Commitment Detail
The “Commitment Detail” report in Reports module of Retention CRM provides Associations, Chambers of Commerce and Nonprofits with a comprehensive listing of all financial and non-financial Commitments made by contacts in their contact database. It offers a valuable tool for tracking future and upcoming payments from members and donors that they committed, and managing your membership organization’s finances.
General Functionality of “Commitment Detail” report
Available Fields
- Contact Name: Displays the name of the member who made the Commitment.
- Commitment Amount: Shows the total amount of money Committed by the member.
- Commitment Status: Indicates the current state of the Commitment, such as “Pending,” “Paid in Full,” or “Overdue.”
Using “Commitment Detail” report in Association Management
Nursing Association Context
In the context of a nursing association, these same fields hold similar meanings:
- Contact Name: This will be the name of the member nurse who committed their financial support to the association.
- Commitment Amount: This represents the total sum of money the member nurse Commitment to contribute.
- Commitment Status: This reflects the current standing of the member’s Commitment, whether they are outstanding on their payments, have completed their Commitment, or are overdue on a payment.
Additional Options/Filters
The Commitment Detail report offers various filtering options to help you refine your search and obtain more specific data. Here’s a breakdown of these options in the context of a nursing association:
- Commitment Made Date: This filter allows you to specify a date range to view Commitments made within that timeframe. For instance, you might want to see all Commitments made during the last membership renewal drive.
- From To (Committed Amount): This lets you set a minimum and maximum amount range to filter Commitments based on the Commitment amount. This can be helpful to identify high-value Commitments or track Commitments within a specific payment range.
- Currency: This filter enables you to view Commitments made in a specific currency, which might be necessary if your association has members from different countries.
- Commitment Status: This filter allows you to view Commitments based on their current status. You can choose to see all Commitments, only pending Commitments, or only those that are overdue.
- Financial Type: This filter helps categorize Commitments based on the type of payment. You might have separate financial types for membership dues, conference registrations, or donations.
- Campaign: This filter lets you see Commitments associated with a specific fundraising campaign your association might have run.
- Address Fields (Street Number, Name, etc.): These filters enable you to search for Commitments based on the member’s contact information. This could be useful to identify Commitments from a particular region or zip code.
- Tag & Group: These filters allow you to target specific groups of members or those tagged with a particular label. For example, you might want to see Commitments from new members or those tagged as “sustainers.”
Using the Report in a Nursing Association Scenario
Let’s consider a scenario where your nursing association is planning a fundraising campaign to support educational scholarships for members. You can utilize the Commitment Detail report in the following ways:
- Identify Potential Donors: Use the report to filter for members with a history of giving (reflected in past Commitment Amounts and Commitment Status) and target them for your scholarship campaign.
- Track Campaign Progress: After launching the campaign, utilize the Commitment Made Date filter to track new Commitments made during the campaign timeframe. This helps gauge your campaign’s effectiveness in securing financial commitments.
- Monitor Outstanding Commitments: Filter by Commitment Status to identify members with outstanding Commitments on previous payments. You can then launch targeted communication to remind them of their commitments.
- Analyze Trends: Utilize filters like Commitment Amount and Financial Type to analyze trends in giving patterns among your members. This information can be valuable for planning future fundraising initiatives.
More Use Cases for Associations, Chambers of Commerce and Nonprofits
Association Fundraising Campaign
Scenario: The association is planning a fundraising campaign to support educational scholarships for members.
The Commitment Detail report can be used to:
- Identify Potential Donors: Use the report to filter for members with a history of giving (reflected in past Commitments Amounts and Commitment Status) and target them for your scholarship campaign.
- Track Campaign Progress: After launching the campaign, utilize the Commitment Made Date filter to track new Commitments made during the campaign timeframe. This helps gauge your campaign’s effectiveness in securing financial commitments.
- Monitor Outstanding Commitments: Filter by Commitment Status to identify members with outstanding Commitments on previous payments. You can then launch targeted communication to remind them of their commitments.
- Analyze Trends: Utilize filters like Commitment Amount and Financial Type to analyze trends in giving patterns among your members. This information can be valuable for planning future fundraising initiatives.
Chamber of Commerce Membership Drive
Scenario: The chamber is running a membership drive to attract new businesses.
The Commitment Detail report can be used to:
- Track Membership Drive Progress: Use the Commitment Made Date filter to track new memberships Commitments during the drive timeframe. This helps assess the drive’s effectiveness in attracting new members.
- Identify Potential New Members: Analyze filters like Financial Type (membership dues) and Address Fields (zip code) to identify businesses in targeted locations that haven’t yet joined.
- Monitor Outstanding Commitments: Filter by Commitment Status to identify new members with outstanding payments on their membership dues. You can then send them reminders or follow up with them.
Non-Profit Grant Tracking
Scenario: The non-profit is relying on grants to fund its conservation projects.
The Commitment Detail report can be used to:
- Track Grant Applications: Use the Commitment Made Date and Financial Type (grants) filters to monitor grant applications submitted within a specific time frame.
- Identify Potential Grantors: Utilize the Commitment Status and Amount filters to track past grants received from various foundations and corporations. This can help target future grant applications.
- Monitor Outstanding Grants: Filter by Commitment Status to identify grantors with outstanding payments on their Commitments. You can then follow up with them to ensure timely receipt of the funds.
By effectively using the Commitment Detail report and its filtering options, Chambers of Commerce, Nonprofits and Associations can gain valuable insights into member giving habits, track campaign progress, and ensure timely collection of committed payments. This ultimately helps strengthen your member-based organization’s financial health and support your mission of serving the community.