Sargent Solutions Blog: January 24, 2023
Ready. Set. Receipt!
10 things to keep in mind when running annual receipts
After all of that strategizing, storytelling and campaign execution, you did it. You inspired donors to give to your organization. Every. Single. Month.
And, now, as you recover from hectic year-end appeals and gift processing, you have the honour of thanking and receipting those valued monthly donors, who are exactly where they belong. In your good hands.
It is absolutely crucial that your annual receipting process is scrupulous, both in administrative accuracy and in advancing retention goals. You worked too hard to convert your monthly donors to risk jeopardizing their place in your community. So, to leverage annual receipting as an effective stewardship touchpoint, it’s best to be as donor-centred as you are efficient in your process. Here are ten important tips to do both:
1. Follow the Rules
The CRA lays out clear requirements for your receipts. It’s always a good time to check carefully that your receipt copy and format uphold the law.
Find specific details on the CRA website.
2. To Receipt or Not To Receipt
A good database supports the needs of your organization as well as your donors. It does that best when relevant donor information and preferences are updated regularly, and when your communications reflect those preferences. So, make sure that records with a gifts code marked Do Not Receipt are coded correctly and no receipt is produced.
3. A New Year, A New Message
You would never send the same letter to a friend twice, so it follows that, every year, your monthly donors should be thanked and receipted with a fresh, timely letter. Nothing makes a person feel more valued than spending a little extra time and effort on them. Your letter can achieve this through customization, by reworking the content or by outlining updates on the programs they support.
4. Check and Double Check
Take care to check that all of last year’s gifts for records coded as
one receipt per gift have been issued. In some cases, you may believe you have receipted all of these donors but in fact they could be monthly donors who have not been coded to receive consolidated receipts.
5. A Date to Remember
The more you get to know the codes relating to monthly donors, the more efficient and effective your annual receipting process will be. Remember that for monthly donors, the Gift Date exports from RE as <Consolidated>.
6. Another Date to Remember
The Receipt Date for monthly donors exports from RE as <Consolidated>.
7. Zero In
All gifts that are coded as Do Not Receipt should have the receipt amount of $0.00.
8. Checks and Balances
A helpful tip to boost efficiency is to run the annual statement and spot check that all monthly batches have been committed.
9. Compare and contrast
Compare values on the annual statement to receipt and investigate differences.
10. A Final Check
When you have completed your annual receipts, it is important to ensure there are no gifts from last year coded as not receipted.
We can help.
Simple, effective annual receipting procedures put you – and your monthly donors – in the best possible place to start another year of fruitful alliance. If you need support at any stage of the process, the Sargent Solutions team is here to help.
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