8. Money
The single most important building material is money.
Few libraries have enough cash lying around to do the job. It always helps if you have huge unexpected legacies, or atomic power plants in your taxing jurisdiction, but most libraries have to locate extra construction funds.
Before you can raise funds, you will need to know what your project will cost. This is a job for your architect. Be sure the preparation of cost estimates is part of your contract.
Be sure at all times that you understand whether your architect's estimates are for "construction costs" or "project costs." When figures are quoted, always ask which they represent. Construction costs are the costs of erecting the building itself. Project costs are substantially higher. They include many additional costs you will have to pay, including site work, professional fees, furnishings, equipment, etc. In addition, you may have to cover moving costs, purchasing opening day collections, etc.
Primary sources of funds include sale of bonds, direct allocations from local governments, mortgages, state construction grants, and private fundraising.
Bonds can be issued by citizen vote or by direct government action.
Once you know construction costs and available government funds, you will know how much you need to raise privately.
Some basic points about private fundraising:
- Private fundraising requires an incorporated friends group or foundation with federal 501(c)(3) tax status. Obtaining this status is not difficult, but the paperwork is initially intimidating. You will need the help of an attorney.
- Professional fundraising consultants are available, and some specialize in libraries. Even if you do most of your own work, it's helpful to have initial advice and planning assistance from an experienced person. Hiring a consultant is much like hiring any other professional; feedback from previous clients is particularly important.
- If you have a major fundraising campaign, you will probably want to hire someone to run it. Fundraising can take a great deal of time. It's unreasonable to assign your fundraising to one of your current staff unless you hire someone else to do her regular work.
- Fundraisers should always be paid by the hour or by the job, never a percentage of the funds raised.
