4:1: If by now you are thinking, my ministry needs to offer estate planning opportunities to its supporters—good. You should. Simply stated, it works. But know the cost. For every dollar spent in estate planning you can expect to raise four. So when you talk with the various organizations offering this service, make sure you know the minimum expectations for your return on investment. For every $4 raised, expect to spend $1.
Convinced? Leaders do the right things to serve their ministries. Are you doing the right things? We all know that non-faith-based nonprofits have been building long-term financial stability through estate planning for years. Public and private universities for decades have typically received a third of their annual funding through bequests. Many noble, non-faith-based nonprofits (museums, zoos, hospitals, service organizations, etc.) will be asking their donors to remember them in their estate plans. I believe it’s time for faith-based leaders to do the same. And if we do, we will fund our long-term financial needs with a proven strategic choice.
Be intentional. Develop a ministry in planned giving. Ask your ministry donors to remember the ministry in their estate planning. You will first serve your members, since most of them have no plan established. And second, you will build financial strength for kingdom ministry for years to come.
Clay Perkins serves as executive vice president of Financial Planning Ministry. FPM facilitates and inspires biblical generosity with more than $1 billion in gift expectancies to Christian churches, their ministries and charities. Perkins previously served as president of Mid-Atlantic Christian University, Elizabeth City, North Carolina, and as senior associate with First Christian Church Ministries, Kernersville, North Carolina.