A Guide to the Capital Campaign Feasibility Study: 5 Steps
19 Jun 2025
Capital Campaign, Nonprofits, Comprehensive Campaign, Fundraising
Fundraising feasibility studies are the foundation of successful capital campaigns. Starting a major campaign without one is like starting a road trip without a map—it will be challenging to reach the desired destination.
At Convergent Nonprofit Solutions, we have a proven process for conducting feasibility studies. Our approach has fueled the structure of countless multi-million dollar campaigns for our clients. Today, we’ll share our knowledge so you can strengthen your approach to feasibility studies. We’ll cover the following topics:
With the information gathered from a feasibility study, nonprofits can determine if they’re in a good position to launch a capital campaign. They may also uncover key insights that help them adjust their campaign plan, maximizing their chances of meeting and exceeding their goals. Beyond telling you if you can undertake a major fundraising project, an effective capital campaign fundraising strategy will inform your campaign approach.
How do I determine if I need a feasibility study?
While most nonprofits will find a feasibility study helpful for their fundraising efforts, not all organizations need to conduct one. Here are a few questions you can ask yourself to help you make the right decision:
Do we have a clearly defined project or goal?
Can we articulate a compelling case for support?
Is our organization’s leadership aligned and supportive?
Do we have an existing base of major funders?
Do we have strong community or funder relationships we can leverage?
Are we familiar with the types of fundraising we will do?
Do we have a single top priority we’re trying to fund?
Would failure have little to no impact on our credibility or reputation?
If you answered mostly yes to these questions, then your organization can benefit from a feasibility study, but it may not be necessary for you to launch your capital campaign.
If you answered mostly no, then you should conduct a capital campaign feasibility study. A study will give you the necessary insights to shape your campaign, align it with your goals, and create messages that resonate with your audience and inspire gifts. All of these benefits will work together to maximize your chances of success.
Generally, a capital campaign feasibility study can be very helpful if your team is uncertain or inexperienced, the project is complex or high-risk, you’re trying something new, your stakeholders need assurance, or you need a roadmap.
Should I hire a consultant for my feasibility study?
Many of the factors that determine whether your nonprofit should conduct a capital campaign feasibility study also inform whether your organization should hire a consultant for its study. However, there are additional reasons to hire an expert that you can take into consideration.
Fundraising consultants bring three key benefits to feasibility studies:
Expertise: Capital campaign consultants have years of experience in their fields. Even if you’re comfortable handling your feasibility study, a consultant is highly qualified to conduct prospect research, guide interviews with key stakeholders, and determine steps after your study.
An outside opinion: An objective, third-party opinion is valuable in a feasibility study because it prevents bias or preconceived assumptions from hindering your progress. A capital campaign consultant will bring a fresh perspective to your study, suggesting strategies and avenues that you may not have previously considered.
Extra time and bandwidth: Many nonprofits are understaffed and overworked, making it difficult for staff members to juggle an upcoming capital campaign on top of their usual workloads. A fundraising consultant will dedicate their time and focus entirely to your feasibility study, providing the extra bandwidth you need to prioritize this initiative.
Hiring a consultant to conduct your capital campaign feasibility study will ensure that your study goes smoothly and your funder relationships remain strong, resulting in a strong foundation for your capital campaign.
If you’re concerned about the cost of hiring a fundraising consultant, you can take a different approach to your partnership. For instance, instead of having the consultant handle everything related to your feasibility study, you could simply hire a consultant to provide key advice before or during your feasibility study to help set you on the right path.
How to Conduct a Capital Campaign Feasibility Study: 5 Steps
1. Choose supporters to reach out to.
Your major fundraising campaign can only be successful if your nonprofit has enough supporters willing to fund your initiative. That’s why a large focus of feasibility studies is reaching out to key supporters and determining their willingness to support your campaign.
