Based on projections of our financial requirements for the next seven years, NEC will need to raise significant funds in a new capital campaign. In addition, because of the urgency to support a new Campus Master Plan — and particularly a new dormitory — the Conservatory will need to generate upfront monies in the early months of such a campaign.
This goal will undoubtedly be challenging, what with the current economic situation of late 2008/early 2009, and with many of our donors having made generous contributions in the just-completed campaign. However, the success of the $115 million Gift of Music capital campaign, completed in 2008, also gives us confidence that we can succeed in a new campaign because of our higher philanthropic profile and our development team’s professional expertise.
When the time is right, we will proceed with the following:
- Conduct a Campaign Feasibility Study. NEC will test the campaign goal with its donor community.
- Identify New Prospects. This is, of course, ongoing work for the NEC development team. However, for the purposes of a new campaign, such efforts will be put into high gear. Among the tactics planned are: identification of potential donors by current donors and boards, staff visits to potential supporters, and research into new opportunities. Armed with this information, we will then develop a new Gift Pyramid that specifies how many donors we will need and in what categories.
- Recruit New Board Members. Working with the Nominating Committee, we will look to enroll new board members who have a strong interest in supporting NEC and who have expertise that will support the Strategic and Campus Redevelopment Plans.
- Continue to Grow the Development Program. We will work to increase giving from NEC Boards, alumni, Preparatory School parents/alumni, School of Continuing Education students/alumni, College parents, the Tourjeé Society (planned gifts), and friends of NEC.