Planned Giving Boosts Parishes

kobexielite 𝕯𝖎𝖌𝖎𝖙𝖆𝖑 𝕸𝖊𝖉𝖎𝖆

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Post on Feb 01, 2025

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Planned Giving Boosts Parishes: A Strategic Approach to Sustainable Ministry

Parishes face ongoing financial challenges in maintaining their operations, supporting their communities, and fulfilling their missions. While traditional fundraising methods remain crucial, planned giving presents a powerful and often overlooked strategy for long-term financial stability and growth. This approach, which involves incorporating charitable gifts into an individual's financial planning, offers significant benefits to parishes seeking sustainable funding.

Understanding Planned Giving

Planned giving encompasses a variety of charitable giving methods that allow individuals to make significant donations while also addressing their personal financial and estate planning goals. These methods can provide immediate tax benefits, reduce estate taxes, and leave a lasting legacy of faith and support for the parish.

Key Planned Giving Vehicles:

• Bequests: Leaving a portion of your estate to the parish in your will. This is a simple yet impactful way to make a lasting contribution. Bequests are often the cornerstone of a successful planned giving program.
• Charitable Gift Annuities: These contracts provide a fixed income stream to the donor for life, with a portion of the principal eventually going to the parish. This offers a win-win scenario, providing financial security for the donor and future support for the parish.
• Charitable Remainder Trusts (CRTs): These trusts allow donors to contribute assets (such as stocks or real estate) and receive income for a specified period, with the remaining assets going to the parish upon termination. CRTs offer significant tax advantages.
• Life Insurance Policies: Naming the parish as a beneficiary of a life insurance policy is a simple yet effective way to make a substantial gift.
• Retirement Plan Designations: Designating a portion of your retirement plan assets to the parish upon your death.

Implementing a Planned Giving Program in Your Parish

Establishing a successful planned giving program requires careful planning and execution. Here are some key steps:

1. Develop a Comprehensive Strategy:

• Identify your goals: Determine how much funding you need and what planned giving vehicles best align with your needs.
• Build a strong team: Recruit volunteers and staff with expertise in finance and estate planning.
• Create marketing materials: Develop brochures, presentations, and website content explaining the benefits of planned giving. Make this information easily accessible and understandable.
• Educate your congregation: Regularly communicate the importance of planned giving through sermons, newsletters, and workshops. Highlight the impact of their contributions.

2. Cultivate Relationships with Potential Donors:

• Identify key individuals: Focus on parishioners who have the capacity and inclination to make significant gifts.
• Build trust and rapport: Foster strong relationships based on mutual respect and understanding.
• Offer personalized advice: Provide tailored information on planned giving options that meet individual needs.
• Maintain regular communication: Keep donors informed about the impact of their contributions.

3. Provide Excellent Stewardship:

• Acknowledge gifts promptly and publicly: Express gratitude for contributions in a meaningful way.
• Report on the use of funds: Maintain transparency about how planned gifts are being used to support the parish's mission.
• Celebrate donor legacies: Acknowledge and honor donors' contributions to ensure continued support.

The Long-Term Benefits of Planned Giving for Parishes

Implementing a robust planned giving program offers numerous benefits extending far beyond immediate financial gains:

• Enhanced Financial Stability: Planned gifts provide a reliable stream of income, reducing reliance on annual fundraising efforts.
• Increased Legacy Giving: Inspires parishioners to leave a lasting legacy of faith and support for future generations.
• Strengthened Community Engagement: Encourages deeper involvement and connection among parishioners.
• Improved Long-Term Planning: Provides resources for strategic planning and future growth.

Planned giving is not just about securing financial resources; it’s about cultivating a culture of generosity and stewardship within the parish community. By strategically implementing a planned giving program, parishes can secure their financial future, strengthen community bonds, and ensure their ability to serve for years to come. Start today by educating your congregation on the many benefits of planned giving and watch your parish flourish.