Certified Fund Raising Executive (CFRE) — Questions and Answers

Question 1: In a major gifts campaign, what is the recommended ratio of prospects to gifts needed at each level?

2:1
10:1
1:1
3:1 to 4:1 (Correct answer)

Correct answer: 3:1 to 4:1

Major gift fundraising generally requires a 3:1 to 4:1 ratio of prospects to gifts expected at each level, accounting for those who decline or cannot give.

Question 2: In a capital campaign, the 'quiet phase' refers to:

Silent auction fundraising events held during the campaign
Confidential solicitation of lead gifts before the public announcement (Correct answer)
The period when no solicitations are made to avoid donor fatigue
The final wrap-up after the public goal is met

Correct answer: Confidential solicitation of lead gifts before the public announcement

The quiet (or silent) phase of a capital campaign involves soliciting major and lead gifts from top prospects before the public launch, typically targeting 50–70% of the goal during this phase.

Question 3: What is 'phonathon' fundraising most commonly associated with?

Community foundation grant cycles
Hospital capital campaigns
Higher education alumni giving programs (Correct answer)
Religious institution tithing drives

Correct answer: Higher education alumni giving programs

Phonathons originated in higher education and remain most associated with university alumni annual fund campaigns using student callers.

Question 4: Which of the following is the correct sequence for conducting a capital campaign?

Public phase → silent phase → campaign planning → feasibility study
Silent phase → feasibility study → public phase → campaign planning
Campaign planning → public phase → silent phase → feasibility study
Feasibility study → campaign planning → silent phase → public phase (Correct answer)

Correct answer: Feasibility study → campaign planning → silent phase → public phase

Capital campaigns follow a structured sequence: feasibility study first, then campaign planning, followed by the quiet/silent phase to secure lead gifts, and finally the public phase.

Question 5: Which of the following is a key metric for evaluating the success of a planned giving program?

Percentage of planned gifts that are bequests vs. trusts
Number of direct mail appeals sent to planned giving prospects
Number of confirmed gift intentions (expectancies) in the pipeline and the estimated value of those commitments (Correct answer)
Number of planned giving events held per year

Correct answer: Number of confirmed gift intentions (expectancies) in the pipeline and the estimated value of those commitments

The number and estimated value of confirmed gift intentions (expectancies) is the primary indicator of a planned giving program's pipeline strength and future revenue potential.

Question 6: A 'named gift opportunity' is primarily used to:

Name a fundraising campaign after the executive director
Incentivize major gifts by offering naming rights to a space or program (Correct answer)
Identify grant opportunities by funder name
Recognize anonymous donors without revealing their identity

Correct answer: Incentivize major gifts by offering naming rights to a space or program

Named gift opportunities allow donors to attach their name (or a loved one's name) to a building, room, fund, or program in exchange for a major gift, providing tangible recognition.

Question 7: According to AFP's Code of Ethical Principles, which practice is explicitly prohibited when compensating fundraising professionals?

Paying a base salary plus performance bonus
Reimbursing travel and lodging expenses
Paying a percentage commission based on funds raised (Correct answer)
Offering equity participation in the nonprofit

Correct answer: Paying a percentage commission based on funds raised

The AFP Code of Ethical Principles prohibits percentage-based compensation (commission) for funds raised, as it creates conflicts of interest and can distort donor relationships.

Question 8: Which of the following donor segments should typically receive the highest level of personal stewardship attention?

Major gift donors and planned giving prospects (Correct answer)
Lapsed donors from five or more years ago
First-time small gift donors
Online-only annual fund donors

Correct answer: Major gift donors and planned giving prospects

Major gift donors and planned giving prospects represent the highest revenue potential and require the most personalized, relationship-intensive stewardship investment.

Question 9: Which statement about major gift cultivation best reflects best practice?

Solicitation should occur within 30 days of initial contact to maintain momentum
All major donor prospects should receive identical cultivation tracks
Cultivation ends once the first major gift is secured
Cultivation should be tailored to the donor's interests and may take months or years (Correct answer)

Correct answer: Cultivation should be tailored to the donor's interests and may take months or years

Effective major gift cultivation is individualized, based on each prospect's interests and readiness, and the timeline varies significantly from donor to donor.

Question 10: The deadline for delivering direct mail letters to a post office for mailing. <br> <br> The Answer is Book Value

True
False (Correct answer)

Correct answer: False

Book value refers to the value of an asset as recorded on a company's balance sheet, typically its historical cost less depreciation. This financial accounting term has no relation to the logistical deadline for delivering direct mail letters to a post office. The statement incorrectly links a financial concept to a mailing deadline, making it false.

Question 11: Which document must US nonprofit organizations file annually to maintain public accountability?

IRS Form 940
IRS Form 990 (Correct answer)
IRS Form 1099-MISC
IRS Form W-2

Correct answer: IRS Form 990

IRS Form 990 is the annual information return required of most US tax-exempt organizations and is publicly available, providing transparency to donors and the public.

Question 12: A SWOT analysis in fundraising strategic planning stands for:

Supporters, Workers, Operations, Targets
Solicitations, Wins, Offers, Transitions
Strategies, Workplans, Outcomes, Timelines
Strengths, Weaknesses, Opportunities, Threats (Correct answer)

Correct answer: Strengths, Weaknesses, Opportunities, Threats

A SWOT analysis evaluates internal Strengths and Weaknesses and external Opportunities and Threats to inform strategic fundraising planning decisions.

Question 13: Campaign forms of every kind are referred to by this general phrase, as are the supplies needed for campaign workers, fact sheets, prospect lists, and a variety of other things crucial to the efficient operation of a campaign, as well as printed materials like brochures used to advance a campaign.

Campaign materials (Correct answer)
Social media
Campaign costs
Big gifts

Correct answer: Campaign materials

Campaign materials is a comprehensive term that refers to all the resources, documents, and supplies essential for the effective planning, execution, and promotion of a fundraising campaign. This includes a wide range of items such as brochures, forms, fact sheets, prospect lists, and other printed or digital assets. These materials are crucial for informing donors, guiding staff, and ensuring the campaign's smooth operation.

Question 14: A freely given, unconditional transfer of something of value without asking for anything in return at the moment of the transfer or in the future. The transfer is not a gift if the person making it entertains any thoughts of regaining it.

Give
Gift (Correct answer)
Credit
Dish

Correct answer: Gift

This definition perfectly encapsulates the essence of a "gift." It emphasizes the voluntary, unconditional, and irrevocable nature of the transfer of value. The key characteristic is that nothing is expected in return, either immediately or in the future, and the donor relinquishes all claim to the item.

Question 15: Which of the following best describes a 'lapsed donor'?

A donor who gave within the last 12 months
A donor who has never given to your organization
A donor who declined a major gift ask
A donor who previously gave but has not donated within a defined period (typically 1–2 years) (Correct answer)

Correct answer: A donor who previously gave but has not donated within a defined period (typically 1–2 years)

A lapsed donor is one who gave previously but has not renewed their gift within a defined timeframe, often 12–24 months.

Question 16: Which of the following actions would violate a donor's privacy rights?

Listing a donor in a published honor roll with their permission
Sending a personalized thank-you letter
Sharing a donor's contact information with a third-party vendor without the donor's consent (Correct answer)
Including a donor's cumulative giving total in their internal record

Correct answer: Sharing a donor's contact information with a third-party vendor without the donor's consent

Sharing donor information with third parties without explicit consent violates the donor's privacy rights and breaches the trust that is fundamental to the philanthropic relationship.

Question 17: A broad word for higher-range gifts, with each institution having their own specific guidelines. In every drive to raise money, their significance is highlighted.

gift receipt
life income gift
big gifts (Correct answer)
fundraising program

Correct answer: big gifts

The phrase "higher-range gifts" directly corresponds to "big gifts," which are substantial donations crucial for fundraising campaigns. These gifts, often from major donors, are vital for reaching campaign goals and are typically cultivated through personalized stewardship. While specific thresholds vary by institution, their impact is universally recognized in fundraising drives.

Question 18: Which approach best supports upgrading annual fund donors to major gift prospects?

Reducing contact frequency to avoid annoying donors
Implementing a mid-level giving program with personal outreach and stewardship (Correct answer)
Requiring donors to attend an event before upgrading
Sending more direct mail appeals

Correct answer: Implementing a mid-level giving program with personal outreach and stewardship

Mid-level giving programs provide a bridge between annual fund and major gifts, using personalized stewardship to identify and cultivate upgrade candidates.

Question 19: Which governance principle is most directly related to a board's fundraising responsibility?

The board's right to override staff fundraising decisions
The board's role in hiring and firing the CEO only
Fiduciary responsibility, which includes ensuring the organization has the financial resources needed to fulfill its mission (Correct answer)
The board's authority to approve all program activities

Correct answer: Fiduciary responsibility, which includes ensuring the organization has the financial resources needed to fulfill its mission

The board's fiduciary responsibility includes ensuring financial health, which means actively supporting resource development — including fundraising — to sustain the mission.

Question 20: What does 'moves management' refer to in fundraising?

Transferring fundraising staff between departments
Scheduling logistics for donor events
Moving donor records between databases
A strategic process of planning and tracking steps to move prospects toward a major gift commitment (Correct answer)

Correct answer: A strategic process of planning and tracking steps to move prospects toward a major gift commitment

Moves management is a systematic approach to planning intentional contacts and activities that advance a prospect toward making a significant gift.

Question 21: Which principle underpins the concept of 'philanthropic freedom'?

