Download Strategic Objective # 4: Funding - Maximize sustainable funding for

Strategic Objective # 4: Funding - Maximize sustainable funding for local WIB
projects and initiatives.
Topic
Description
Date
Team Lead
1/1/2012 Kathy Olson
Background
SubObjectives
Scope
Committee Members
Jerry Thurber, Ed Rutherford, Jim
Neubecker
The background of this strategy includes the following:
To date, WIB funding has been minimal
Administrative support has been provided through grants.
Limited workforce resources are being used to fund current activities such as the
current labor market research
Grants that are available for funding frequently have significant ‘strings attached.’
Other sources of funding could be advantageous.
Total expenditures for WIB are estimated to be under $50k for the past year.
Specific WIB projects have not been funded to date.
Sub-objectives for this strategy include:
Identify seed funding for projects that can be transitioned to sustainable sources of
funding
Establish funding for WIB sponsored projects and events
Establish funding for operations such as the annual economic analysis, summit, and
administrative staffing, etc.
Identify alternative sources of funding to make up for potential shortfalls in current
funding
Increase diversification of funding
The scope of this strategy includes:
Funding for projects and operations
Public and private grant funding
Funding from employers, employees, the State and Larimer County
Possible fee-for-service funding
Possible industry sector funding
In kind donations (e.g., equipment, time, facilities, etc.)
Funding/donations from businesses (e.g., equipment for training on specific
equipment)
Events that have a fundraising component (e.g., the Summit)
Not included in scope are:
Training dollars for individuals – at least at this time. This could change.
Other related activities already in progress include:
WIB Marketing – needs to help communicate this strategy to the community and
gain support
Approach
Assumptions
This strategy will be approached by performing the following activities:
1. Confirm startup plans – confirm team resources (including interns) and initial plans
2. Create an inventory of sources of potential funds. Understand funding cycles and
criteria of each source. Consider alternative sources of funds such as fee for
service. Include in-kind funds. Target the most likely targets
3. Develop the funding plan – targets, staffing needed for management and execution
of the plan.
4. Establish a calendar of events for ongoing fundraising activities and recruit WIB
participants to participate. Coordinate with other strategy teams, especially
Marketing.
5. Execute the funding plan
o Start the process to create pool of general funds (by Feb)
o Start the process of identifying funding from a few sources (e.g, a sponsor
or a grant)
6. Manage the fundraising activities
Additional details can be found in the strategy work plan.
Assumptions for this strategy include:
The intern and management for the intern can be found
Funding that is in alignment with WIB objectives is available
A small pool of funding (e.g., $5k) is available from the Workforce Center
A resource or group of resources will be in place to raise funds by the end of the
year to raise the $20k seed money.
The Board will be active in fundraising.
Milestones
The primary milestones for this strategy include:
Early December – Post position
December – January January ‘12 - Obtain staffing for research
Feb. 22nd – Present funding strategy overview at Summit
Early March ‘12– Initial inventory of sources created and targets identified
May ‘12
o Proposed projects and budgets due from teams for top priority items
o Draft funding plan created
July 1 – Beginning of fiscal year
Measures of
Progress
Measures of progress for this strategy include:
Percent of initial $20k raised
Grant to long-term funding ratio
Total funding raised vs. target budget
Distribution percent of funding by source
Deliverables
Deliverables from this strategy include:
A list of options (e.g., operations and projects) that could be budgeted from which
to seek funding.
A funding analysis that prioritizes funding options
Staffing
Benefits and
Costs
Summary
A funding plan that includes alternatives and activities to seek funding
Funding that could include:
o Flexible spending pool
o Seed money for projects
Staffing for this strategy includes:
Funding team lead – to drive creation and execution of the plan
Funding team– to actively create the plan, interact with other teams, represent the
strategy with the WIB and in the community
Fundraising lead for the Summit – Kathy Olson
Intern – to perform research
Intern manager – to provide direction for the intern
Grant writer – identified now, but utilize when project and source of funding is
identified
Board / fundraisers – to support fundraising activities
County Commissioners – to support WIB fundraising activities
Overall, this strategy has the following benefits and costs:
Benefits
A proactive and resourced WIB having positive impact in the community
Possible positive PR for the WIB and Workforce Center
Funding for projects that have positive community impact
Incremental Costs
Intern
Budgeted operations and projects
Key Success
Factors
Key success factors for this strategy include:
Focused team lead to manage and lead the strategy and team
Intern and intern manager to perform initial research
Committed team and WIB Board members for fundraising