Fund-of-funds

Book Review:

Capital Campaigns: Strategies That Work
By: Andrea Kihlstedt and Catherine P. Schwartz
Edited by: James P. Gelatt
Aspen Publishers, Inc. Gaithersburg, Maryland 1997

Reviewed by: Norman Olshansky: President
NFP Consulting Resources, Inc.
...

What a surprise! With over 30 years of non profit fundraising, leadership and capital campaign consulting experience, I expected to gain little from this "how to" book which I was given to review. Boy, was I wrong.

Step by step, the authors outline and expand upon the key elements of a capital campaign; from determining whether or not your organization is ready for a campaign, to the best ways to celebrate and evaluate its conclusion.

I appreciated the amount of detail the authors included and their emphasis on organization, planning, leadership involvement and communications. They explore the basic process and then give in depth coverage of each step. In addition to sharing their own personal knowledge and expertise, they gathered much of their material by interviewing friends and clients who also had extensive capital campaign experience. They made the book more interesting, and dramatized the points they wanted to make, by the inclusion of short vignettes and quotes by volunteer and professionals, from actual campaign experiences.

Among the important subjects covered by the book are: how to select and use consultants, building the case for support, conducting a feasibility study, creating a campaign management plan, prospecting and prospect research, team building and leadership development, techniques of solicitation, campaign materials and public relations, events, thank yous, recognition, and much more. They even have a trouble shooting guide which focuses on what to do when things go wrong.

I highly recommend this handbook for volunteer leadership and staff alike (whatever their level of previous experience) who are considering a capital campaign. It is a book that should also be part of the libraries of campaign consultants. I have to admit that I picked up several great new ideas and techniques from reading the book.

Keep in mind that this is a "how to" book and will continue to be of value as a reference tool. The table of contents and index are complete and excellent in their detail.

I felt the authors could have put more emphasis on and expand the section on feasibility studies, or as I like to call them, pre-campaign assessments. Too many organizations try to avoid this important process thinking that they already know they need to know. They feel the pre-campaign study will take unnecessary time and resources. A good study not only sets the stage for a successful capital campaign and determines a realistic goal, but also provides invaluable information about the way the organization is perceived in the community, potential for major support, and extent to which leadership and staff are ready or capable to do what is necessary for success.

Organizational culture, leadership styles, personality management and what is often referred to as organizational politics are other areas which I felt deserved expanded coverage by the authors. Human factors, organizational history, and communication styles are all addressed in the book but are not given as extensive or in depth presentation as is warranted.

In summary, this book not only meets, but exceeds its very appropriate title: Capital Campaigns-Strategies that Work.

What a surprise! With over 30 years of non profit fundraising, leadership and capital campaign consulting experience, I expected to gain little from this how to book which I was given to review. Boy, was I wrong.

Step by step, the authors outline and expand upon the key elements of a capital campaign; from determining whether or not your organization is ready for a campaign, to the best ways to celebrate and evaluate its conclusion.

I appreciated the amount of detail the authors included and their emphasis on organization, planning, leadership involvement and communications. They explore the basic process and then give in depth coverage of each step. In addition to sharing their own personal knowledge and expertise, they gathered much of their material by interviewing friends and clients who also had extensive capital campaign experience. They made the book more interesting, and dramatized the points they wanted to make, by the inclusion of short vignettes and quotes by volunteer and professionals, from actual campaign experiences.

Among the important subjects covered by the book are: how to select and use consultants, building the case for support, conducting a feasibility study, creating a campaign management plan, prospecting and prospect research, team building and leadership development, techniques of solicitation, campaign materials and public relations, events, thank yous, recognition, and much more. They even have a trouble shooting guide which focuses on what to do when things go wrong.

I highly recommend this handbook for volunteer leadership and staff alike (whatever their level of previous experience) who are considering a capital campaign. It is a book that should also be part of the libraries of campaign consultants. I have to admit that I picked up several great new ideas and techniques from reading the book.

Keep in mind that this is a how to book and will continue to be of value as a reference tool. The table of contents and index are complete and excellent in their detail.

I felt the authors could have put more emphasis on and expand the section on feasibility studies, or as I like to call them, pre-campaign assessments. Too many organizations try to avoid this important process thinking that they already know they need to know. They feel the pre-campaign study will take unnecessary time and resources. A good study not only sets the stage for a successful capital campaign and determines a realistic goal, but also provides invaluable information about the way the organization is perceived in the community, potential for major support, and extent to which leadership and staff are ready or capable to do what is necessary for success.

Organizational culture, leadership styles, personality management and what is often referred to as organizational politics are other areas which I felt deserved expanded coverage by the authors. Human factors, organizational history, and communication styles are all addressed in the book but are not given as extensive or in depth presentation as is warranted.

In summary, this book not only meets, but exceeds its very appropriate title: Capital Campaigns-Strategies that Work.

