Tips for bequests
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In the not-for-profit (NFP) sector, there is high competition to attract bequest dollars. The following tips will assist NFPs to attract bequests that are useful for their organisation.
1. Explain the need for funding
Regularly remind your contacts about the need to support your organisation by educating them about the important work your organisation does with the funding it receives.
2. Ensure details are correct
Usually there are multiple NFP organisations devoted to the same purpose. Uncertainty and dispute can arise if a will is vague in its description of an intended organisation. Leave your supporters and potential donors with no doubt as to your organisation’s precise name and details to avoid these complications.
3. Educate your donors and potential donors about your programs and priorities
Bequests to NFP organisations are made with the best of intentions, but significant problems can arise if the bequest has specific instructions that are impracticable or unworkable. For example, instructions for funds to be spent in a particular region or on a particular project may be of no use to the organisation if it is not working in the specified region or is not engaged in the identified project any longer.
