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MLA: Capital Fundraising Campaign - Part 1
November 20, 2008 04:25 PM | Professional Organizations, MLA2008Ann B. Hutton, Executive Director
As promised in the title “Taking the Fear Out of Capital Campaign Fundraising,” this session summarized everything you need to know about conducting a successful capital campaign. The program was presented by two nationally accomplished fund raising specialists, Peter Pearson – President of The Friends of the St. Paul Public Library and Morgan Rasmussen – Consultant, Library Strategies.
With years of experience advocating for public funding and
successfully requesting private donations to enhance St. Paul Public Library’s
programs and services, Peter identified several key factors for successful
fundraising.
- Time – If the library is planning to break ground in three months, it is too late. Working with major donors requires time to develop personal relationships. Even if such a connection already exists, it may take time for a donor to commit to a significant contribution. Start the campaign 2-3 years before breaking ground. Plan a minimum of 18-24 months for the private or quiet phase of the capital campaign before announcing the broad, community-based campaign soliciting general public support.
- IRS approved 501(c)(3) – While individuals may be willing to make small contributions on behalf of good cause without documentation, the tax ramifications of a major donation require accurate accounting records with approved credentials.
- Have a track record – Generally, capital campaigns will be more successful if the library or its supporting organizations (Friends and/or Foundation) have already done fundraising. This way you build on previous successes and donor involvement and pride.
- Supportive endeavors are successful – Generally, when conducting a capital campaign for brick-and-mortar, whether new construction or major remodeling, donors will support supplemental endeavors such as a book endowment for future collection development or a opening day collection when adding extra space.
Yet to come in another post – The importance of planning and fundraising in today’s environment.
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