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
