Compass is a resource for anyone who works in or supports the philanthropic sector. Invite a friend or colleague to join the conversation, and add the Referral Badge to your profile!
Determining When Your Foundation is Listed as a Beneficiary
Does anyone have a best practice for identifying when your foundation is listed as a beneficiary for an estate, an IRA account, etc? We ask our donors to let us know, but we have not historically had a great protocol for saving and storing this information and we are not certain we are aware of all of the accounts for which we are listed as beneficiary. Since many commercial firms will not disburse money to a beneficiary unless the beneficiary requests it, we are trying to determine the best way to identify all the accounts we are listed as beneficiary.
Has anyone else faced this issue and found a good solution or best practice? We plan to send a donor survey and include this question but would be interested in other ideas as well.