Entering into a capital project can be a challenging process. However, there are a few guidelines that will help make the process much smoother.
- Define the project in scope.
- Determine the cost which will result in a project budget.
- Decide how to fund the budget.
- Funds can be raised prior to starting the project.
- Pledges can be taken and funds received over time.
- Debt can be used if the church or organization determines this is appropriate and the desired source of funding.
- Once funds are secured, track the actual costs and stay within the budget to avoid overruns.
We highly recommend working with an outside organization who specialized in capital projects and generosity.