A feasibility study is a tool used by organizations to determine if their proposed capital fundraising project has those ingredients and a good chance of success. The feasibility study should identify how much money an organization can reasonably raise, how long it should take to do it, and what costs would be involved in managing the project. A good study will also identify potential leaders and donors, strengths and weaknesses of the project, and include recommendations on how the project should be conducted. A feasibility study can be time-consuming, costly and will make significant demands on staff and budget. However launching a project without one is like flying without a compass. A well-conducted study increases the chances for a successful campaign and will almost always result in more money being raised.
2. Realizations / Learnings
A successful outcome enhances the credibility of the organization. There are examples of unsuccessful park-related capital campaigns that were not preceded by a credible capital campaign. An unsuccessful outcome has a serious impact on organization morale and credibility. Stalling out in the middle of a capital campaign well short of the goal also raises the difficult issue of returning the donors' gifts. Pledges can easily be cancelled, but at least a portion of cash gifts are usually invested in covering campaign expenses to grow the campaign. An organization that is properly prepared for a campaign attracts better volunteers and larger lead gifts and, ultimately, raises more money. A good study will help an organization set the highest attainable goal and develop the best strategies to achieve that goal. 3. Recommendations
Essential ingredients for a successful capital project are: * An urgent, compelling case for support;
* A clear justification of the organization's needs;
* Sufficient donor and volunteer prospects within the organization's constituencies; * Effective...