If you are running a capital or endowment campaign, the short answer is yes. Fund-raising campaigns of this magnitude are exhaustive and expensive. You want some sense of whether or not you will be successful. With a feasibility study, you will test your premises for support, verify if the time is right for the campaign, and then you can garner the support it needs.
A campaign feasibility study is a management tool you use to evaluate and recommend best strategies and best practices for the planning, development, and implementation of a campaign.
It should do a lot more than indicate a "go-or-no-go" decision on a campaign dollar goal. It also tests a specific campaign dollar goal, and provides an opportunity to educate your community about the visions and dreams you believe are worthy of their philanthropic investment. It is a marketing tool for your institution and gives you a road map for a successful campaign.
Through a well-conducted feasibility study, you will determine more than the amount of money you will be able to raise. The study helps to identify campaign leadership and pace-setting gifts. It also effectively pre-sells these leaders in a non-solicitation setting and, therefore, is one of your best cultivation and stewardship tools. It is an effective barometer for identifying donors' and prospects' interests and matching those interests with your institutional priorities. The results of the study can inform your final Case for Support and strategy for the campaign.
You will learn what messages will educate your potential donors, and uncover your school's strengths as well as the obstacles. You also will find out how to fortify your overall development efforts and increase ongoing annual efforts, both during and after the campaign. You'll gain a solid and comprehensive understanding of what you need for its short- and long-term development goals, and how to build your Development Team to realize your goals.
Ideally, you will work with a fund-raising consultant to conduct your study. Why? Because it is tough to objectively self-examine. Your faculty, staff, and Board may accept their vision of the school as the truth. Yet, other constituencies who you want to provide the financial support—may have a completely different vision of the school, and what you should be doing. An objective observer will ask, "What do you really think of the school?" The consultant will be more likely to garner honest answers than someone connected with the school. With this information, you will learn your school's strengths and weakness, and develop the messages that will help insure success.
Your feasibility study, of course, must focus on the dollar figures required to fund the proposed needs of the campaign. They need to be clearly stated. If you are raising money for a new Arts Center, you need to include what it is going to cost to maintain it and make repairs down the road. Consider the additional operational costs not only through maintenance and repair, but programs as well as additional faculty and staff. Do you want to include funds for professional excellence (compensation and professional development) and financial aid? What is your vision and what does it cost? Your campaign goal should also include the cost of doing business—campaign collateral materials, additional staffing, consultants fees, cultivation and stewardship activities, prospect research, etc. Working with your consultant, you'll be able to gauge your prospects for success. You will examine the local economic trends and evaluate your school's image and reputation in the community, based on your decision to conduct the campaign. You will also take a critical look at the leadership potential of the Board, your other volunteers, and you'll get a real assessment of the ability of your Board, parents, and alumni to produce significant gifts—either personally or through influence. You will also evaluate your Board's ability to attract the outside leadership gifts you will need, or what steps will need to be taken to strengthen the Board.
Armed with all this information from the study, you will develop your preliminary case for support. It is the complete story explaining what you need the money for, why the proposed campaign will make a difference, how gifts will/can be directed, and most importantly, how the campaign advances the mission and core values of the school. The study will also identify the people who will make the leadership gifts for the campaign. Before you launch the campaign, you will know the individuals, companies, and foundations that will support your campaign, how much they are expected to give, and in what time frames. When you launch the campaign, you will have set yourself up for attaining your goals.
The study findings and recommendations will present a working dollar goal; identify what needs to be done to refine your case, suggest a campaign structure and potential leaders; identify what steps need to be taken next to prepare and/or enter the quiet phase of your campaign; establish your timetable.
A well-planned, well-conducted feasibility study gives you a wealth of information, as well as the road map to your successful campaign. It is a map you should not start your major fund-raising journey without.
ISM can work with your school to conduct your feasibility study. Our studies are designed to not only set the stage for your campaign, but as a marketing tool for the school. Our study will also help fortify your overall development efforts and increase ongoing annual efforts during and after the major campaign. For more information, or contact Pat Kisielewski, our Consulting Coordinator at 302-656-4944.
