With last year's Supreme Court decision legalizing same-sex marriage across the country, a cry of victory was let out by millions of LGBT people and allies across the country. This decision will likely have an impact on the nonprofit sector, as LGBT couples will now have greater financial stability and growing assets that they are able to invest in their local community.
At this week's Association of Fundraising Professional's conference in Boston, Michael Slaymaker, vice president of development and planned giving for Easter Seals Florida in Orlando, spoke on this topic in his session titled, The Gay Transfer of Wealth. "Before the legalization of same-sex marriage, lesbian, gay, bisexual and transgender couples could not file taxes jointly, would pay taxes on inheritance, and not receive a discount on insurance. Now all that changes; this transfer of wealth will be in the billions of dollars and will be in the hands of LGBT members of your community, most of whom do not have children," the NonProfit Times reported.
“Fundraisers must make their organizations appealing to LGBT donors and develop a strategy for attracting and engaging these donors,” said Slaymaker. Find his four ways of cultivating this growing LGBT donor base in the article here.