New Pledge

The ‘New Pledge’ feature in the Finance Management module of Retention CRM allows Associations, Chambers of Commerce and Nonprofits to record financial commitments made in installments by a constituent (donor or member). It facilitates managing these pledges efficiently and tracking their progress.

The General Functionality of ‘New Pledge’ Feature

• Pledge by: Select the contact making the pledge (individual or organization).
• Total Pledge Amount: Enter the total amount the donor promises to contribute.
• To be paid in: Specify the number of installments and the time-frame (monthly, quarterly, etc.) for completing the pledge.
• Payments are due on the: Choose the specific day within the chosen time-frame when payments are expected (e.g., 1st of the month).
• Pledge Made: Enter the date the pledge was received or committed.
• Payments Start: Set the date for the first scheduled installment.
• Acknowledgment Date (Optional): Record the date the donor was notified about the pledge acceptance (optional).
• Financial Type: Categorize the type of donation (e.g., membership dues, scholarship fund).
• Campaign (Optional): Associate the pledge with a specific fundraising campaign (optional).
• Self-service Payments Page (Optional): Enable an online portal for the donor to make payments themselves (optional).

Default Pledge Status: Pledges start as “Pending” until the first payment is received. They then change to “In Progress” and finally “Completed” upon full payment. Overdue statuses indicate missed installments.

Reminder Settings:

• Send Initial Reminder: Choose how many days before each scheduled payment a reminder email should be sent.
• Send up to: Define the maximum number of reminders sent for each installment.
• Send additional reminders: Set the number of days after the last reminder to send additional ones (up to the maximum).

Using ‘New Pledge’ Feature in Association Management

A hypothetical nursing association can utilize the “New Pledge” feature to manage recurring membership dues or donations for scholarships. Here’s an example:

• Pledge by: Select a member or donor from the Retention CRM contact list.
• Total Pledge Amount: Enter the annual membership fee (e.g., $100).
• To be paid in: Choose “4 installments of $25 every quarter” (assuming quarterly dues).
• Payments are due on the: Select the “1st” day of each quarter (e.g., January 1st, April 1st, etc.).
• Pledge Made: Enter the date the member signed up or renewed their membership.
• Payments Start: Set the date for the first quarterly installment (e.g., January 1st of the following year).
• Financial Type: Choose “Membership Dues” from the financial type options.
• Campaign (Optional): Leave blank unless the association has a specific fundraising campaign for membership drives.
• Self-service Payments Page (Optional): Consider enabling this if the association has an online portal for members to manage their accounts and make payments.

Reminder Settings:

• Send Initial Reminder: Choose “7 days” before each quarterly due date to nudge members about upcoming payments.
• Send up to: Set “2 reminders” for each installment in case the initial reminder is missed.
• Send additional reminders: Leave at “0 days” to avoid bombarding members with excessive reminders.

This scenario demonstrates how the “New Pledge” feature streamlines managing membership dues or recurring donations for Associations, Chambers and Nonprofits. It automates reminders, eases tracking of payments, and helps maintain strong relationships with members and donors.