I am pretty new to investing, but some friends introduced me to Mr. Jaffe's column last year and I felt like he was talking to me. I understood almost everything I read in his column, which was pretty amazing because I never would have told you two years ago that I could have followed any of this stuff.

When I heard Mr. Jaffe had written a book on funds, I figured it was the one for me. I was absolutely right.

It's just like his column (chatty, funny and easy to understand)but much more complete. It told me everything I needed to know about fund ownership in a commonsense way. And I like the idea that I can turn back to this "owner's manual" for help whenever something happens in my funds. (It's a lot easier to handle than that book of column Jaffe clippings I collected.)

This is nice and comprehensive, but chatty and easy to read. I particularly like the way the author has cross-referenced information so that you can skip right to the sections you want to know about, without reading every word that comes before or after. This gives you all the tools you need you get started.

This book provided me with an understanding of how this complex process works in an easy-to-read and an organized format.
In only a couple of hours I was able to grasp how financial aid functions, and made a few changes that hopefully will give my son more aid eligibility.

After sifting through dozens of books, my husband and I found this easy to read, understandable and a good foundation to get through the financial aid process

I enjoyed reading this book. I learned a lot. I took "Easy Politics" on a plane trip along with a current well-reviewed mystery novel. I found "Easy Politics" the far better read!
The author argues that too many apathetic voters open the door to more money in politics, contributed by people who too often expect an obscene return on their investment in the form of softened administrative regulations or lucrative government contracts. The result is cozy politics, which involves big bucks and undercuts what government tries to do. Unlike many books concerned with such corruption, the author proposes a solution in the form of revitalized political parties. These citizen-based organizations differ dramatically from the current parties, which are obsessed with campaign technology and fundraising. The author's modern political parties combine TV, radio, and direct mail with more grassroots activity where local and state party activists listen to citizens, explain party positions, and mobilize voters at election time. This book provides stimulating ideas and solutions without requiring a lot of prior knowledge of politics.. I enjoyed Cozy Politics because it was informative, well reasoned, dealt with an important topic and was easy for me to read and understand.

Too Little Citizen Participation and Too Much Cozy Politics
Increasing numbers of apathetic American citizens have opened the way to "cozy politics" where decisions are driven primarily by who benefits along the way rather than by the purpose of a federal government program or regulation. Cozy politics is different today because far more money changes hands in politics and wealthy individuals, interest groups, and professional associations achieve access and often receive beneficial treatment in the form of softened regulations or lucrative government contracts in exchange for political contributions.
Cozy politics thereby contributes to the increasing erosion of civic confidence, the warping of political parties, the denigration of politicians, and the compromise of federal administrative agencies. Drawing on a rich body of scholarly work, public interest group data on the Internet, and the morgues of national newspapers, I have amassed evidence of a wide range of cozy political arrangements that crosses party lines. Politicians delivering for their "second constituency" are having a serious impact on Congressional decisions and on agency missions.
The answer to such political excesses and voter apathy is to reinvent political parties by strengthening their citizen base and thereby reestablish the classic democratic balance between numbers and money. These parties would combine the use of media and mailing technologies with greater organization of voters at the local and state levels. In seeking to revive politics, local and state party leaders should draw on the decentralized, participatory model found in a number of global corporations. Ironically such corporations, dedicated to developing long-term relationships are treating their customers more like citizens while politicians, too often focused solely on the next election, treat the citizens more like customers. The book concludes with three recommendations on how to jump-start the formation of such citizen-based parties.

Public schools in the United States are faced with all kinds of funding challenges. Many are seeking creative ways to harness community support and increase funding availability, especially to fund "non-core" areas such as arts, in-service professional and paraprofessional training, athletics, and capital expenditures.

Over the last 20 years or so, about one-fourth of America's 16,000 school districts have established some form of endowment or private foundation (either district-wide or school-specific) to supplement other school revenue to meet identified needs and expand opportunities for students and teachers.

Rarely have I found a book on a specialized subject so accessible and easy to use. The book's authors take the reader through the process of conceptualizing, developing, and implementing a public school foundation, often using a plausible question and answer format to communicate concepts and steps in an almost conversational way.

The book assumes that the reader is an individual who is interested in starting a public school foundation -- a teacher, administrator, PTA or school board member. Two excellent points are made very early in the book. First, it doesn't take a lot of money to make a real impact in a school district -- $10 or $20 per student can translate into some very useful, innovative, and change-provoking projects. Second, it's not necessary to "front-load" a school foundation with lots of money in order to generate a trickle of grant awards. The enthusiasm of the anticipated reader is matched and bolstered by the authors' enthusiasm for the subject.

Creating Foundations for American Schools also addresses the issue of existing foundations that have lost momentum or otherwise failed to meet expectations. One of the real keys to success is building and maintaining interest and momentum behind the foundation and its mission. The importance of coordinating foundation activities with alumni associations and other school-based fundraising is discussed as well.

