Bequests, or gifts left in wills, are an important source of future funding for many not-for-profit organisations across Australia and New Zealand. They represent a lasting legacy of generosity and can have a transformative impact on your organisation’s ability to fulfill its mission.
Building an effective bequest program requires careful planning, sensitive communication, and a commitment to long-term donor stewardship. This guide focuses on key technical considerations for developing a successful bequest program, incorporating powerful features from our Klevr Fundraising CRM solution.
Why bequests matter
Bequests offer unique benefits for not-for-profits:
- Sustainable Funding: Bequests provide a vital source of future funding, ensuring the long-term sustainability of your organisation and its programs.
- Impactful Gifts: Bequests can be substantial gifts, often larger than lifetime donations, enabling significant impact on your mission.
- Loyal Supporters: Bequestors are often among your most dedicated supporters, demonstrating a deep commitment to your cause.
- Diverse Funding: Bequests diversify your funding sources, reducing reliance on single income streams.
Technical considerations for bequest management
1. Data Management
- Centralised Database: Maintain a secure, centralised database to store all bequest-related information, including donor details, bequest amounts, expected timeframes, and any specific designations or restrictions.
- Data Capture: Implement efficient processes for capturing and updating bequest information, ensuring accuracy and completeness.
- Data Segmentation: Segment bequestors based on various criteria (e.g., bequest status, expected timeframe, donation amount) to facilitate targeted communication and personalised stewardship.
2. Tracking and Reporting
- Bequest Pipeline: Track the progress of potential bequests through various stages, from initial inquiry to final receipt.
- Performance Metrics: Monitor key performance indicators (KPIs) such as the number of bequests, average bequest value, and conversion rates to assess program effectiveness.
- Forecasting: Utilise bequest data to forecast future income streams and inform long-term financial planning.
3. Process Automation
- Automated Workflows: Automate key processes such as bequest acknowledgment, tax receipt generation, and communication workflows to improve efficiency.
- Reminders and Notifications: Set up automated reminders for follow-up communication with bequestors and internal stakeholders.
4. Integration with Other Systems:
- CRM Integration: Integrate your bequest management system with your CRM to provide a holistic view of donor relationships and engagement. Or better yet, use a comprehensive Donor Management CRM, like Klevr Fundraising, which has all these features rolled into one solution.
- Financial System Integration: Ensure seamless integration with your financial system to facilitate accurate recording and reconciliation of bequest income. Klevr Fundraising can integrate with financial systems like Dynamic 365 Finance & Operations and Business Central.
Klevr Fundraising provides useful tools for bequest management
Klevr Fundraising offers a comprehensive suite of tools to support your bequest program:
- Bequest Tracking: Capture and track key bequest information, including expected amount, timeframe, and designations.
- Donor Management: Segment bequestors, personalise communications, and cultivate long-term relationships.
- Reporting and Analysis: Track bequest pipeline and performance metrics to optimize your program.
- Process Automation: Automate workflows and communications to improve efficiency.
By focusing on these considerations and leveraging the capabilities of Klevr Fundraising, your organisation can build a robust and efficient bequest program that secures lasting legacies and strengthens your mission for future generations.