases this impact. It can be onsite, virtual, or a combination of the two. My favorite program is a combination of beneficiaries talking and legacy society members offering testimonials about why they made their gift. You might even send a survey in advance to legacy society members to ascertain their participation preferences. Even the act of letting them know how special they are, and saying you would love to thank them in person, is a nice cultivation touch point.
Remember, gratitude fosters loyalty. A legacy society should be a giant gratitude machine. One that consistently assures members they are loved, and informs them of the benefits (mostly intangible) of being part of your family and community.
You can learn more about spreading the word about your retooled legacy giving program in 3 Secrets to Acquiring Nonprofit Legacy Gifts.
— Charity Clairity (Please use a pseudonym if you prefer to be anonymous when you submit your own question, like “Uncertain How to Proceed” did.)
How do you promote and energize your legacy giving program? Let us know in the comments.
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