Many nonprofit leaders don’t discuss the topic of planned giving, yet it can be a critical strategy for building a sustainable and robust nonprofit. Planned giving includes fundraising tools such as endowments and strategic reserves. Today’s guest, Timothy Higdon explains the differences between the two and the important things leaders need to consider when incorporating these planned gifts into their development strategy.
Timothy is the President and CEO at Hearing Health Foundation. The Hearing Health Foundation is the largest private funder of basic scientific and applied research to find cures for hearing loss and related conditions. Timothy is also an adjunct lecturer at Columbia University in New York City.
Timothy explains what planned giving is and how it is a great opportunity for one to leave a generous and meaningful gift to a charity, once they have passed away. He also explains the important differences between endowments and strategic reserves and how nonprofits can figure out which is more beneficial for their fundraising efforts. When it comes to a development strategy, Timothy shares that a nonprofit should follow the rule of one-thirds, in order to have a balanced revenue portfolio. He also shares the important steps a nonprofit board should follow before establishing an endowment, which include a list of policies that need to be in place. Finally, Timothy highlights the important fiduciary responsibilities of board members and why they must clearly understand the legal, moral, and ethical duties of their board service.
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