Fundraisers must approve all gifts before they are accepted
Donors have the right to make charitable gifts to any legal organization without coercion (Correct answer)
Governments should control how charitable funds are distributed
Organizations can restrict donor giving to specific programs only

Correct answer: Donors have the right to make charitable gifts to any legal organization without coercion

Philanthropic freedom holds that donors have the fundamental right to support causes of their own choosing without undue pressure or manipulation.

Question 22: A donor recognition society is BEST described as:

A tiered program that publicly acknowledges donors at various giving levels (Correct answer)
A committee that reviews gift restrictions
An IRS-mandated donor disclosure program
A peer-to-peer fundraising team

Correct answer: A tiered program that publicly acknowledges donors at various giving levels

A donor recognition society groups donors by giving level and offers benefits and acknowledgment appropriate to each tier.

Question 23: The 'moves management' system in major gift fundraising refers to:

Transferring donor records between development staff members
A CRM software feature for scheduling donor visits
Physically relocating donor meetings to preferred venues
A structured approach to moving prospects through stages of identification, qualification, cultivation, solicitation, and stewardship (Correct answer)

Correct answer: A structured approach to moving prospects through stages of identification, qualification, cultivation, solicitation, and stewardship

Moves management is a systematic process that tracks and intentionally advances prospects through a pipeline of relationship-building stages toward a major gift.

Question 24: Which of the following best describes the 'silent phase' of a capital campaign?

The early phase when major gifts are solicited quietly before public announcement (Correct answer)
The planning phase before any donors are contacted
The phase when only direct mail is used
The period after the campaign ends when no solicitations occur

Correct answer: The early phase when major gifts are solicited quietly before public announcement

The silent (or quiet) phase is when fundraisers solicit lead gifts from top prospects, typically aiming to secure 50–70% of the goal before any public announcement.

Question 25: An organization receives a restricted gift for a specific program that has since been discontinued. What is the appropriate first step?

Contact the donor to discuss redirecting the gift with their approval (Correct answer)
Return the gift immediately without discussion
Use the funds for the general operating budget
Quietly transfer funds to a similar program

Correct answer: Contact the donor to discuss redirecting the gift with their approval

Ethical stewardship requires contacting the donor to obtain their approval before redirecting a restricted gift to an alternative purpose.

Question 26: What is a 'gift range chart' (also called a table of gifts) used for in campaign planning?

Showing how many gifts at various levels are needed to reach the campaign goal (Correct answer)
Tracking staff salaries against fundraising income
Scheduling donor recognition events
Calculating the tax deductibility of planned gifts

Correct answer: Showing how many gifts at various levels are needed to reach the campaign goal

A gift range chart mathematically models the number of gifts at each level required to reach a campaign goal, helping planners identify how many prospects are needed at each tier.

Question 27: The straightforward transfer of property to the donee as a gift without any restrictions or stipulations.

Planned gift
Cash gift
Bargain sale
Outright gift (Correct answer)

Correct answer: Outright gift

An "outright gift" perfectly matches this description. It refers to a donation made directly and immediately to a charity, with no conditions, restrictions, or future obligations attached. The donor relinquishes full control of the asset at the time of the gift, making it a simple and direct transfer.

Question 28: Under the CFRE Code of Ethical Principles, which action is expressly prohibited?

Accepting gifts from corporations
Using direct mail for annual fund campaigns
Soliciting major gifts through personal visits
Receiving compensation based on a percentage of funds raised (Correct answer)

Correct answer: Receiving compensation based on a percentage of funds raised

Percentage-based compensation for fundraising is prohibited under AFP and CFRE ethical standards because it creates a conflict of interest and can distort fundraising priorities.

Question 29: A 'major gift proposal' should be tailored to the donor primarily because:

Generic proposals are forbidden by AFP standards
It is legally required for gifts above a certain threshold
It allows the organization to control how the gift is used
It demonstrates that the organization understands the donor's specific interests and connects the gift to outcomes they care about (Correct answer)

Correct answer: It demonstrates that the organization understands the donor's specific interests and connects the gift to outcomes they care about

Tailored proposals resonate because they reflect the donor's specific values and interests, showing that the organization listened during cultivation and connecting the gift to outcomes the donor personally cares about.

Question 30: Why is it important for a fundraiser to involve the donor's legal and financial advisors in a planned gift discussion?

Because it eliminates the need for a formal gift agreement
Because it is required by the IRS for all planned gifts
Because advisors will negotiate a lower gift amount
Because the financial and legal implications of planned gifts require expert guidance to protect the donor's interests and ensure the gift is properly structured (Correct answer)

Correct answer: Because the financial and legal implications of planned gifts require expert guidance to protect the donor's interests and ensure the gift is properly structured

Involving the donor's advisors ensures that planned gifts are structured appropriately for the donor's financial and estate planning situation and protects both the donor and the organization.

Question 31: Which of the following is an example of proactive stewardship?

Calling a major donor to share a program success story before making a new ask (Correct answer)
Waiting for a donor complaint before addressing concerns
Posting generic social media updates about the organization
Sending a tax receipt only when requested

Correct answer: Calling a major donor to share a program success story before making a new ask

Proactive stewardship involves reaching out to donors with meaningful updates and recognition before any solicitation, building trust and loyalty.

Question 32: A gift annuity is best described as:

An annual pledge renewed each year by the donor
A government grant tied to annualized reporting
A matching gift program sponsored by an employer
A contract where a donor gives assets in exchange for fixed lifetime payments (Correct answer)

Correct answer: A contract where a donor gives assets in exchange for fixed lifetime payments

A charitable gift annuity is a planned giving vehicle in which a donor transfers assets to a nonprofit in exchange for a fixed income stream for life, with the remainder benefiting the organization.

Question 33: Which tool is most useful for tracking a fundraiser's portfolio of major gift prospects?

A direct mail merge template
A social media content calendar
A moves management system or CRM tracking cultivation stage, last contact, and planned next steps (Correct answer)
An event registration platform

Correct answer: A moves management system or CRM tracking cultivation stage, last contact, and planned next steps

A CRM or moves management system enables fundraisers to track where each major gift prospect is in the cultivation cycle and plan strategic next contacts.

Question 34: Which of the following describes the role of a 'volunteer fundraising committee'?

To replace paid development staff
To handle day-to-day administrative functions
To approve the organization's annual budget
To assist with peer-to-peer solicitations, cultivation events, and opening doors to new donor prospects (Correct answer)

Correct answer: To assist with peer-to-peer solicitations, cultivation events, and opening doors to new donor prospects

A volunteer fundraising committee extends the reach of the development office by engaging community leaders in peer solicitation, event hosting, and prospect introductions.

Question 35: The AFP Code of Ethical Standards requires fundraisers to disclose which of the following?

Conflicts of interest that could affect professional judgment (Correct answer)
The names of all major donors
The salaries of all fundraising staff
Internal board meeting minutes

Correct answer: Conflicts of interest that could affect professional judgment

The AFP Code requires professionals to disclose actual or apparent conflicts of interest to avoid compromising their professional judgment or organizational integrity.

Question 36: Which year was the Association of Fundraising Professionals (AFP) originally founded?

1963
1954 (Correct answer)
1971
1960

Correct answer: 1954

AFP was founded in 1954 as the National Society of Fund Raisers, later rebranded to its current name.

Question 37: A fundraiser discovers that a major donor was given inaccurate information about a program before making their gift. What is the ethical course of action?

Take no action since the gift has already been processed
Reduce the donor's recognition level to compensate for the error
Disclose the error to the donor, correct the information, and offer to honor the donor's wishes regarding the gift (Correct answer)
Transfer the gift to a different program silently

Correct answer: Disclose the error to the donor, correct the information, and offer to honor the donor's wishes regarding the gift

Ethical fundraising requires correcting misinformation given to donors and empowering the donor to decide how they wish to proceed with their gift based on accurate information.

Question 38: What is the ethical obligation of a fundraiser when a prospective donor appears to be making a gift under undue influence?

Proceed if the gift amount is below a certain threshold
Pause the solicitation and take steps to ensure the donor is acting freely and competently (Correct answer)
Accept the gift quickly before the donor changes their mind
Report the gift as completed to meet campaign targets

Correct answer: Pause the solicitation and take steps to ensure the donor is acting freely and competently

Fundraisers must ensure donors are acting of their own free will and are competent; proceeding when undue influence is suspected violates the donor's rights and the fundraiser's ethical duty.

Question 39: The names and addresses of a company's current and recently expired donors and members.

planned giving
giving clubs
life interest
house ﬁle (Correct answer)

Correct answer: house ﬁle

A "house file" in fundraising refers to an organization's internal database or list of its own current and past supporters, including donors, members, and volunteers. This valuable asset contains their names, addresses, and giving history, making it crucial for renewal campaigns, stewardship, and cultivating ongoing relationships.

Question 40: What is the recommended approach when a donor expresses interest in a planned gift but is hesitant to commit?

Stop all contact until they are ready to commit
Provide educational resources about planned giving options, respect their timeline, and maintain regular stewardship contact (Correct answer)
Transfer them to a planned giving attorney without further fundraiser involvement
Pressure them to sign a gift intention form immediately

Correct answer: Provide educational resources about planned giving options, respect their timeline, and maintain regular stewardship contact

Planned giving decisions involve complex personal, financial, and family considerations; respecting the donor's timeline while providing education and maintaining a supportive relationship leads to better outcomes.

