For most arts organizations, the success of a facilities project will hinge on your ability to amass the required capital. For non-profit arts organizations, this is done through a combination of fundraising – typically via a capital campaign –and through other types of funding and financing.
Though it is unusual for arts organizations to consider going into long-term debt for facilities projects, loans can be useful for short–term and bridge financing through the pledge payment period of a capital campaign to help manage cash-flow during construction and to spread the cost of building improvements over several years.
A major addition will be a huge undertaking, and probably a once-in-a-lifetime effort for your organization as a whole as well as for those people leading the project. However, if you’ve got a feasible project concept, and solid board, staff, and community support for your project, you’re starting off strong.
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