Capital Campaigns Are About More Money
BY SUSAN LAIR, PHD - CONSULTANT, EXECUTIVE COACH
Few words strike more fear (or excitement) into the heart of a Head of School than:
“We think it’s time for a capital campaign.”
But here’s the truth: a well-directed capital campaign is one of the most mission-aligned, community-engaging, and legacy-shaping projects a school can undertake. It’s not just about raising money, it’s about casting a vision, building trust, and securing your school’s sustainability and future.
Here’s what I wish every Head of School knew before the first donor lunch, committee meeting, or architectural drawing.
Start With Why
Before a dollar is raised, the purpose of the campaign must be crystal clear. Why this particular project? How will we manage the campaign? Why now?
The Case for Support is not just a document. It’s your campaign’s North Star. If it doesn’t stir a donor’s soul and resonate with your school’s identity, stop; the campaign is not ready to go forward.
The Board should use this time to create, revise or reinvest in Campaign Policies:
Board Policy for Campaign Goal Stability
Feasibility Studies Are More Than Just a Test
Some schools skip this step. Please don’t be tempted to skip it; it’s worth the time and effort.
A feasibility study is your first chance to:
Determine interest and readiness
Invite donors into the dream
Uncover missteps in your pitch
Build relationships and early momentum
I see feasibility studies not just as green light/red light exercises, but as cultivation in its finest form. You’re talking to potential donors and asking for their input about a vision for the future of your school. It will bring knowledge, spark joy, conversation, and long-term engagement.
Quiet Phase Is Where the Real Work is Done
Nationally and in most campaigns, 80% of the money comes from 20% of the donors. And a board approved predetermined amount is raised before the campaign goes public.
During the quiet phase, you, the Campaign Committee and the Board:
Secure the campaign’s lead and leadership gifts
Refine the campaign’s message based on donor feedback
Avoid public embarrassment if the campaign stalls
Points to Consider
The top 10–15 gifts will likely contribute 65–75% of your total goal.
You’ll need at least 3–4 strong prospects per gift level in the top tiers and this is where relationship cultivation is key. If a Board member is a close friend, take the Board member with you to the ask. In fact, the Board member may be the perfect person to ask for the gift.
For a $10 million campaign, the quiet phase goal should be at least $8 million (80%), focus on securing lead gifts and multi-year commitments before any public announcement.
You Need Written Policies
One of the most important safeguards for any Head of School is a simple board policy that states under what conditions construction may begin:
“No construction may begin until at least 90% of the total cost is secured in signed commitments, and at least 50% is received or scheduled within the project timeline.”
This rule protects the campaign leaders from well-meaning pressure to “just get started”, builds donor respect and ensures you don’t build faster than the campaign can pay.
If your board doesn’t have this yet, place a Construction Start Policy discussion on the next Finance Committee agenda.
Red Flag: The Board Gets Cold Feet
It’s not uncommon for even the most supportive boards to start second-guessing a campaign once the realities of fundraising, timelines, or construction become clear. Heck, their reputations are on the line. This can happen due to leadership transitions, economic uncertainty, or when early gifts don’t materialize as quickly as expected.
Warning Signs:
Discussions shift from “how do we do this” to “should we be doing this at all?”
Trustees begin reopening decisions that were already approved
Campaign-related agenda items get delayed or removed from board meetings
The board starts leaning on the Head of School to carry the vision without a clear development partnership or their involvement
What to Do If It Happens
Acknowledge their Anxiety: Fear is often a sign that trustees care deeply. Create a space to name the concerns out loud - rising costs, donor fatigue, enrollment pressure, etc.
Re-anchor in the Mission and Process by Bringing the board back to:
The original “why” of the campaign
The thorough feasibility process
The gift commitments already received
The urgency of the need
Remind them: this wasn’t a whim; it was a discerned decision grounded in data, vision, and responsibility.
Share the Path Forward, Not Just the Ideal Outcome
Boards don’t need more inspiration; they need clarity:
What’s the next milestone?
What does progress look like in 30, 60, 90 days?
What happens if you pause — and what happens if you don’t?
Engage the Right People
If you have strong lead donors, campaign chairs, or respected past board members, now is the time to activate them. Trusted peers can reframe the narrative and remind the board what’s at stake.
Be Calm, Clear, and Persistent
The Head of School’s leadership is crucial here. Don’t panic. Don’t plead. Keep the tone steady, professional, and optimistic.
“It’s okay to feel the weight of this. That means it matters. But our responsibility is not to avoid fear; it’s to lead through it. The mission hasn’t changed.”
The Head of School Must Lead the Relationships
Your job is not to run the campaign. Your job is to lead the relational arc of the campaign.
That means:
Being visible, confident, and grateful
Listening more than you speak
Asking directly, and joyfully, for transformational gifts
Following up with warmth and authenticity
People don’t give to buildings. They give to missions they believe in and leaders they trust.
The Ribbon Cutting Doesn’t Mean You Can Put Your Feet Up
Here’s where a lot of campaigns fall short. Once the building opens or the endowment fund is created, many schools move on.
But your donors aren’t done. And neither is the relationship you’ve built with them.
True stewardship means:
Sending photos of students using the new space
Sharing small wins (“This week, thanks to you…”)
Making time for coffee, updates, and friendship
Great fundraising is not transactional. It’s relational. And when you treat your donors like trusted partners, not checkbooks, they become part of the school’s future in ways no campaign plan can predict.
A Final Note
Capital campaigns are demanding. But they can also be joyful, galvanizing, and even fun, when you keep the focus on people, purpose, and promise.
Let the buildings be gorgeous.
Let the campaign materials and spreadsheets be sound.
But let the heart of the campaign always be the mission!
Resources
Aly Sterling Philanthropy: https://alysterling.com/creative-school-fundraising-ideas/
Association of Fundraising Professionals: https://afpglobal.org/topics/capital-campaigns/
Graham Pelton, Private and Independent School Fundraising 101: https://grahampelton.com/independent-school-fundraising/
NAIS, Running a School During a Capital Campaign: https://www.nais.org/magazine/independent-school/spring-2000/running-a-school-during-a-major-capital-campaign/
Winkler Group, The Role of the Head: https://winklergroup.com/resources-and-events/the-role-of-the-head-of-school-in-a-capital-campaign/
What are some of the most captivating and inspiring signature programs you’ve encountered in schools? We’d love to hear from you, email design@educationgroup.com.