by Jac La Tour
Any conversation about funding your ministry’s vision will naturally focus on the best ways to meet the ministry’s financial needs. But according to Greg Ring, co-founder of Fulcrum Philanthropy Systems, one funding option—planned giving—is also a way to serve your donors.
To better understand how, I asked Greg a few questions.
Jac: I’ve heard you talk about the idea of “donor fatigue.” What is it and how many ministries does it affect?
Greg: Over the past 30 years there has been a proliferation of nonprofits in America. There are more than 1,200,000 now, not counting private foundations. At the same time, communication in multiple forms has exploded. All of us get more “messaging” in a day than some of our grandparents might have had in a year. All of this takes its toll on the attention span and causes “fatigue” among our donors. So, we must be thoughtful and donor centric in how we communicate.
Jac: You also talk about how planned giving serves donors. How…what’s one example?
Greg: We recently helped a farmer and his wife gift their farm to charity using a Donor Advised Fund and a Charitable Remainder Trust. We eliminated more than $700,000 in taxes for them while also increasing their income for retirement. And they made the largest current gift of their lifetime.
Jac: When assets like real estate are donated to a ministry, is it complicated to turn those assets into cash?
Greg: We live in an age of specialization. And converting those assets is not hard for those who do it every day. Just like the guy who works on my car or my physician. It’s simple if that’s what you do, but doing it right is very important for the donor and for the charity.
Because Greg has more than three decades of experience with planned giving, we invited him to be part of ECCU’s webinar series in August called Funding Your Vision. For more information and to register, visit www.eccu.org/funding-your-vision.