Question 41: A volunteer who raises money for a cause is also known as a fundraiser, and a fundraising event has come to be known as a fundraiser. A fundraiser is someone who makes a living working as a member of an organization's or institution's development department, an independent fundraising consultant, or a fundraising counseling firm member.

fundraiser (Correct answer)
fundraising activities
bequest
volunteer

Correct answer: fundraiser

The definition explicitly states that "A volunteer who raises money for a cause is also known as a fundraiser," and further elaborates that "A fundraiser is someone who makes a living working as a member of an organization's... development department." It also mentions that a fundraising event can be called a fundraiser. This comprehensive description directly defines the term "fundraiser" in its various applications.

Question 42: Under IRS rules, what is the maximum gift amount a donor can give to a public charity before needing a written acknowledgment to claim a deduction?

$500
$250 (Correct answer)
$100
$1,000

Correct answer: $250

Donors need a written acknowledgment from the charity for any single contribution of $250 or more to substantiate their deduction.

Question 43: Which communication strategy is most effective for retaining mid-level donors?

Calling donors only when a new campaign launches
Providing personalized impact reports that demonstrate how their gift was used (Correct answer)
Sending only annual fund appeal letters
Limiting contact to tax receipts

Correct answer: Providing personalized impact reports that demonstrate how their gift was used

Personalized impact reporting shows donors their contribution mattered, which is the strongest driver of mid-level donor retention.

Question 44: What is a 'bequest society' in planned giving?

A special investment fund for planned gift proceeds
A recognition program for donors who have notified the organization of their intention to include the charity in their estate plan (Correct answer)
A legal entity that holds planned gift assets in trust
A committee that approves all estate gifts over a certain threshold

Correct answer: A recognition program for donors who have notified the organization of their intention to include the charity in their estate plan

A bequest society (or legacy society) acknowledges and recognizes donors who have made or expressed intention to make a planned gift, helping to cultivate and retain these long-term relationships.

Question 45: When a donor designates a gift to a specific program and that program is discontinued, the organization should:

Return the gift immediately without contacting the donor
Contact the donor to discuss redirecting the gift to a related purpose (Correct answer)
Hold the funds indefinitely until a similar program is re-launched
Transfer the funds to the general operating budget without notifying the donor

Correct answer: Contact the donor to discuss redirecting the gift to a related purpose

Ethical and legal stewardship requires the organization to contact the donor and seek their guidance on redirecting a restricted gift when the original designated purpose no longer exists.

Question 46: What is 'donor attrition' in the context of annual giving?

The process of moving donors to major gift portfolios
The increase in average gift size year over year
The cost of acquiring new donors through direct mail
The percentage of donors who do not renew their gift in a subsequent year (Correct answer)

Correct answer: The percentage of donors who do not renew their gift in a subsequent year

Donor attrition (also called lapse rate) measures the percentage of donors who gave in one period but did not renew in the next period.

Question 47: A 'charitable remainder trust' (CRT) benefits the donor by:

Requiring the charity to manage all investment decisions
Giving the donor (or named beneficiaries) income for life or a term of years, with the remainder passing to charity (Correct answer)
Eliminating all federal estate taxes on the donor's estate
Providing an immediate lump sum cash payment to the charity

Correct answer: Giving the donor (or named beneficiaries) income for life or a term of years, with the remainder passing to charity

A CRT provides the donor or named beneficiaries with an income stream for life or a specified term, after which the trust's remaining assets pass to the designated charity.

Question 48: Which of the following is a key indicator that a donor may be a strong planned giving prospect?

The donor gives only through workplace giving programs
The donor is an older, loyal annual fund donor with no children and a long history of supporting the organization (Correct answer)
The donor made one large event-night gift
The donor is under age 30 and making their first gift

Correct answer: The donor is an older, loyal annual fund donor with no children and a long history of supporting the organization

Older donors with sustained giving histories, especially those without children or other significant heirs, are statistically stronger planned giving prospects due to fewer competing asset claims.

Question 49: A 'campaign readiness assessment' typically evaluates which of the following factors?

The organization's building maintenance schedule
Leadership capacity, donor base strength, staff readiness, and organizational credibility (Correct answer)
The number of social media followers an organization has
The number of grant applications submitted in prior years

Correct answer: Leadership capacity, donor base strength, staff readiness, and organizational credibility

Campaign readiness assessments evaluate organizational factors including volunteer and board leadership, donor pipeline depth, staff capacity, and mission credibility before committing to a major campaign.

Question 50: What is the purpose of the 'accountability' component in fundraising ethics?

To ensure fundraisers meet personal revenue targets
To restrict the board's oversight of fundraising activities
To demonstrate that donated funds are used responsibly and as promised to donors (Correct answer)
To limit the number of solicitations sent annually

Correct answer: To demonstrate that donated funds are used responsibly and as promised to donors

Accountability in fundraising means being transparent about how donations are used and demonstrating that the organization fulfills its promises to donors and the public.

Question 51: A 'challenge grant' in fundraising is designed to:

Motivate additional giving by matching new gifts up to a set amount (Correct answer)
Test a nonprofit's accounting controls
Require grantees to submit matching IRS documentation
Challenge a competing organization's funding claims

Correct answer: Motivate additional giving by matching new gifts up to a set amount

A challenge grant motivates donors to give by having a lead donor or foundation agree to match new contributions dollar-for-dollar (or at another ratio) up to a specified total.

Question 52: Which metric is most useful for measuring donor stewardship effectiveness?

Donor retention rate year over year (Correct answer)
Average cost per event attendee
Number of grant applications submitted
Total number of social media followers

Correct answer: Donor retention rate year over year

Donor retention rate directly measures how successfully an organization stewards and retains its donors from one year to the next.

Question 53: When a board member feels uncomfortable asking for gifts, the fundraiser should:

Train them in lower-risk fundraising roles such as cultivation, stewardship, and opening doors rather than direct solicitation (Correct answer)
Report the discomfort to the executive director as a performance issue
Require them to complete a solicitation quota anyway
Remove them from all fundraising activities

Correct answer: Train them in lower-risk fundraising roles such as cultivation, stewardship, and opening doors rather than direct solicitation

Not every board member needs to make face-to-face asks; effective development programs offer multiple engagement roles that play to individual strengths and comfort levels.

Question 54: What is 'prospect research' in the context of fundraising?

The process of identifying and evaluating potential donors' capacity, inclination, and connection to the organization (Correct answer)
Research into grant writing best practices
Background research on fundraising staff candidates
Research into peer-to-peer fundraising platforms

Correct answer: The process of identifying and evaluating potential donors' capacity, inclination, and connection to the organization

Prospect research involves gathering and analyzing information about potential donors to assess their philanthropic capacity, philanthropic history, and connection to the organization's mission.

Question 55: What is the primary challenge in managing volunteer fundraisers?

Volunteers cost too much to train
Volunteers are unaccountable for results and require motivation, clear expectations, and structured support without the authority structure of employment (Correct answer)
Volunteers must be paid a commission for every gift they secure
Volunteers must be licensed by the state to solicit funds

Correct answer: Volunteers are unaccountable for results and require motivation, clear expectations, and structured support without the authority structure of employment

Unlike paid staff, volunteers cannot be required to perform tasks, so managing them effectively requires motivating engagement, setting clear expectations, and providing support without supervisory authority.

Question 56: Under AFP ethical standards, a fundraiser who learns of illegal activity within their organization should:

Ignore it to protect organizational reputation
Report it through appropriate channels, which may include legal authorities (Correct answer)
Keep it confidential as part of professional loyalty
Only disclose it after leaving the organization

Correct answer: Report it through appropriate channels, which may include legal authorities

AFP ethics standards require fundraisers to report illegal activities through proper channels to uphold accountability and protect the public trust.

Question 57: Which of the following best describes 'philanthropic inclination' in prospect research?

The donor's annual income level
The donor's legal capacity to enter a gift agreement
The likelihood that the prospect is motivated to give charitably based on past giving history, interests, and values (Correct answer)
The prospect's willingness to volunteer at events

Correct answer: The likelihood that the prospect is motivated to give charitably based on past giving history, interests, and values

Philanthropic inclination (or affinity) measures how likely a prospect is to give charitably, based on their demonstrated giving history, values, and personal connection to a cause.

Question 58: A donation made to a company or organization for whatever reasons the trustees or officers decide.

designated gift
associates
unrestricted gift (Correct answer)
life interest

Correct answer: unrestricted gift

An "unrestricted gift" is precisely a donation given to an organization without any specific conditions or limitations on its use. This allows the organization's leadership (trustees or officers) the flexibility to allocate the funds where they are most needed, supporting general operations or emerging priorities. It contrasts with a designated or restricted gift, which has specific donor-imposed conditions.

Question 59: Gifts made or promises made before a campaign is made public. Before a campaign is revealed, advance gifts are requested because their amount may determine whether it succeeds or fails.

Life income gift
Advance gifts (Correct answer)
Timing
Cash flow

Correct answer: Advance gifts

The definition precisely describes "advance gifts." These are significant donations or pledges secured from key donors before a major fundraising campaign is publicly launched. Their importance lies in building momentum, demonstrating early support, and often setting the pace for the overall success of the campaign.

Question 60: What is a 'gift annuity'?

An annuity fund managed by the government for charitable purposes
A pooled investment fund open only to nonprofit organizations
A contract where a donor transfers assets to a charity in exchange for fixed income payments for life, with the remainder benefiting the charity (Correct answer)
An insurance product that donates to charity at death

Correct answer: A contract where a donor transfers assets to a charity in exchange for fixed income payments for life, with the remainder benefiting the charity

A charitable gift annuity is a contract between the donor and the charity: the donor transfers assets, the charity pays a fixed annuity income for life, and upon the donor's death the remaining assets benefit the charity.

