As a member of The Giving Institute, AskRIGHT gets access to the Giving USA research. Dr Daniel McDiarmid, Principal Consultant at AskRIGHT, shares some insights from the research to help aged care institutions to increase their fundraising revenues.
The latest report from GivingUSA notes the bulge of baby-boomers (10,000 Americans each day turn 65) but fails to detect a matching bulge in philanthropy. In fact, it concludes:
“… with the exception of Food Programs, philanthropy plays a relatively minor role as a source of support for ASO (Aged Services Organisations) mission and operations. While gifts and contributions are a substantial source of financial support, government grants constitute the majority of contributed revenues, and relatively few aging service organizations report private gift receipts of any significance. Furthermore, only 10 percent of ASOs report endowment holdings of any kind.”
(Giving and the Golden Years, page 31)
Will the Giving Australia report due out this year tell us anything different about the Australian scene?
We know that health-related charities get a large share of the philanthropy as does social service (although declining) and it might not be possible to draw out the aged care related information.
Philanthropy for aged care is more obvious in New Zealand where the hospice sector seems to be extensive, and active in fundraising.
What can be done to increase philanthropy for aged are?
Consultant William McMorran of the Green Oak Consulting Group writes in the Giving USA report:
“For practitioners, here are some fundamental steps that can be taken now to build for the future:
1. Educate board members about endowment options, including temporary, permanent, and quasi-endowment requirements
2. Establish an endowment policy addressing these options
3. Consider committing a portion of any major gift to the “endowment”
4. Encourage bequests, including transfer on death (TOD) and retirement plan beneficiary designations, along with wills and living trust opportunities
5. Promote other forms of planned giving including charitable trusts, gift annuities, and insurance [the last of these not so applicable in Australia and New Zealand]
6. Segment donor opportunities, focus specific messages to specific sectors
7. Invest in a planned giving program or legacy campaign to reach each market efficiently
8. Share these report findings with your Board, your clients, and your donors”
If you would like to order a copy of the Special Report Giving and the Golden Years or the upcoming Giving USA 2016 full report, contact us to receive a discount code.
To find out how Daniel can help your organisation, contact d.mcdiarmid@AskRIGHT.com.
Latest posts by Dr Daniel McDiarmid (see all)
- PAFs Turn Their Attention to New Investment Options. Can You Benefit? - October 12, 2017
- Why Competitive Philanthropy is a Risk - September 1, 2017
- US Research Says Aged Care is Not a Philanthropic Priority: How to Change This - April 27, 2017