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In the world of fund development, endowment programs usually get the least amount of attention. This is a shame, because these gifts often represent a donor’s sense of legacy. Why do we put off the cultivation of endowment prospects? I propose that many of us are laboring under false beliefs about developing endowment program. It’s time to bust some myths!

I was as shocked as anyone at the death of Prince, and deeply saddened at the news that he may have died without a will. The fact that his estate will now become part of the public record – and that any potential fight over it will be national news – is causing many people, not just in the nonprofit world, to have conversations about estate planning and protecting the assets they’ve built over the years.

Thank you for asking, but we’ve already made an endowment commitment to your organization.

If you’re visiting with your best endowment prospects, invitations to become members of your legacy society quite often produce this response. And it is gratifying to hear! The challenge is to identify your best endowment prospects – your organization’s “best friends.”

Conversations around giving can feel tricky for anyone, but I find that the people who struggle with it most are church leaders. Many pastors and lay staff are reluctant to talk about money at all. Those that do tend to focus on immediate operational needs of the church or mission-based outreach.

Many nonprofit leaders want to begin an endowment development program, but are unsure of where to start. They don’t know who might be a good prospect in their community or among their past donors. How can you tell if someone has the resources and the desire to leave a legacy gift to your organization?

Recently, we were asked to share a presentation on endowment for NAYDO – the North American YMCA Development Organization. We published this blog on their site as a companion to that presentation, and are sharing it here with our readers. Even if you’re not a YMCA, we think you might benefit from dispelling a few of these myths in your nonprofit, school or church.

It’s nearing the end of the year and something is unfinished on your to-do list. It’s something you’ve been thinking about all year, perhaps even for the past several years, and yet you haven’t quite gotten to it.

At a recent conference, we had the privilege of presenting the advanced session on endowment development. The session was for staff and volunteers with 15+ years of financial development experience and for those who knew the basics of endowment development.

I was delighted to receive calls from two nonprofit executives during the final days of 2013. Both calls were to pass along some great news regarding year-end endowment commitments. As I rejoiced with them, a Chinese proverb that came to mind: ‘A journey of a thousand miles begins with a single step.’