How to handle changing pledge allocations from major donors
Major donors will often have an area they want to impact when they pledge to your organization. Internally, this is managed through gift allocations. Usually, when a donor sets up their pledge, they will also tell you where they want the upcoming payments to be allocated. For example, alumni from your school’s music department may want to ensure their gift goes back towards it.
However, advancement and major gift officers know how often these preferences change. Sometimes a new interest will emerge. Or, a supporter may decide that to make their gift more focused, or even more generalized. While this is a common problem, it’s often made more difficult by the data challenges it creates.
Why changing pledge allocations are a challenge
In most donor management platforms, pledged gifts are rigid. When a donor agrees to their pledge, the system considers it to be set in stone and waits for the payment to come through. In our experience processing over $130 million in donations, and from what we’ve heard from advancement teams around the world, it’s clear that changes are very common.
The typical process is that you must delete the planned gift and the associated allocations. Then, a new gift gets created with the correct, updated information. For accurate record keeping and audit trails, accounting must then be notified of the change and then update their data. Since this occurs so often, this inefficient set of tasks can become a burden throughout your school. It can also lead to important data errors that cause incorrect information being sent to donors and poor financial records.
Pledge management that understands how major donors act
At Causeview, we understand that your major donors have evolving preferences. Plus, various events cause them to change parts of their pledged gifts, including the allocations. We believe that pledge management needs to be flexible so that adjustments can easily be made. This should also extend to how the gift data is managed throughout your organization. You should be able to change the details of a gift with just a few clicks, and any changes should be automatically available wherever they are needed.
For example, say that a major donor decides to direct their next contribution to the arts department as a whole, rather than just the music department. Once your team is notified, editing this detail should be simple. Since your finance team will need to account for the revised allocation, they should be able to access this change, and all others, without needing to be manually notified.
The time is right for better pledge management
Today’s major donors are more knowledgeable and more committed to seeing the impact their gifts have. This has made adjusting allocations even more common.
Advancement departments also now have the tools to better serve them. The Salesforce HEDA (Higher Education Data Architecture) platform has given schools a modern CRM solution to connect all their campus activities. And Causeview Advancement – built for HEDA – let’s schools extend that to alumni relations and donation processing.
With our powerful Pledge Manager included, it’s never been easier to handle constantly changing pledged gifts. Whether it’s the payment date, amount, or as discussed here, the specific allocations, you’ll have flexibility at your fingertips. It takes just seconds to alter a pledged gift, and all changes can be posted to finance with the click of a button. Then, you’ll have accurate records to delight your donors and to reduce administrative and accounting errors.
Make pledge management challenges a thing of the past
Changing pledge allocations have always been a burden for advancement departments, but they don’t have to be. If you’re interested in learning how Causeview Advancement can aid your alumni relations efforts on the Salesforce platform, we’re happy to chat.
We can show you how we’ve made gift processing easier than ever for our 1,600 users across the United States, Canada, Australia and the UK and answer any questions you may have about managing advancement activities on Salesforce.