How to create a description based on number ranges in Excel

Let's say you want Excel to automatically create a description based on a number range. For example, many nonprofits classify donor levels by contribution amount. If a person contributes $20,000 or more, the donor is classified as a "Founder." If a person contributes $10,000 to $19,000, the donor is classified as a "Benefactor," etc.

So if I want Excel to drop in the description based on contribution amount, here is the formula I use in column M of my spreadsheet. Be sure to take out the hard returns after the commas. And instead of using L3, you'll substitute your own column and row description.

=IF(L3>=20000,"Founder",
IF(L3>=10000,"Benefactor",
IF(L3>=5000,"Supporter",
IF(L3>=2000,"Friend",
IF(L3>=500,"Platinum",
IF(L3>=100,"President",
IF(L3>=1,"Advocate")))))))

So this is how my spreadsheet will look. In column L, I enter the dollar amount, and then Excel drops the description in column M.