The first step in this process is identifying which supporters you should contact. At the capital campaign level, it’s not enough to just accumulate lots of small donations. Goals at this level are often so high that they require significant support from major funders.
Start by combing through the information your nonprofit already has on individuals belonging to the following groups:
Capacity markers, such as high-earning occupations, real estate or business ownership, and stock holdings.
Affinity markers, such as past giving to your nonprofit, history of volunteering at your organization, and past event attendance.
Propensity markers, such as a history of philanthropy, board membership at other nonprofits, or donations to similar causes.
Looking at these markers will show you which community members are most likely to be interested in backing your organization’s campaign, so you can conduct outreach strategically.
2. Develop your case for support.
Before you reach out to funders about your upcoming capital campaign, create a working version of your case for support. This should include:
Your nonprofit’s mission, story, and goals
Explanations why your project is necessary
The benefits the project will provide to your organization or its beneficiaries
Projected costs and timelines
Reasons why supporters should back your capital campaign
Like any other document your nonprofit creates, ensure that your case for support is branded to your nonprofit. Include your brand’s logos and typography. You may also want to add graphics, photos, and testimonials that demonstrate the value of your organization and why your cause is so important.
You’ll bring this document to your feasibility study’s interviews or even provide a copy to your supporters ahead of your meeting. Supporters will read your case for support and provide more specific feedback, making your interviews even more valuable.
3. Prepare feasibility study questions and conduct interviews.
Identify the questions you most want answered during your feasibility study interviews. Typically, you’ll prepare 20-30 questions that give you an excellent overview of the interviewee’s perspective of your nonprofit, including how they view your board, your team’s effectiveness, and who should lead your capital campaign.
The perfect feasibility study gives you a clear picture of the perceptions around your organization and its proposed project. When analyzed carefully, these perceptions answer the most critical feasibility study question: Does your organization have the credibility needed to reach your campaign goal successfully?
Asking critical questions in your feasibility study interviews can provide the background needed to determine your organization’s credibility level. Here are a few popular interview questions for feasibility studies:
How effective is the board?
What are the specific accomplishments and projects of this organization?
Is this project the number one civic priority for this community?
As your interviews unfold and feasibility study answers come in, the conversations spurred by your initial questions are likely to provide keen insight into the community's overall level of confidence in your nonprofit. Ultimately, individuals and companies will not invest in an organization they don't trust. Therefore, your organizational credibility must be strong to reach your fundraising goal.
When recording and taking notes on your interview, don’t just note what is said. Understanding what isn’t said is often just as important. For instance, if interviewees as a group cannot rate the effectiveness of the board or identify accomplishments, chances are you have some public relations work to do before embarking on a capital campaign fundraising effort.
4. Conduct an internal readiness assessment.
While interviews assess external perception of your nonprofit’s credibility and capabilities, an internal readiness assessment covers your bases within your organization. It’ll examine how your internal processes work and if they support a major fundraising effort.
Most importantly, an internal readiness assessment will bring to light any internal gaps, such as:
Your assessment should give you an overview of whether your nonprofit’s operations can support a capital campaign. If not, then it will also inform you of your organization’s weak areas, which you must address before pushing your campaign forward.
5. Assess your results and determine next steps.
Analyze the results of your feasibility study interviews and internal readiness assessment for a holistic understanding of your nonprofit’s capacity to conduct a capital campaign. You’ll learn if your organization is ready to move forward or if there are key changes you must make.
At this point, a capital campaign consultant’s expertise really shines. A consultant will clearly present the feasibility study’s findings to you, eliminating any guesswork or analysis on your end. Their third-party point of view also means less bias and preconceived notions about your organization, which can lead to the consultant bringing key insights that your team might not have uncovered themselves.
For instance, the Foothills Area YMCA wanted to construct a brand new facility, but its staff and board members also had demanding full-time jobs. Convergent’s fundraising consultants conducted an impactful feasibility study that proved that the community wanted the facility as much as the YMCA did, securing the loan needed for the building. Our third-party expertise allowed this YMCA to accomplish its goals despite having busy staff and board members.
