Planned gifts can stabilize and sustain any nonprofit. They are often the largest gift a constituent makes, and planned gift donors give larger annual gifts than regular donors, too.
When your organization is ready to cultivate planned gifts, prepare Bloomerang CRM to track them. If you prefer to record only matured gifts, you can do that, too. Since planned gift donors have the potential to greatly benefit your organization, continue to cultivate your relationship with them through communication.
Set Up for Planned Gifts
To set up Bloomerang CRM to track planned gifts:
Click Settings.
Click Custom Data.
On the Constituents tile, click the Select button.
Create a new category called "Planned Giving."
Create two custom fields in that category:
Planned Gift Donor: Make this a Text Pick One Value field with one value, "Yes."
Planned Gift Type: Make this a Text Pick Multiple Values field. Add these values: "Bequest," "Notification of future bequest," "Life insurance policy," and "Charitable remainder trust." If your organization is set up to manage annuities and charitable lead trusts, add these values too.
Now that your Bloomerang CRM is set up, record a new planned gift.
Record a Planned Gift
When a constituent notifies you that she will leave a gift, update her profile to reflect that she is a planned donor:
To record a planned gift:
Click the Profile tab.
In the section for that custom field, click Edit.
Change the Planned Gift Donor field to Yes.
Select the applicable types in the Planned Gift Type field.
Click Save.
Next, create a note for this planned gift. This step is optional.
Click New.
Select Note.
Record the date you learned of the gift.
In the Note field, type "Planned Gift," and record how you were notified and the expected amount (such as the percentage of the estate or a dollar amount). If applicable, add the name of the financial institution and trust officer.
Attach any supporting documentation in the Attachments section.
Click Save. The note is added to the constituent's timeline.
Record Matured Gifts
A matured gift is a planned donation whose giver has died. Record the gift in Bloomerang when you receive it:
Click New.
Select Donation.
Record the date you received the gift, the amount, and the transaction method (usually a check).
Think carefully about which fund you choose. Most organizations have a policy that all estate gifts must go into an endowment or restricted fund so that these one-time gifts are not used for recurring expenses. If in doubt, check with your exec or board chair.
Record that this is an estate gift in the Note field.
Click Save.
Next, update the constituent's profile:
Click the Profile tab.
In the Basic Information section, click Edit.
From the Status list, select Deceased.
Click Save.
Communicate with Planned Gift Donors
When you send major communications, remember to include planned gift donors. These constituents are too important to overlook. When you send your annual report, for example, filter the letter or email to include Planned Gift Donor = Yes.