Question 61: Which of the following best describes 'informed consent' in a fundraising context?

The donor fully understands how their gift will be used and agrees without pressure (Correct answer)
The donor receives a tax receipt after giving
The organization consents to accept a restricted gift
The board approves all solicitation campaigns

Correct answer: The donor fully understands how their gift will be used and agrees without pressure

Informed consent means the donor has been given complete, accurate information about the gift's use and is giving freely without manipulation or pressure.

Question 62: Which factor most strongly predicts whether a donor will make a major gift?

Previous giving history combined with capacity and affinity (Correct answer)
The donor's age and geographic location
Whether the donor attended a special event in the past year
The organization's social media follower count

Correct answer: Previous giving history combined with capacity and affinity

The three key predictors of major giving are capacity (financial ability), affinity (passion for the mission), and prior giving history—often called the 'golden triangle' of major gift fundraising.

Question 63: A nonprofit organization wants to measure the long-term value of its donor relationships. Which metric best captures this?

Cost per dollar raised
Donor lifetime value (LTV) (Correct answer)
Average gift size
Return on investment (ROI) per campaign

Correct answer: Donor lifetime value (LTV)

Donor lifetime value (LTV) measures the total net revenue a donor generates over their entire relationship with the organization, capturing long-term relationship worth.

Question 64: What does 'ROI' stand for and how is it applied in fundraising?

Roster of Investors; used for planned giving portfolios
Report of Intentions; used to track pledge commitments
Request of Individuals; used to categorize solicitation types
Return on Investment; used to measure net fundraising revenue relative to fundraising costs (Correct answer)

Correct answer: Return on Investment; used to measure net fundraising revenue relative to fundraising costs

ROI (Return on Investment) in fundraising measures how much net revenue is generated for every dollar spent on fundraising activities, helping prioritize the most cost-effective strategies.

Question 65: A gift that is restricted or commemorative and is intended for a certain use.

big gifts
unrestricted gift
designated gift (Correct answer)
gift annuity

Correct answer: designated gift

A designated gift, also known as a restricted gift, is a donation made with specific instructions from the donor regarding its intended use. The donor specifies the purpose, program, or project for which the funds are to be used, and the organization is legally obligated to adhere to these restrictions. This ensures the gift supports a particular area important to the donor.

Question 66: Expenditures that are directly tied to campaign budget forecasts and are judged necessary for the organization and planning of a campaign.

campaign leadership
campaign costs (Correct answer)
campaign expenses
circuit courts

Correct answer: campaign costs

Campaign costs are the expenditures directly associated with the planning, organization, and execution of a fundraising campaign. These costs are budgeted and deemed necessary for the campaign's efficient operation and success. They encompass various expenses, from promotional materials to administrative overhead, all aimed at achieving fundraising goals.

Question 67: Which of the following describes a 'pooled income fund'?

A matching grant fund contributed to by multiple corporate sponsors
A planned giving vehicle where multiple donors contribute assets to a fund, receive proportionate income for life, and the remainder passes to the charity (Correct answer)
A fund where all donors give anonymously to a shared general fund
An investment account managed by the board's finance committee

Correct answer: A planned giving vehicle where multiple donors contribute assets to a fund, receive proportionate income for life, and the remainder passes to the charity

A pooled income fund pools contributions from multiple donors; each donor receives a proportionate share of fund income for their lifetime, and upon death, their share of the fund passes to the designated charity.

Question 68: Which compensation arrangement is considered unethical by the AFP Code of Ethical Standards?

Percentage-based compensation tied directly to the amount of funds raised (Correct answer)
A base salary plus performance bonus tied to organizational metrics
Annual salary with a cost-of-living increase
Hourly consulting fees for campaign planning

Correct answer: Percentage-based compensation tied directly to the amount of funds raised

Percentage-based compensation for fundraisers is considered unethical because it can incentivize coercive solicitation and undermine donor trust.

Question 69: What is the primary purpose of an annual fundraising plan?

To outline goals, strategies, timelines, and resources for all fundraising activities over the coming year (Correct answer)
To determine staff bonuses
To replace the need for a strategic plan
To report to the IRS on charitable activities

Correct answer: To outline goals, strategies, timelines, and resources for all fundraising activities over the coming year

An annual fundraising plan provides a roadmap covering revenue goals, fundraising strategies, timelines, and staffing to guide all development activities for the year.

Question 70: Which of the following is a warning sign that a board may be disengaged from fundraising?

The board approves an annual fundraising plan
Less than 100% board participation in personal giving, no board member involvement in cultivation, and passive meeting attendance (Correct answer)
The board chair makes the largest gift in the campaign
Board members regularly introduce the development director to their contacts

Correct answer: Less than 100% board participation in personal giving, no board member involvement in cultivation, and passive meeting attendance

Low personal giving rates, absence from cultivation activities, and passive meeting attendance are classic indicators that the board is not genuinely engaged in its fundraising responsibilities.

Question 71: The primary purpose of a gift acceptance policy is to:

Limit the types of donors who can contribute to the organization
Set minimum gift amounts for board members
Establish guidelines for which types of gifts the organization will accept and how they will be valued (Correct answer)
Determine how gifts will be spent once received

Correct answer: Establish guidelines for which types of gifts the organization will accept and how they will be valued

A gift acceptance policy provides a framework for evaluating non-cash, complex, or potentially problematic gifts to protect the organization from liability and ensure alignment with its mission.

Question 72: A fundraiser is offered a personal gift (e.g., tickets to a sporting event) by a donor. According to AFP standards, what should the fundraiser do?

Accept the gift as a reward for good relationship-building
Decline or disclose the gift according to organizational policy to avoid a conflict of interest (Correct answer)
Accept the gift privately and not disclose it
Accept only if the value is under $50

Correct answer: Decline or disclose the gift according to organizational policy to avoid a conflict of interest

AFP standards require fundraisers to avoid personal enrichment from donor relationships; gifts should be declined or disclosed per organizational policy to prevent conflicts of interest.

Question 73: Which of the following is the most common type of planned gift in the United States?

Charitable remainder trust
Bequest through a will or living trust (Correct answer)
Charitable lead trust
Charitable gift annuity

Correct answer: Bequest through a will or living trust

Bequests — gifts made through a will or revocable living trust — are the most common form of planned giving in the US, making up the majority of legacy gift revenue.

Question 74: An organization's 'donor bill of rights' primarily serves to:

Grant donors legal authority over organizational decisions
Provide donors with voting rights at annual meetings
Assure donors they will be treated with respect and their gifts used as intended (Correct answer)
Guarantee donors a financial return on their contributions

Correct answer: Assure donors they will be treated with respect and their gifts used as intended

The Donor Bill of Rights, developed by AFP and CASE, articulates the rights donors have to information, transparency, and respectful treatment from charitable organizations.

Question 75: A 'feasibility study' conducted before a capital campaign is designed to:

Raise initial funds for the campaign
Assess whether the campaign goal, leadership, and donor base can support the planned campaign (Correct answer)
Train new fundraising staff
Create the campaign case for support

Correct answer: Assess whether the campaign goal, leadership, and donor base can support the planned campaign

A feasibility study interviews key stakeholders and major gift prospects to evaluate whether the organization is ready to launch a campaign at the proposed scale.

Question 76: What is a 'naming opportunity' in major gift fundraising?

An opportunity to name a building, room, or program in honor of a donor in exchange for a significant gift (Correct answer)
A chance to rename the organization
The practice of listing all donors in an annual report
A strategy for anonymous giving

Correct answer: An opportunity to name a building, room, or program in honor of a donor in exchange for a significant gift

Naming opportunities recognize major donors by associating their name with a physical space, endowment, or program in exchange for a leadership-level gift.

Question 77: A collection of influential and well-known people whose affiliation with a development program is intended to highlight and imply support for the goals and objectives of the program.

board of trustees
board of directors
health and human service board
advisory board (Correct answer)

Correct answer: advisory board

An "advisory board" consists of prominent individuals who lend their names, expertise, and influence to an organization or program. While they typically don't have governance responsibilities like a board of directors, their affiliation signals credibility and support, helping to attract donors and advance the program's goals and objectives.

Question 78: Abbreviation for "last year but not this year" donors.

Feasibility Study
Lybunts (Correct answer)
Support Services
Planned Giving

Correct answer: Lybunts

LYBUNT is a common acronym in fundraising that stands for 'Last Year But Unfortunately Not This Year.' It categorizes donors who made a contribution in the previous year but have not yet given in the current year. Identifying LYBUNT donors is crucial for targeted re-engagement strategies to encourage renewed support.

Question 79: Using the phone to solicit donations or offer goods or services.

telecast
telecommute
telemarketing (Correct answer)
teleconference

Correct answer: telemarketing

The definition directly describes "telemarketing," which is the practice of contacting potential customers or donors by telephone. In a fundraising context, it involves soliciting donations, while in a commercial context, it involves offering goods or services, exactly as stated.

Question 80: What does 'donor bill of rights' primarily protect?

Fundraisers' rights to commission-based pay
The organization's right to keep donor information confidential
Donors' rights to be informed, treated with respect, and have their gifts used as intended (Correct answer)
Volunteers' rights in fundraising campaigns

Correct answer: Donors' rights to be informed, treated with respect, and have their gifts used as intended

The Donor Bill of Rights ensures donors can expect transparency, respect, and accountability from the charitable organizations they support.