5 Ways to Strengthen Your Capital Campaign Feasibility Study
A feasibility study won’t do any good if it’s inaccurate, and it may lead your team down the wrong path altogether. To strengthen your capital campaign feasibility study, follow these best practices:
Have a solid plan to test. A feasibility study is a critical step in validating how much your capital campaign can raise. The stronger your proposed plan is, the more likely the study will identify a viable campaign. Consider the realistic outcomes your project will deliver, not just the activity that will take place.
Know your constituents. Interviewing the right stakeholders is essential to a robust feasibility study. Above all, interviewees should have financial capacity, followed closely by a connection to and concern for your organization's work.
Have answers to common questions ready. Often, specific concerns regularly arise in feasibility study interviews. It is vital to make sure you have answers ready to reassure stakeholders of your organization’s credibility. Generally, questions regarding budget allocation for the funding goal are extremely common. Explaining the general application of the fundraised dollars will go a long way.
Don’t be afraid to toot your own horn. If you know a feasibility study and potential campaign are on the horizon, be intentional about communicating your successes. Addressing your organization's successes boosts credibility and shows participants that you've got a reliable track record that your proposed new program can build upon.
Be ready to adapt your plan. The interview process and the subsequent program refinement stage early in a campaign ensure that critical stakeholders can speak to the plan of work before it is finalized. So, the proposed plan is a draft until it has stakeholder feedback incorporated.
If you plan to handle your capital campaign feasibility study entirely in-house, implement these best practices to boost its effectiveness.
Capital Campaign Feasibility Studies with Convergent
Hiring a third-party provider to conduct your feasibility study increases the likelihood that it will be structured correctly from the beginning. At Convergent Nonprofit Solutions, our entire focus is on helping organizations secure the funding they need to fulfill their mission, and we do it well. We have extensive experience helping nonprofits navigate the feasibility study process and guide capital campaigns that exceed fundraising goals.
We provide feasibility study management (and other services) to nonprofits, chambers of commerce, and economic development organizations. In addition to incorporating the five best practices above, we do the heavy lifting for fundraising. With our help, your organization’s leaders can stay focused on their daily activities without adding one more thing to their plates.
Once your feasibility study is over, Convergent will recommend the next steps. If your organization chooses to continue working with us, we can even run the fundraising campaign. Reach out today to discuss how we can help your organization with your feasibility study.
Additional Resources
With a capital campaign feasibility study, you can move ahead with your major fundraising effort with confidence. An excellent study will provide you with all the information you need to ensure that you meet your goals. And if you work with a fundraising consultant, you can outsource the hard work to an experienced third party, saving your leadership time and energy.
If you want to learn more about fundraising and major campaigns, check out the following resources:
In an era marked by economic uncertainty, shifting donor expectations, and rising operational costs, one truth remains: nonprofits can’t afford to “wing it.” Whether you’re running an annual fund, launching a capital campaign, or planning for long-term sustainability, the path to meaningful, reliable support begins with strategic clarity and a...Continue Reading
Getting Attention’s nonprofit marketing statistics reveal that it can take 18-20 points of contact to reach a new donor (or, as Convergent Nonprofit Solutions refers to them, investors) for the first time. That’s a lot of work just to acquire one supporter, and so much more effort is needed to...Continue Reading
In times of political volatility, clarity becomes a currency, and sustainability is necessary. For nonprofit leaders facing a whirlwind of executive orders, budget freezes, and unpredictable funding streams, today's environment demands more than passion to help your community. It calls for a sharpened business mindset, a fortified infrastructure, and a...Continue Reading
Share
Testimonials
Andrew Keenan
“The fact that Convergent could make the ask was huge. Working with our director and joining solicitations made me a better fundraiser – that was the right formula for us. Moving forward I feel much more confident in making asks and telling our story, and that is going to make us more sustainable in the long run.”
