3 pledge management details that must remain flexible

Preparing for these three changes will help your organization with pledge managementWhen it comes to pledge management, it’s no secret that donor plans frequently change. This can cause a headache for advancement officers and accounting departments.

But the best way to handle uncertainty is to be prepared for it. After your supporters commit to a pledge, there are three areas they’re most likely to adjust. Read on so that you can be ready the next time a pledged donor makes one of these requests:

Moving the next payment date

Pledge schedules can come in a variety of forms. You may have a donor who pledges to give monthly, quarterly or yearly for a set period. But unlike recurring donations, these pledges aren’t set to automatically process. That means that the exact payment date isn't always certain.

Sometimes, your donor will request moving the date earlier or later to accommodate their schedule or cash flow. In other cases, it may just be a matter of logistics. By the time you connect with the donor and finalize arrangements, it may take a little bit longer than anticipated for the payment to be ready.

Either way, it’s important to make sure that your pledge management capabilities let you easily alter payment dates. This will help you keep accurate accounting records and issue correct tax receipts.

Changing the payment type

Your supporter will typically commit to giving their gift through one payment type, like a credit card, check, or stock. But especially with long-term pledges, it may need to change it along the way.

Your donor’s preference for credit card or check payments is something that may fluctuate often. Bigger picture changes can impact whether they would still like to make a pledged stock donation, such as their work status or the stock’s current value. In some cases, they may decide to make a different type of donation altogether, such as an in-kind gift.

You should be able to make these adjustments at the time of payment, even if they affect the overall value of the gift received.

Allocating to a different fund

Every pledge will have scheduled dates and expected payment types. Some, especially larger ones, will have preferred fund allocations as well.

As time goes on, though, it’s common for donors to decide to direct their gifts to a different area and request changed allocations. This may happen because of your supporter’s new interests within your school or cause. In other cases, it may be required because a fund has closed or a project has been completed.

Allocations are another detail you should be able to change whenever needed. Ensuring that your donation and pledge management data can be easily posted-to-finance with these allocations will help maintain correct information across your organization.

Simplify pledge management with Causeview

If your higher education institution or nonprofit has struggled to manage pledged donations because of frequent changes like these, Causeview can help. Click here to learn more and see how it works with a free, live demo.