afp westchester npd 2013 tips for soliciting planned gifts from women margaret m. holman
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TIPS FOR SOLICITING PLANNED GIFTS FROM WOMENPresented to the AFP Westchester
National Philanthropy Day
November 7, 2013
Margaret M. Holman, President
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The Economic Power of Women
Women are building wealth
59% The growth in the number of women-owned businesses since 1997
41% The rise in the number of businesses overall
29% The share of businesses owned by women
$1.3-trillion The estimated amount of revenue generated by women-owned businesses
Women are breadwinners40% of households with children under 18 include a female who is the primary wage earner
37% of those are married women who earn more than their husbands
$80,000 is the median income for households with children where wives earn more than their husbands
$57,100 is the median income for all households with childrenSource: The Chronicle of Philanthropy, Section B, “Tomorrow’s Donors,” August
15, 2013
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The Economic Power of Women
Nearly half of the top wealth-holders in the U.S. are women, including more that three-million women with annual incomes greater than $550,000.
Source: “Fem-anthropy: Women’s Philanthropic Giving Patterns and Objectives”, Advancing Philanthropy, March-April 2010; Chronicle of Philanthropy “Fundraising and the Female Donor”, September 2013
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The Economic Power of Women
• Women own 43% of stock portfolios with values over $500,000
• Women own 45% of investments in other markets
• Women own a majority of all stocks traded on the NY Stock Exchange
Source: Jewish Federations of North America, National Women’s Philanthropy: Philanthropic Profile, July 2011
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The Economic Power of Women• Women will inherit 70% of the intergenerational wealth in
the next 50years.• Many women will inherit twice – from their parents and
then from their husbands.
Source: “Fem-anthropy: Women’s Philanthropic Giving Patterns and Objectives”, Advancing Philanthropy, March-April 2010; Chronicle of Philanthropy “Fundraising and the Female Donor”, September 2013
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The Economic Power of Women• The average planned gift from women ranges from
$30,000 to $80,000.• Of those with the biggest estates ($5-million+), nearly half
of them leave a charitable bequest. Only a third of wealthy men do.
Source: “Fem-anthropy: Women’s Philanthropic Giving Patterns and Objectives”, Advancing Philanthropy, March-April 2010; Chronicle of Philanthropy “Fundraising and the Female Donor”, September 2013
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Women Bequest Donors
Lady Mowlson, Ann Radcliffe’s will to establish Harvard’s first endowed scholarship on May 9, 1643
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Recent Women Bequest Donors
• Muriel Block, $160-million to Yeshiva University & Albert Einstein College of Medicine
• Dorothy Clarke Patterson, $225-million to a variety of foundations
• Brooke Astor, $190-million to a variety of charities
• Virginia Bernthal Toulmin $87-million to colleges & Universities
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Factors that Encourage Women’s Gifts
Factors for Women in
Giving
Source: Chronicle of Philanthropy Webinar “Fundraising and the Female Donor”, September 2013
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Barriers to Women’s Giving
• Difficulty in accepting the responsibility and power associated with money.• Women see themselves as peacekeepers and
collaborators.
• “Male bastions” discourage female giving.• Desire for anonymity.
• Mrs. Russell Sage gave away $80 million by 1918. • She said, “It’s ill mannered to call attention to one’s self.”
• Changing in today’s world.
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Barriers to Women’s Giving• Fear of the future
• Absence of children or grandchildren.
• The more they feel secure about their financial future, the more they bequeath to charity.
• A study in 2006 found that 90% of a total of nearly 2,000 women who participated said they felt somewhat or not at all financially secure.
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Source: The Allianz Women, Money & Power Study released by the Allianz Life Insurance Company of North America
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Barriers to Women’s Giving
• Unfamiliarity with financial matters• Only 23% of women
felt “well prepared” to make financial decisions
• Offer financial seminars for women only
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Source: Prudential Study: Women & Money
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Barriers to Women’s Giving
• Lack of image as philanthropists• Women give smaller
gifts to more charities.• A common pattern is to
give $100 annually and leave a major bequest of $100,000 or more.
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Source: Bidding for Good
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Women as Planned Gift Donors
• Wally and Beaver are all grown up now.
• With Ward Clever gone, most institutions are reaching out to June.
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Developing a Gender Sensitive Fundraising Program
• Segment this diverse market• Subdivide into age
categories• Over 60: Women are
discovering the thrill of giving.• Use peer stories• Subdued colors, graphics
and copy• Larger typeface (at least 14
point)
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Developing a Gender Sensitive Fundraising Program
• Between 40 to 60• Time of reevaluation• Financial, retirement
and estate planning.• Use more colorful,
crisper graphics.
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Developing a Gender Sensitive Fundraising Program
• Focus on things women care about:• Children• The Elderly• Health care• Education• Animals
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
1. Quantify women’s giving over the past five years
• Run reports to see the total number of gifts from men and women; the total gift dollars from men and women; the level of giving by men and women.
• Organizations that do this are surprised by how much women are already giving without any special programs or expectations.
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
2. Review Donor Acknowledgement
• Pay close attention to records and make sure you know which partner in a marriage is the constituent, who was actually solicited, who made the contribution, and how the donor wishes to be acknowledged. It’s better to know than to guess.
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
3. Examine Your Record-Keeping Methods and Gift Coding
• Is your computer system gender-friendly? Can you credit spouses individually as well as in couples?
4. Review Your SOP• When you set up an appointment with a male prospect who is
married, do you ask if his wife will be there also?• Important to establish a relationship with both partners – remember
women outlive their male counterparts by at least 7 years!
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
5. Research and publicize several large gifts made by women.
• Recognizing these gifts does two things:• Gives credit to the woman philanthropist• Encourages other women to do the same.
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
6. Examine your boards and campaign leadership and how members are recruited.
• Female prospects look carefully at board composition as an indication of an institution’s commitment to gender equality.
7. Call on women and ask them to give.• Target women for 50% of your contacts.• If you don’t ask, you won’t get…
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
8. Apply female communication methods when calling upon women.
• Remember, women use language differently than do men.
• Women use language to achieve connections, while men use it to assert their autonomy.
• Conversations with women are a way of establishing rapport and negotiating relationships.
• Men regard conversations primarily as a means to preserve independence and negotiate and maintain status in a hierarchical social order.
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Sources: Sondra C. Shaw & Martha A. Taylor; You Just Don’t Understand: Men and Women in Conversation by Deborah
Tannen
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Remember these Bequest Specific Motivations
• The lack of family need
• A desire to be remembered
• A desire to limit the amount to family
• A desire to make a difference
• Reciprocation• The need to manage
estate taxation
Source: The Center on Philanthropy at Indiana University Study: Gender Differences in Giving Motivations for Bequest Donors and Non-Donors, 11/09
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Smart Women and Money
“I am a marvelous housekeeper. Every time I leave a man, I keep his house.”
Zsa Zsa Gabor
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Thank you!
330 Madison Avenue, 9th floor
New York, NY 10017
646-495-3240
www.holmanconsulting.com
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