Question 81: How should a development officer handle a board member who consistently fails to meet their give/get commitment?

Ignore the issue to avoid conflict
Publicly shame them at a board meeting
Remove them from the board immediately without discussion
Have a private, supportive conversation to understand barriers and find a meaningful role that better matches their capacity (Correct answer)

Correct answer: Have a private, supportive conversation to understand barriers and find a meaningful role that better matches their capacity

Addressing underperformance requires a respectful private conversation to understand obstacles, adjust expectations, or identify a better-suited role — preserving the relationship while maintaining accountability.

Question 82: Effective volunteer recruitment for a fundraising campaign should begin with:

Waiting until the campaign is publicly launched
Identifying individuals with connections to the mission and capacity to open doors to prospects (Correct answer)
Hiring a volunteer coordinator as a first step
Posting a generic social media request for volunteers

Correct answer: Identifying individuals with connections to the mission and capacity to open doors to prospects

Recruiting volunteers who have personal connections to the mission and relationships with prospective donors dramatically increases campaign effectiveness compared to general recruitment.

Question 83: Which of the following is the MOST important role of a board member in fundraising?

Writing grant proposals on behalf of the organization
Making a personal gift and opening doors by introducing the organization to their networks (Correct answer)
Approving all donor acknowledgment letters
Managing the day-to-day operations of the development office

Correct answer: Making a personal gift and opening doors by introducing the organization to their networks

Board members' most critical fundraising roles are making their own meaningful gift (100% board participation) and leveraging their networks to cultivate and introduce major prospects.

Question 84: What is the best way to sustain volunteer engagement over a multi-year capital campaign?

Providing regular updates on campaign progress, celebrating milestones, and recognizing volunteer contributions (Correct answer)
Assigning the same tasks repeatedly to build routine
Reducing volunteer involvement after the silent phase
Switching volunteers to different campaigns mid-cycle

Correct answer: Providing regular updates on campaign progress, celebrating milestones, and recognizing volunteer contributions

Sustained engagement requires keeping volunteers informed of progress, celebrating shared achievements, and consistently recognizing their contributions to maintain motivation over time.

Question 85: A document that is sent to donors (together with copies going to the campaign's and organization's or institution's proper officials), either individually or as an attachment with an acknowledgement, officially thanking them for their support.

A store credit
Gift receipt (Correct answer)
Gift / present
Major Gifts

Correct answer: Gift receipt

A gift receipt is a formal document provided to donors to acknowledge their contribution and serve as proof of donation for tax purposes. It typically includes details like the donor's name, gift amount, date, and the organization's tax-exempt status. Beyond its legal function, it also acts as an important stewardship tool, expressing gratitude and reinforcing donor relations.

Question 86: A nonprofit's 'development audit' is best described as:

An annual financial audit required by GAAP
A background check on development staff
A systematic review of the fundraising program's strengths, weaknesses, and opportunities (Correct answer)
An IRS review of charitable deductions claimed by donors

Correct answer: A systematic review of the fundraising program's strengths, weaknesses, and opportunities

A development audit is an internal or external assessment that evaluates all aspects of a fundraising program—from donor relations and systems to staffing and strategy—to identify improvement opportunities.

Question 87: Which type of foundation is established by an individual or family and funded primarily from a single source?

Private foundation (Correct answer)
Operating foundation
Community foundation
Corporate foundation

Correct answer: Private foundation

A private foundation is typically established and controlled by an individual, family, or corporation and is funded primarily from a single source rather than public contributions.

Question 88: Which of the following is a best practice for gift acknowledgment timing?

Within 30 days of receiving a gift
Only at year-end for tax purposes
Within 48–72 hours of receiving a gift (Correct answer)
After the donor makes a second gift

Correct answer: Within 48–72 hours of receiving a gift

Best practice calls for acknowledging gifts within 48–72 hours to reinforce the donor's positive giving experience and build trust.

Question 89: A mailing to potential funders or prospective members.

sequential giving
acquisition mailing (or prospect mailing) (Correct answer)
telephone - mail campaign
acknowledgment letter

Correct answer: acquisition mailing (or prospect mailing)

The definition accurately describes an "acquisition mailing," also known as a "prospect mailing." This type of direct mail campaign is specifically designed to reach new, potential donors or members who have not previously supported the organization. Its goal is to "acquire" new supporters by introducing them to the cause and soliciting their initial contribution.

Question 90: When training board members for fundraising, the MOST effective approach is:

Requiring board members to make cold calls to prospect lists
Providing a written script for every donor conversation
Teaching board members to share personal stories about why the mission matters to them (Correct answer)
Limiting board fundraising involvement to signing letters

Correct answer: Teaching board members to share personal stories about why the mission matters to them

Board members are most effective when they can authentically share their personal connection to the mission, making conversations natural and compelling rather than scripted.

Question 91: What is the primary difference between 'annual giving' and 'major giving' programs?

Annual giving requires a board vote; major gifts do not
Annual giving programs typically involve smaller, repeated gifts from broad audiences while major gifts involve larger, individual, relationship-based philanthropy (Correct answer)
Annual giving is only for corporations; major giving is only for individuals
Annual giving is tax-exempt; major giving is not

Correct answer: Annual giving programs typically involve smaller, repeated gifts from broad audiences while major gifts involve larger, individual, relationship-based philanthropy

Annual giving programs focus on broad-based, recurring gifts of modest amounts, while major gift programs focus on fewer, larger gifts requiring deep individual relationship cultivation.

Question 92: A fundraising 'board retreat' focused on development is MOST useful for:

Filing annual state charitable registration documents
Building board understanding of fundraising expectations, developing shared strategy, and practicing donor conversations (Correct answer)
Reviewing the organization's investment performance
Processing staff performance reviews

Correct answer: Building board understanding of fundraising expectations, developing shared strategy, and practicing donor conversations

A board fundraising retreat aligns board members on their philanthropic role, builds confidence for donor conversations, and creates shared ownership of fundraising strategy.

Question 93: A 'board fundraising matrix' or 'give/get policy' typically outlines:

The board's investment portfolio allocation
Each board member's personal giving expectation and/or the amount they are expected to help raise (Correct answer)
The organization's grant deadline calendar
How often board members must attend donor events

Correct answer: Each board member's personal giving expectation and/or the amount they are expected to help raise

A give/get policy clarifies financial expectations for board membership, specifying a personal contribution minimum and/or a fundraising goal that each member should help meet.

Question 94: A nonprofit board member's 'give or get' policy means the board member is expected to:

Either make a personal gift or help secure gifts from others totaling a set amount (Correct answer)
Either give up their seat or get a committee assignment
Either give all their time or get a paid salary from the organization
Either give their professional services or get reimbursed for expenses

Correct answer: Either make a personal gift or help secure gifts from others totaling a set amount

A 'give or get' policy requires each board member to either donate personally at a minimum level or leverage their networks to secure equivalent contributions from others.

Question 95: What is the primary purpose of a donor stewardship program?

To manage grant applications
To solicit new major gifts
To recruit volunteers for fundraising events
To acknowledge, report back, and maintain relationships with existing donors (Correct answer)

Correct answer: To acknowledge, report back, and maintain relationships with existing donors

Donor stewardship focuses on acknowledging gifts, reporting impact, and nurturing long-term relationships to retain and upgrade donors.

Question 96: Which of the following is the correct formula for calculating 'cost to raise a dollar'?

Total gifts ÷ total number of solicitations
Total operating expenses ÷ total revenue
Total revenue ÷ total donors
Total fundraising expenses ÷ total funds raised (Correct answer)

Correct answer: Total fundraising expenses ÷ total funds raised

Cost to raise a dollar (or fundraising efficiency ratio) is calculated by dividing total fundraising expenses by the total funds raised during the same period.

Question 97: What is 'blended giving' in a major gift context?

Mixing annual fund and event revenue in one gift report
Blending gifts from multiple family members into one record
Combining cash gifts with in-kind donations
Combining an outright current gift with a planned gift commitment to maximize total impact and donor benefit (Correct answer)

Correct answer: Combining an outright current gift with a planned gift commitment to maximize total impact and donor benefit

Blended giving combines a donor's current outright gift with a planned (legacy) gift commitment, allowing donors to make a significant current impact while also leaving a lasting legacy.

Question 98: A present made in any of the following ways:

charitable contribution
unrestricted gift
designated gift
charitable deferred gifts (Correct answer)

Correct answer: charitable deferred gifts

Given the options, "charitable deferred gifts" is the most fitting term for a present made in various ways that are not immediate. These gifts, such as bequests, charitable remainder trusts, or gift annuities, are planned now but provide benefits to the charity at a future date, often after the donor's lifetime. The phrase "made in any of the following ways" hints at the diverse structures of such planned gifts.

Question 99: Which element of a direct mail appeal package has the greatest impact on response rate?

The list and offer (Correct answer)
The reply device design
The outer envelope teaser copy
The postage class used

Correct answer: The list and offer

Research consistently shows that the mailing list quality and the strength of the offer (the ask) have the greatest influence on response rate.

Question 100: A 'development audit' is BEST used to:

Review the financial statements for accuracy
Evaluate the effectiveness, efficiency, and alignment of a fundraising program with organizational goals (Correct answer)
Assess social media marketing performance
Determine donor tax deduction eligibility

Correct answer: Evaluate the effectiveness, efficiency, and alignment of a fundraising program with organizational goals

A development audit systematically reviews all aspects of a fundraising program to identify strengths, gaps, and opportunities for improvement in strategy and operations.