Andrew Keenan, Executive Director Callanwolde Fine Arts Center | Atlanta, GA
Lisa Zaken
“In the span of six short months, our Board went from being nervous about the initial campaign investment to being ecstatic with the attainment of our goal, and our subsequent stretch goal! Convergent can do it like no other. Their system is rigorous and extremely effective. We have nothing but great things to say about this organization!”
Lisa Zaken, President & CEO Leadership Gwinnett | Duluth, GA
Dion Davis
“The strategy and support offered by Convergent helped our Board expand its vision for the Foundation, which in turn helped to refocus and redefine our organization's impact in our community. The methodology behind their capital campaign process not only helps to raise more money in the immediate, but it also builds best practices for long-term investor relations and lays groundwork for the success of future funding initiatives.”
Dion Davis, Former Executive Director Jekyll Island Foundation | Jekyll Island, GA
Robin Mauck
“Working with Convergent has been a pleasure all the way around. Their approach is customized to your organization and their expertise is unmatched in the field. The Convergent team immersed themselves in our process, culture, and goals to provide exceptional value during our campaign. They truly walk alongside you every step of the way!”
Robin Mauck, Executive Director Obria Medical Clinics Gwinnett | Lawrenceville, GA
Aimee Hall
“I loved working with Convergent. I never could have done what Convergent did. If you want to run a successful campaign, you need to bring in that expertise. Thanks to their help, our capital campaign really took us to the next level within our community.”
Aimee Hall, Executive Director Safe Homes Domestic Violence Center | Augusta, GA
Phillip Aldridge
“I wanted to thank everyone from the Convergent team who assisted in our campaign. Of the varying ways the campaign’s success may be measured, I count it a blessing that we achieved what we did. Not just the funds committed but the contacts made, the level of exposure reached, and ultimately, what the funds and exposure mean in terms of how many more we now serve as a result. My thanks is in recognition and appreciation for Convergent serving as our fundraising counsel and for the patience and professionalism demonstrated throughout the campaign. You were a godsend for Valley Healthcare!”
Phillip Aldridge, Board Chair Valley Healthcare System | Colombus, GA
Jeff Taylor
“Early in our campaign feasibility study it became apparent that we lacked the Asking Rights necessary to conduct a capital campaign. As a result, Convergent’s knowledgeable consultants prepared an extensive plan of action that is a road map for growing our awareness and philanthropy. A successful capital campaign will be possible in the near future. Their entrepreneurial approach will definitely get you where you want to go.”
Jeff Taylor, CEO MedCura Health, formerly Oakhurst Medical Center | Stone Mountain, GA
SCHENECTADY, NY — SUNY Schenectady County Community College marked the close of its most successful capital campaign during a celebration held on campus on June 20. With the support of Convergent Nonprofit Solutions, the college raised $8.5 million.Launched in May 2023, the campaign focused on...
In economic development, the stakes are high. Communities rely on your ability to drive job creation, improve quality of life, and strengthen local economies. Too often, organizations are asked to deliver significant results with limited resources, unclear expectations, and outdated methods of tracking success. That's...
Fundraising feasibility studies are the foundation of successful capital campaigns. Starting a major campaign without one is like starting a road trip without a map—it will be challenging to reach the desired destination.At Convergent Nonprofit Solutions, we have a proven process for conducting feasibility studies...
In an era marked by economic uncertainty, shifting donor expectations, and rising operational costs, one truth remains: nonprofits can’t afford to “wing it.” Whether you’re running an annual fund, launching a capital campaign, or planning for long-term sustainability, the path to meaningful, reliable support begins...
Getting Attention’s nonprofit marketing statistics reveal that it can take 18-20 points of contact to reach a new donor (or, as Convergent Nonprofit Solutions refers to them, investors) for the first time. That’s a lot of work just to acquire one supporter, and so much...
