Legacy fundraising is not at the top of the list of priorities for many charities, but it should be.
Here are 5 reasons why.
Small charities need consistent funds to continue their vital services
Charities are under constant pressure to bring in funds so that they can help their cause and encouraging legacy donations is another way to do this. Legacies are a major source of income for many charities and effective marketing can pull in more donations quicker than most people think, so it is definitely an area worth looking into to ensure a steady cash flow.
Such a big donation can transform a charity
Over 10% of the income that charities receive from individuals is in the form of legacies so these are immensely useful for building and maintaining financial reserves. Such big donations can really make a difference to a small charity, such as enabling them to redevelop, relocate, or run an entirely new fundraising project.
Legacies can be introduced to a charity cost-effectively
If a charity already has a solid fundraising strategy in place, e.g they are communicating with their supporters in a variety of ways from emails and newsletters to social media and fundraising events, they can easily start to drip information about legacies and how they can make a difference to their organisation through these channels in the same way.
This form of fundraising has the potential for a huge return on investment
With such little investment of adding legacies to a pre-existing fundraising campaign, it’s surprising that such a small addition has the potential for a huge 50:1 return on investment! Bulk sums of money can mean massive changes for a small charity so it is definitely worth the time and effort of promoting legacies in their fundraising campaigns.
It creates a well-rounded and successful fundraising strategy
Legacies are just one cog in the fundraising machine, so isn’t it best to have all of them to make one solid and effective strategy? Charities need to be utilising all of the ways that they can encourage donations, so by promoting legacy giving in their pre-existing fundraising strategy, they can be sure that they are maximising their giving.