Question 101: The CFRE exam domain 'Relationship Building' primarily encompasses which activity?

Processing gift acknowledgments in accounting software
Identifying, cultivating, and stewarding donor relationships (Correct answer)
Writing grant proposals
Designing fundraising event logistics

Correct answer: Identifying, cultivating, and stewarding donor relationships

The Relationship Building domain covers identifying prospects, cultivating engagement, and stewarding donors over time.

Question 102: Which fundraising strategy involves asking a donor for a gift that is significantly larger than their previous contribution?

Transformational ask
Blended gift ask
Capacity ask
Stretch ask (Correct answer)

Correct answer: Stretch ask

A stretch ask encourages donors to give at a level somewhat beyond their past giving to grow their philanthropic investment.

Question 103: The IRS requires nonprofits to provide a written acknowledgment for any single cash donation of:

$500 or more
$50 or more
$250 or more (Correct answer)
$100 or more

Correct answer: $250 or more

Under IRS regulations, nonprofits must provide written acknowledgment (a receipt) for any single cash contribution of $250 or more so the donor can claim a charitable deduction.

Question 104: Which metric best measures the effectiveness of a direct mail acquisition campaign?

Response rate
Cost per dollar raised (CPDR) (Correct answer)
Average gift size
Total gross revenue

Correct answer: Cost per dollar raised (CPDR)

Cost per dollar raised (CPDR) measures how efficiently acquisition spending converts to revenue, making it the most comprehensive effectiveness metric.

Question 105: The 'pyramid of giving' model suggests that an organization should:

Build a broad base of small donors and cultivate them toward larger gifts over time (Correct answer)
Focus exclusively on major gift solicitation
Solicit all donors at the same gift level
Prioritize grant funding over individual donors

Correct answer: Build a broad base of small donors and cultivate them toward larger gifts over time

The donor pyramid illustrates that organizations need a large base of annual fund donors from which to identify, cultivate, and upgrade prospects to major and planned gifts.

Question 106: In direct mail fundraising, what does 'RFM' stand for?

Response, Frequency, Market
Reach, Frequency, Message
Recency, Frequency, Monetary value (Correct answer)
Response, Fulfillment, Management

Correct answer: Recency, Frequency, Monetary value

RFM (Recency, Frequency, Monetary value) is a segmentation model that ranks donors based on when they last gave, how often they give, and the size of their gifts.

Question 107: When segmenting a direct mail list, LYBUNT refers to donors who gave:

Lifetime yearly benefits until now terminated
Last year but unfortunately not this year (Correct answer)
Large yields by understanding new trends
Last year but unchosen now for targeting

Correct answer: Last year but unfortunately not this year

LYBUNT stands for 'Last Year But Unfortunately Not This Year,' identifying lapsed donors from the immediately prior year who are prime reactivation targets.

Question 108: In planned giving, what distinguishes a charitable remainder unitrust (CRUT) from a charitable remainder annuity trust (CRAT)?

A CRUT pays a fixed dollar amount; a CRAT pays a fixed percentage
A CRUT pays a fixed percentage of the trust's annually revalued assets; a CRAT pays a fixed dollar amount
A CRUT requires a minimum 10% remainder to charity; a CRAT does not
A CRUT allows additional contributions; a CRAT does not allow additional contributions (Correct answer)

Correct answer: A CRUT allows additional contributions; a CRAT does not allow additional contributions

A CRUT allows donors to make additional contributions to the trust after it is established, while a CRAT is funded only at inception and accepts no additional contributions.

Question 109: Which type of charitable trust pays income to the organization first, with the remainder going to heirs?

Pooled income fund
Charitable lead trust (CLT) (Correct answer)
Charitable remainder trust (CRT)
Donor-advised fund (DAF)

Correct answer: Charitable lead trust (CLT)

A charitable lead trust (CLT) distributes income to the nonprofit for a set term, after which the remaining assets pass to the donor's heirs, making it attractive for estate planning.

Question 110: A method of raising money that entails planning and producing a special event for philanthropic objectives; any surplus funds are assigned as donations to the relevant charitable organization.

Timing
Benefit event (Correct answer)
Cause-related marketing
Public charity

Correct answer: Benefit event

This definition perfectly describes a "benefit event." These are special events, such as galas, concerts, or runs, specifically planned and executed to raise money for a charitable cause. The primary purpose is philanthropic, with any net proceeds from ticket sales, sponsorships, or other activities directly benefiting the designated organization.

Question 111: Which fundraising method typically yields the highest average gift size?

Social media crowdfunding
Planned giving and bequests (Correct answer)
Special events
Direct mail appeals

Correct answer: Planned giving and bequests

Planned gifts and bequests typically yield the largest average gift because donors contribute assets such as estates, trusts, or life insurance policies.

Question 112: A 'naming policy' in a capital campaign should address:

How social media posts about the building are approved
How to design logo signage for the building
Minimum gift thresholds for naming rights, duration of naming recognition, and conditions for removal (Correct answer)
The font and color scheme used in donor plaques

Correct answer: Minimum gift thresholds for naming rights, duration of naming recognition, and conditions for removal

A naming policy establishes the minimum gift required for naming rights, how long the name will be recognized, and under what circumstances (e.g., donor misconduct) a name might be removed.

Question 113: The term 'quid pro quo contribution' refers to a payment where:

The donor receives something of value in return for their contribution (Correct answer)
The gift is made via payroll deduction
The organization matches the donation
The donor gives anonymously

Correct answer: The donor receives something of value in return for their contribution

A quid pro quo contribution is one where the donor receives goods or services in exchange for their gift; organizations must disclose the value of those benefits for tax purposes.

Question 114: A specific goal that an organization decides to pursue that is supported by a coordinated effort; the sum of money that will be raised during a fundraising campaign, or the dollar aim.

Leadership
Domain
Goal (Correct answer)
Impact

Correct answer: Goal

The definition precisely describes a "goal" in the context of fundraising. It refers to the specific objective an organization aims to achieve, whether it's a particular sum of money to be raised or a broader programmatic target. This goal guides the coordinated efforts of a fundraising campaign and serves as the ultimate dollar aim.

Question 115: In planned giving, what is a 'bequest intention' document?

A legally binding contract guaranteeing a future estate gift
A non-binding letter stating a donor plans to leave a gift to a nonprofit in their will (Correct answer)
A codicil added to a donor's existing will
An irrevocable trust document naming a charity as beneficiary

Correct answer: A non-binding letter stating a donor plans to leave a gift to a nonprofit in their will

A bequest intention is a non-binding statement of intent—valuable for counting in gift tables but not legally enforceable by the charity.

Question 116: Why is it important for fundraisers to maintain accurate and complete donor records?

To fulfill fiduciary responsibilities and enable accurate stewardship and reporting (Correct answer)
To qualify for additional tax-exempt status categories
To share donor data with partner organizations freely
To satisfy social media data requirements

Correct answer: To fulfill fiduciary responsibilities and enable accurate stewardship and reporting

Accurate donor records support ethical stewardship, ensure gifts are used as intended, and fulfill the organization's fiduciary and reporting responsibilities.

Question 117: In major gift fundraising, a 'discovery visit' is primarily used to:

Learn about the prospect's interests, connection to the mission, and philanthropic capacity before crafting a solicitation strategy (Correct answer)
Deliver a formal gift proposal document
Ask for a specific gift amount on the first contact
Conduct a background financial investigation of the prospect

Correct answer: Learn about the prospect's interests, connection to the mission, and philanthropic capacity before crafting a solicitation strategy

A discovery visit is an early cultivation meeting designed to learn about the prospect's motivations, interests, and alignment with the organization before any solicitation is made.

Question 118: How does a fundraiser ethically handle a situation where an elderly donor with cognitive decline expresses interest in making a very large planned gift?

Proceed quickly to secure the gift commitment before family members interfere
Accept the gift and document it to protect against future disputes
Involve the donor's children in all gift discussions without the donor's knowledge
Pause and consult with supervisors and legal counsel to ensure the donor is competent and acting of their own free will (Correct answer)

Correct answer: Pause and consult with supervisors and legal counsel to ensure the donor is competent and acting of their own free will

When donor competence is in question, ethical fundraisers pause the process and seek guidance from supervisors and legal counsel to ensure the donor is genuinely competent and acting freely.

Question 119: What is the primary purpose of an annual fund in a nonprofit organization?

To fund endowment growth exclusively
To provide a broad base of unrestricted operating support from many donors (Correct answer)
To secure planned gifts from wealthy individuals
To fund only capital construction projects

Correct answer: To provide a broad base of unrestricted operating support from many donors

The annual fund provides broad-based unrestricted operating support, allowing the organization flexibility to meet day-to-day expenses and programmatic needs.

Question 120: When planning a donor cultivation event, the primary goal should be:

Showcasing the organization's social media presence
Generating immediate donations at the event
Minimizing organizational costs at all costs
Building relationships and deepening donor engagement with the mission (Correct answer)

Correct answer: Building relationships and deepening donor engagement with the mission

Cultivation events are designed to deepen relationships and connect donors emotionally to the mission, laying groundwork for future solicitations rather than immediate asks.

Question 121: What is the significance of the '80/20 rule' in fundraising stewardship?

80% of an organization's revenue typically comes from 20% of its donors (Correct answer)
80% of donors prefer email over direct mail
80% of staff time should be spent on events
80% of grants are awarded in the first 20 days of a cycle

Correct answer: 80% of an organization's revenue typically comes from 20% of its donors

The 80/20 rule (Pareto Principle) in fundraising reflects that a small percentage of donors often provides the majority of revenue, guiding where to concentrate stewardship resources.

