As the economy continues its recovery, many nonprofits are considering long-delayed and necessary capital projects—new buildings, physical improvements, or expansions, all critical to the long term success of their organizations.
As these organizations move through their fundraising steps, a key component they often overlook is the overall economic impact they have within their community. Information such as workforce numbers, local and state tax generation, event-related spending and tourism attendance will help you:
• Sell your project to prospective donors, businesses and governmental entities.
• Add to your case for support
• Improve your chances for a successful conclusion to your project
The gathering of such data can seem daunting on top of the other priorities you face, but once collected, this information can be used in a variety of fundraising efforts and easily updated over time.
And remember—before initiating a major capital project, your organization will (and should) carefully:
1. Define the need and scope of the project
2. Review your organization’s strategic plan—does it make sense in relationship to the proposed project?
3. Examine your organization’s capacity to manage and execute the project—does the staff, board and volunteer base have the experience, time and commitment?
4. Complete a financial review of the organization and the long-term sustainability of the project
5. Create a preliminary case statement