As Aaron suggested earlier, I try to get the donor to estimate the amount
we are likely to receive and put that in writing. However, before I put
anything in the system that will count in official fundraising totals I
will ask my prospect development staff to validate the estimate.
If I cannot receive a verification or written estimate then I will not
count any amount.
John
John H. Taylor
Principal, John H. Taylor Consulting
2604 Sevier St.
Durham, NC 27705
johntaylorconsulting@gmail.com
919.816.5903 (cell/text)
Serving the Advancement Community Since 1987
On Tue, May 21, 2019 at 10:57 AM Bob Doser <
000000402769d054-dmarc-request@listserv.fundsvcs.org> wrote:
> Thank you for the replies. Let me clarify one thing. We only ask for
> substantiation of an asset when the donor says that St. Lawrence is getting
> xx% of an estate. We use this to get a dollar value.
>
>
>
> If a donor wanted to give your institution a percentage of an estate what
> actions follow? Do you book the expectancy? Gift agreement signed and copy
> of will? Substantiation/ How do you get a value? Do you count in financials
> and/or fundraising totals?
>
>
>
> Thank you again for taking time to answer these questions!
>
>
>
> Bob
>
>
>
> *From:* Advancement Services Discussion List <
>
FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *Forrest, Aaron
> *Sent:* Tuesday, May 21, 2019 11:07 AM
> *To:*
FUNDSVCS@LISTSERV.FUNDSVCS.ORG
> *Subject:* Re: [FUNDSVCS] Best Practices in Planned Gift Documentation
>
>
>
> We primarily use gift agreements only. As John says, will trumps all, and
> we need no additional documentation if we have that. Very often, wills are
> not clear and we may craft a gift agreement to clarify, for example to
> align to our endowment policy. We don’t ask donors for financial statements
> to substantiate bequests. I would imagine that would go over like a lead
> balloon. If we don’t have a dollar amount, we don’t book. If donor has
> percentage, we ask for an estimated dollar amount and document that in the
> gift agreement.
>
>
>
> Aaron
>
>
>
> Aaron Forrest CPA
>
> Senior Director Gift and Donor Services
>
> University of Rochester Office of Advancement
>
> Larry and Cindy Bloch Alumni and Advancement Center
>
> 300 East River Road
>
> Rochester NY 14627
>
> Office 585.275.2799 / Fax 585-273-4558
>
> Email
aaron.forrest@rochester.edu
>
>
>
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> *From:* Advancement Services Discussion List <
>
FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor
> *Sent:* Tuesday, May 21, 2019 10:53 AM
> *To:*
FUNDSVCS@LISTSERV.FUNDSVCS.ORG
> *Subject:* Re: [FUNDSVCS] Best Practices in Planned Gift Documentation
>
>
>
> Bob, the CASE Guidelines offer a bit of information here. I might
> suggest, however, that a great many organizations will "book" expectancies
> with far less backup than what you currently require. And about a third of
> my clients do not count these at all given their revocable nature.
>
>
>
> A separate agreement is not necessary if you have a copy of the page of
> the will outlining the portion of the estate you are to receive and how
> that should be used. I would, though, seek an agreement if the will isn't
> clear on these points.
>
>
>
> Asking for asset listings can be off-putting. And that is not needed for
> recording/counting purposes unless what you are to receive is based on a
> percentage of the estate.
>
>
>
> A copy of the will (or the portion with your bequest identified) is
> sufficient for recording revocable instruments per CASE. Absent that, a
> Contract to Make a Will (a form of gift agreement) should be enough.
>
>
>
> John
>
>
>
> John H. Taylor
>
> Principal, John H. Taylor Consulting
>
> 2604 Sevier St.
>
> Durham, NC 27705
>
>
johntaylorconsulting@gmail.com
>
> 919.816.5903 (cell/text)
>
>
>
> Serving the Advancement Community Since 1987
>
>
>
>
>
> On Tue, May 21, 2019 at 7:29 AM Bob Doser <
>
000000402769d054-dmarc-request@listserv.fundsvcs.org> wrote:
>
> Hi All,
>
>
>
> I am hoping to find a best practice pertaining to documenting Planned
> Gifts namely Bequests. What documents should be provided/requested from
> the donor in order to book a bequest and count it in one’s fundraising
> totals?
>
>
>
> We currently require a gift agreement signed, a copy of the will, and
> sometimes a current asset statement (if donor’s testamentary will states a
> percentage of such).
>
>
>
> Thank you in advance for your replies!
>
>
>
> Bob
>
>
>
> Bob Doser
>
> Senior Associate Director of Analytics & Gift Records
>
> St. Lawrence University
>
> 315-229-5323
>
>
http://stlawu.edu/
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