Question 122: What is 'board engagement' beyond financial giving?

Board members approving all grant applications
Board members managing day-to-day fundraising operations
Board members actively participating in advocacy, stewardship, cultivation events, and volunteer recruitment in support of fundraising goals (Correct answer)
Board members attending every staff meeting

Correct answer: Board members actively participating in advocacy, stewardship, cultivation events, and volunteer recruitment in support of fundraising goals

Board engagement encompasses all the ways members contribute to resource development beyond writing a check, including opening doors, hosting events, stewarding donors, and advocating for the mission.

Question 123: The concept of 'peer-to-peer fundraising' relies primarily on:

Social media advertising algorithms
Donors and supporters soliciting their own networks on behalf of the organization (Correct answer)
Grant funding from foundations
The organization's staff making all solicitations

Correct answer: Donors and supporters soliciting their own networks on behalf of the organization

Peer-to-peer fundraising leverages the personal networks and relationships of supporters who solicit their own friends, family, and colleagues, dramatically expanding the donor base.

Question 124: In prospect research, 'wealth screening' is used primarily to:

Assess a nonprofit's financial health
Identify potential donors' capacity to give major gifts (Correct answer)
Screen volunteers for background checks
Verify a donor's tax-exempt status

Correct answer: Identify potential donors' capacity to give major gifts

Wealth screening tools analyze publicly available data—such as real estate holdings, business affiliations, and stock ownership—to estimate a prospect's financial capacity for major giving.

Question 125: Giving to charity organizations results in tax savings on income, gifts, and estates.

foreign market opportunities
donor recognition
cash gift
tax benefits (Correct answer)

Correct answer: tax benefits

Tax benefits refer to the financial advantages, such as deductions or credits, that donors receive on their income, gift, or estate taxes when contributing to qualified charitable organizations. These benefits are designed to incentivize philanthropy by reducing a donor's overall tax liability. They are a significant motivator for many charitable gifts.

Question 126: What is the difference between a 'revocable' and an 'irrevocable' planned gift?

Revocable gifts are tax-deductible; irrevocable gifts are not
Irrevocable gifts require board approval; revocable gifts do not
A revocable gift (e.g., a bequest) can be changed by the donor during their lifetime, while an irrevocable gift (e.g., a funded CRT) cannot be changed once established (Correct answer)
Revocable gifts are always larger than irrevocable gifts

Correct answer: A revocable gift (e.g., a bequest) can be changed by the donor during their lifetime, while an irrevocable gift (e.g., a funded CRT) cannot be changed once established

Revocable planned gifts, like bequests, can be altered or revoked at any time before death, while irrevocable gifts, once transferred, cannot be changed or reclaimed by the donor.

Question 127: The 'recency, frequency, monetary' (RFM) analysis in fundraising is used to:

Measure the organization's recent, frequent, and monetary grant success
Schedule recent, frequent staff meetings about monetary goals
Score and segment donors based on how recently, how often, and how much they have given (Correct answer)
Evaluate recency of donor database updates for frequency of monetary errors

Correct answer: Score and segment donors based on how recently, how often, and how much they have given

RFM scoring ranks donors by how recently they gave (recency), how often they give (frequency), and the total amount they have given (monetary value) to prioritize outreach.

Question 128: What is '100% board giving' and why is it important?

100% of board meetings must include a fundraising agenda item
Every board member must give the same dollar amount
Board members collectively raise 100% of the annual budget
Every board member makes a personal financial contribution, regardless of size, demonstrating commitment to the organization (Correct answer)

Correct answer: Every board member makes a personal financial contribution, regardless of size, demonstrating commitment to the organization

100% board giving means all board members contribute personally, which signals organizational credibility and is often required by foundations and major donors as a prerequisite for their own gifts.

Question 129: What does the acronym 'LYBUNT' stand for in fundraising?

Last Year But Unfortunately Not This year (Correct answer)
Loyal Yearly Benefactor Under New Terms
Long Year Before Usual Nonprofit Timing
Last Year But United Now Today

Correct answer: Last Year But Unfortunately Not This year

LYBUNT identifies donors who gave last year but unfortunately not this year, helping prioritize lapsed donor outreach.

Question 130: What is the role of staff in supporting board members' fundraising effectiveness?

Staff should do all the asking so board members don't have to
Staff should approve all board member donor communications before they are sent
Staff should limit board access to donor information for privacy reasons
Staff should prepare briefings, talking points, and logistics support to make board members' donor interactions as effective as possible (Correct answer)

Correct answer: Staff should prepare briefings, talking points, and logistics support to make board members' donor interactions as effective as possible

Development staff enable board members to be effective fundraisers by providing research, briefings, talking points, and logistical support that makes their donor conversations well-informed and impactful.

Question 131: A 'charitable lead trust' (CLT) is structured so that:

The government receives a tax benefit and the charity receives nothing
The charity receives income first for a period of time, and then the remainder passes to the donor's heirs (Correct answer)
The donor receives income first and the charity receives the remainder at death
The charity manages all trust investments for the donor's lifetime

Correct answer: The charity receives income first for a period of time, and then the remainder passes to the donor's heirs

In a charitable lead trust, the charity receives income (the 'lead' interest) for a term of years or lifetime, after which the remaining assets pass to the donor's heirs or other beneficiaries.

Question 132: What is 'capacity' in the context of major gift prospect research?

The size of the organization's prospect database
The estimated financial ability of a prospect to make a significant charitable gift (Correct answer)
The donor's ability to volunteer time
The organization's capacity to manage a capital campaign

Correct answer: The estimated financial ability of a prospect to make a significant charitable gift

In prospect research, capacity refers to the estimated wealth and financial ability of a prospective donor to make a major gift, assessed through public records, wealth screening, and other sources.

Question 133: Which ethical principle requires fundraisers to be honest about how funds will be used in a solicitation?

Confidentiality
Stewardship
Truthfulness and honesty (Correct answer)
Autonomy

Correct answer: Truthfulness and honesty

Truthfulness and honesty require that fundraisers accurately represent the organization's programs and how donated funds will be allocated.

Question 134: The AFP (Association of Fundraising Professionals) Standards of Practice require members to:

Disclose conflicts of interest and act in the best interest of donors and organizations (Correct answer)
Limit solicitation to donors with prior giving history
Share donor lists with peer organizations upon request
Accept only salary-based compensation from a single employer

Correct answer: Disclose conflicts of interest and act in the best interest of donors and organizations

AFP Standards require members to be transparent, disclose real or perceived conflicts of interest, and always act ethically in the interests of both donors and the organizations they serve.

Question 135: A charitable organization's board member is also the owner of a company being considered for a major vendor contract. This is an example of:

Normal board governance practice
A planned giving opportunity
A conflict of interest requiring disclosure and recusal (Correct answer)
A restricted gift arrangement

Correct answer: A conflict of interest requiring disclosure and recusal

When a board member has a personal financial interest in an organizational decision, it creates a conflict of interest that requires disclosure and typically recusal from the decision.

Question 136: A bequest intention that is documented but not legally binding is called a:

Revocable pledge
Irrevocable trust
Soft credit or expectancy (Correct answer)
Testamentary annuity

Correct answer: Soft credit or expectancy

A soft credit or expectancy is recorded when a donor has communicated a planned gift intention (such as a bequest) but the gift is not yet legally committed and can be changed.

Question 137: The 'moves management' system in major gift fundraising refers to:

Managing volunteer movement during events
Relocating donor files between staff members
Transferring funds between campaign accounts
A series of planned interactions to cultivate and steward donors (Correct answer)

Correct answer: A series of planned interactions to cultivate and steward donors

Moves management is a structured cultivation strategy involving intentional, planned interactions ('moves') designed to deepen a donor's relationship with the organization and increase giving.

Question 138: The concept of 'restricted vs. unrestricted gifts' is important in ethics because:

Restricted gifts are tax-deductible at a higher rate
Organizations must honor donor restrictions and use gifts only as intended (Correct answer)
Unrestricted gifts must be returned to donors annually
Unrestricted gifts cannot be used for operating expenses

Correct answer: Organizations must honor donor restrictions and use gifts only as intended

Honoring donor restrictions is a fundamental ethical obligation; using a restricted gift for a different purpose violates the donor's intent and the organization's fiduciary duty.

Question 139: Which metric helps evaluate the health of a direct mail program?

Number of volunteers at events
Response rate, average gift size, and net revenue per piece mailed (Correct answer)
Social media engagement rates
Board meeting attendance rates

Correct answer: Response rate, average gift size, and net revenue per piece mailed

Direct mail program health is assessed through response rate (percentage of recipients who donate), average gift size, and net revenue generated per piece mailed.

Question 140: In a fundraising context, 'diversification of revenue streams' is important because:

It increases the number of staff needed in the development office
It protects the organization from financial risk if any single funding source declines (Correct answer)
It reduces the need for donor stewardship
It allows the organization to spend more on administration

Correct answer: It protects the organization from financial risk if any single funding source declines

Revenue diversification reduces dependency on any single funding source, making the organization more financially resilient if grants, events, or major gifts fluctuate.

Question 141: A 'case for support' document primarily serves to:

Articulate why a donor should give to the organization (Correct answer)
Outline staff compensation and benefits
Document the legal status of the nonprofit
Report financial results to the IRS

Correct answer: Articulate why a donor should give to the organization

The case for support (or case statement) is a persuasive document that communicates the organization's mission, needs, and impact to inspire donor investment.

