Agenda - 06-26-1995 - V-B - Laserfiche WebLink

Browse Search

7 8. Fundraising Plans: IFC and the Coalition have secured the services of a Fundraising Council, John Bush Associates, to help both organizations raise the balance of construction funds ($387,000) needed for Project Home Start. Mr. Bush and his associate, Shelly Wiley have con ucted about forty interviews with community leaders to gain input for the campaign. An initial fundraising committee has been formed to solicit larger gifts. We expect most of the money to be larger gifts coming from interested individuals and businesses. Capital funds should be pledged or donated by the fall of this year. Once capital funds are secured and zoning approval is granted by the Town of Chapel Hill, we will advertise for construction bids. In regards to future operational fundraising, both organizations are prepared to gradually increase their operating budgets in order to match federal operating income beginning in 1996. The first two years of operations will require a 25% match on the part of IFC and the Coalition. Year three requires a 50% match. Applicant Share HUD Share Total Year 1 53,319 159,958 213,277 Year 2 55,068 165,204 220,273 Year 3 115,475 115,475 230,950 Most of the match for years one and two will come from local individuals, businesses and congregations. In year two we should be eligible for grants from the Homeless Assistance Act through the North Carolina Office of Economic Opportunity(amounts could range from $30,000 to $45,000). In year three we will need to increase local support for Project Home Start from individuals, congregations, foundations, municipalities and businesses. We project that amounts would be contributed in the following ways. Years 1 & 2 Year 3 Individuals $30,000 50,000 Businesses 7,500 18,000 Congregations 10,000 20,000 Municipalities 5,000 8,500 Foundations 5,000 18,500 Total $57,500 $115,000 4