Question 142: A mid-sized nonprofit receives an anonymous $500,000 gift with no restrictions. What is the FIRST step the development office should take?

Invest the funds immediately in the endowment
Work with board and finance to document the gift and establish an appropriate fund (Correct answer)
Allocate the funds to the most underfunded program
Announce the gift publicly to leverage matching opportunities

Correct answer: Work with board and finance to document the gift and establish an appropriate fund

The first step is proper documentation and governance — working with leadership and finance to formally accept, record, and determine appropriate use of the gift per policy.

Question 143: When conducting a feasibility study for a capital campaign, the consultant's primary role is to:

Solicit lead gifts from top prospects
Assess community readiness and gauge donor capacity and inclination (Correct answer)
Train the volunteer leadership team
Develop the case for support document

Correct answer: Assess community readiness and gauge donor capacity and inclination

A feasibility study consultant's primary role is to objectively assess whether the community has the willingness and financial capacity to support the proposed campaign goal.

Question 144: What role does a 'case for support' play in donor stewardship?

It is used only for government grant applications
It is required by the IRS for tax-exempt status
It serves as the foundational document articulating why donors should invest in your mission (Correct answer)
It replaces the need for personal cultivation meetings

Correct answer: It serves as the foundational document articulating why donors should invest in your mission

The case for support communicates the organization's mission, need, and impact, providing the emotional and rational foundation for all donor cultivation and solicitation.

Question 145: Donor retention rate is calculated by dividing:

Number of donors who gave last year who also gave this year by total donors from last year (Correct answer)
Total revenue by number of donors
New donors this year by lapsed donors
Total gifts this year by total gifts last year

Correct answer: Number of donors who gave last year who also gave this year by total donors from last year

Retention rate = (donors retained from prior year ÷ total donors in prior year) × 100, measuring how well an organization keeps its existing donors year over year.

Question 146: The 'Rule of Thirds' in capital campaign planning refers to what concept?

One-third of goal from top 10 donors, one-third from next tier, one-third from everyone else (Correct answer)
Allocating one-third of pledges to each of three fiscal years
Dividing the campaign into three equal phases
Spending one-third of the budget on major gifts, one-third on events, one-third on direct mail

Correct answer: One-third of goal from top 10 donors, one-third from next tier, one-third from everyone else

The Rule of Thirds suggests the top 10 donors give one-third, the next 100 donors give one-third, and all remaining donors give one-third of the campaign goal.

Question 147: What is a 'planned gift'?

A gift from a foundation that is planned in a grant cycle
A gift scheduled to be paid in installments over time
A gift that is budgeted in the organization's annual plan
A charitable contribution arranged in advance through legal or financial vehicles, often fulfilled through the donor's estate (Correct answer)

Correct answer: A charitable contribution arranged in advance through legal or financial vehicles, often fulfilled through the donor's estate

Planned gifts (or legacy gifts) are charitable contributions arranged through estate plans, trusts, annuities, or other financial vehicles, often realized after the donor's lifetime.

Question 148: How should a fundraiser respond when a donor requests changes to a gift agreement after it has been signed?

Work with legal counsel and the donor to formally amend the agreement if changes are allowable (Correct answer)
Ignore the request since the agreement is binding
Unilaterally amend the agreement without donor knowledge
Reject any changes to maintain organizational consistency

Correct answer: Work with legal counsel and the donor to formally amend the agreement if changes are allowable

Gift agreement amendments should be handled formally with legal guidance and explicit donor consent to protect both the donor's intent and the organization's integrity.

Question 149: Delivery of informational materials via mass mailing and requests for donations or volunteer work.

direct mail (Correct answer)
both unrestricted gift and direct mail (Correct answer)
renewal mailing
unrestricted gift

Correct answer: direct mail

The definition clearly describes "direct mail" as a method of communication involving mass mailing for soliciting donations or volunteers. While the question asks for the delivery method, the context of fundraising often implies the type of gift sought. An "unrestricted gift" is a common goal of such broad solicitations, as it allows the organization maximum flexibility in using the funds. Therefore, both terms are relevant to the described activity.

Question 150: What distinguishes a 'development committee' from the full board in fundraising governance?

The development committee focuses specifically on fundraising strategy, oversight of the development program, and volunteer leadership recruitment (Correct answer)
The development committee approves all operational budgets
The development committee replaces the need for a development staff director
The development committee handles all board governance matters

Correct answer: The development committee focuses specifically on fundraising strategy, oversight of the development program, and volunteer leadership recruitment

A development committee is a board subcommittee focused on fundraising strategy, development program oversight, and recruiting volunteer leaders — not on general board governance matters.

Question 151: Which solicitation channel typically produces the best donor retention rates?

Personal face-to-face solicitation (Correct answer)
Direct mail
Social media advertising
Telephone fundraising

Correct answer: Personal face-to-face solicitation

Personal, face-to-face solicitation consistently produces the highest retention rates because of the relational connection it creates, though it is also the most resource-intensive channel.

Question 152: The CFRE International Code of Ethics requires credential holders to do which of the following?

Accept gifts only from donors they have personally cultivated
Disclose the salaries of all staff members to donors
Solicit only within their home country
Maintain competence through continuing education and uphold ethical standards (Correct answer)

Correct answer: Maintain competence through continuing education and uphold ethical standards

CFRE credential holders commit to ongoing professional development and to upholding ethical standards as part of their certification obligations.

Question 153: A donor who has given every year for 5 or more consecutive years is typically categorized as which type of donor?

Major donor
Loyal or consecutive donor (Correct answer)
Lapsed donor
Prospect

Correct answer: Loyal or consecutive donor

Donors who give consecutively for multiple years are classified as loyal or consecutive donors and are prime candidates for upgrade and major gift conversations.

Question 154: Which of the following is a key responsibility of a campaign chair volunteer?

Processing all gift transactions
Managing staff performance reviews
Providing leadership credibility, making a lead gift, and helping recruit other major donors and volunteer leaders (Correct answer)
Writing all campaign communications

Correct answer: Providing leadership credibility, making a lead gift, and helping recruit other major donors and volunteer leaders

A campaign chair provides visible leadership by making a significant personal gift and using their reputation and relationships to attract other leaders and major donors to the campaign.

Question 155: Which metric best measures the efficiency of a fundraising program?

Size of the development team
Total number of donors acquired
Cost to raise a dollar (CTRD) (Correct answer)
Number of grant applications submitted

Correct answer: Cost to raise a dollar (CTRD)

Cost to raise a dollar (CTRD) divides total fundraising expenses by total funds raised, providing a standard efficiency benchmark used by nonprofits and watchdog organizations.

Question 156: In grant writing, a logic model is used to:

Calculate the logical budget needed for the project
Visually connect program inputs, activities, outputs, and outcomes (Correct answer)
Document the logical sequence of grant approval steps
Identify logical grant funders for the project

Correct answer: Visually connect program inputs, activities, outputs, and outcomes

A logic model is a planning and evaluation tool that maps the relationships between a program's resources, activities, outputs, and intended short- and long-term outcomes for funders.

Question 157: Which of the following is a key characteristic of a 'comprehensive campaign'?

It integrates multiple gift types — capital, endowment, and program funds — into a single campaign goal (Correct answer)
It only solicits gifts from corporations and foundations
It focuses exclusively on capital projects like buildings
It is limited to a single fiscal year

Correct answer: It integrates multiple gift types — capital, endowment, and program funds — into a single campaign goal

A comprehensive campaign combines capital, endowment, and program-related fundraising goals into one unified effort to maximize organizational advancement.

Question 158: In stewardship, what is the purpose of a 'gift impact report'?

To request a renewal gift
To show donors the tangible outcomes their contribution achieved (Correct answer)
To document compliance with IRS regulations
To track internal fundraising staff performance

Correct answer: To show donors the tangible outcomes their contribution achieved

A gift impact report demonstrates to donors exactly how their funds were used and what outcomes resulted, reinforcing the value of their philanthropic investment.

Question 159: Which element is most critical in a major gift solicitation meeting?

Discussing the organization's administrative overhead
Providing a tour of the facility before the ask
Asking for a specific dollar amount tied to a specific project (Correct answer)
Presenting a printed brochure with gift levels

Correct answer: Asking for a specific dollar amount tied to a specific project

Effective major gift solicitations include a specific, personalized ask amount linked to a tangible project or impact, which gives the donor clarity on how their gift will be used.

Question 160: What is the typical response rate range for a direct mail renewal letter sent to lapsed donors?

10% to 15%
0.5% to 1%
2% to 5% (Correct answer)
20% to 30%

Correct answer: 2% to 5%

Lapsed donor reactivation mailings typically achieve 2%–5% response rates, higher than cold acquisition but lower than active donor renewal.

Certified Fund Raising Executive (CFRE)

The CFRE exam validates professional fundraising competence across six knowledge domains, covering donor research, gift acquisition, relationship building, volunteer management, leadership, and ethical accountability in nonprofit fundraising.

200

Questions

240 min

Time Limit

70%

To Pass

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These practice questions were written with AI tools. They are not real exam questions. Exam facts are checked against the official sources listed below. Not reviewed by a subject-matter expert. Editorial policy

Sources & references

Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy

cfre.org — Test delivery, passing score, registration deadline, score release, test dates, time limit, score validity, retake policy, retake fee, exam information · verified Nov 2026
pearsonvue.com — Registration · verified Oct 2026