The appendices include a wealth of forms, checklists, sample letters, etc., to use in the foundation-building process. Appendix E was a real surprise -- an annual survey of state laws governing charitable solicitation, complete with contact information for each state's regulators.

This is a well-executed book on a timely subject. It deserves to be used -- not just on the shelf -- wherever public school foundations are in place or contemplated.

Public schools in the United States are faced with all kinds of funding challenges. Many are seeking creative ways to harness community support and increase funding availability, especially to fund "non-core" areas such as arts, in-service professional and paraprofessional training, athletics, and capital expenditures.

Over the last 20 years or so, about one-fourth of America's 16,000 school districts have established some form of endowment or private foundation (either district-wide or school-specific) to supplement other school revenue to meet identified needs and expand opportunities for students and teachers.

Rarely have I found a book on a specialized subject so accessible and easy to use. The book's authors take the reader through the process of conceptualizing, developing, and implementing a public school foundation, often using a plausible question and answer format to communicate concepts and steps in an almost conversational way.

The book assumes that the reader is an individual who is interested in starting a public school foundation -- a teacher, administrator, PTA or school board member. Two excellent points are made very early in the book. First, it doesn't take a lot of money to make a real impact in a school district -- $10 or $20 per student can translate into some very useful, innovative, and change-provoking projects. Second, it's not necessary to "front-load" a school foundation with lots of money in order to generate a trickle of grant awards. The enthusiasm of the anticipated reader is matched and bolstered by the authors' enthusiasm for the subject.

Creating Foundations for American Schools also addresses the issue of existing foundations that have lost momentum or otherwise failed to meet expectations. One of the real keys to success is building and maintaining interest and momentum behind the foundation and its mission. The importance of coordinating foundation activities with alumni associations and other school-based fundraising is discussed as well.

The appendices include a wealth of forms, checklists, sample letters, etc., to use in the foundation-building process. Appendix E was a real surprise -- an annual survey of state laws governing charitable solicitation, complete with contact information for each state's regulators.

This is a well-executed book on a timely subject. It deserves to be used -- not just on the shelf -- wherever public school foundations are in place or contemplated.

This short but powerful book provides the best and most concise review of the disastrous policies that have been developed by the World Bank and International Monetary Fund. Bello traces the origins of structural adjustment programs and then follows their effects into countries around the world.

Although originally published in 1994, the material is more relavent than ever. A MUST READ.

Bello provides a clear, concise and well evidenced argument that the structural adjustment programs of the IMF and World bank have sunk the countries of the global south into deeper and deeper debt and impovereshment. Bello sets this argument in the historical frame of the northern backlash against the rising economic power of the south. He also links the economic philosophy behind adjustment to the widening prosperity gap and falling real wages in the north.

A must read for all those curios about the World Bank and IMF and why people are against them.

If you are responsible for creating wealth in a non-profit environment, implementing Harold Seymour's advice will guarantee success.

Seymour offers a lifetime of experiences and down to earth approach to the art and science of fund raising. From motivations for giving, to designs for organizing a fund raising project, this book is a must for the novice as well as the experienced fund raiser

Karla Williams has introduced an extremely practical and well written book for those of us who seek to raise the bar in the arena of Annual Funds and Donor Development. I have many, many books in my library that focus on fund-raising strategies, and this is the primary one that I will be using to train my staff and volunteers. Why? Ms. Williams not only presents a world-view that is compatible with our organization but then presents very practical, step by step strategies to implement this vision of donor development. She begins with a fairly in depth and clear presentation of the history of fund-raising (which helps to put things into perspective) and then moves on to what she believes is the most effective and responsible paradigm for funding non-profits: one that honors and respects the donor constituency in addition to raising the needed funds for our various causes. The book features numerous case illustrations, easy to interpret graphs, and an integrated annual develoment strategy that can be fine tuned for any organization. Bottom line: Yes it may seem expensive but it is simply one of *the* best resources for annual funds on the market today.

I highly recommend this book. The author has a very accessible, clear writing style. She lays out the pros and cons of various options very well. It has really helped me plan and improve my annual campaign.

This book provides a great deal of insight into the impact polling and the internet have/can have on our political processes. One of his most important points is: what good does it do to have a public who can participate in the process on a whim and with ease when that public is still not educated about the issues involved? These are issues we should all be concerned about and carefully consider as the internet in particular grows in importance to us and to our political participation. Is this trend towards reliance on the media, instant polling, internet feedback really a good thing? This book provides us with the tools to find the answer ourselves. A great, thought provoking book who's issues should be carefully weighed as we consider voting over the internet and reliance upon public opinion polls.

Few books on "wired" subjects focus as intensely as this one on the content of electronic media and its impact on democracy. Grossman gives compelling suggestions for reinvigorating democracy by improving the delivery of information and the involvement of citizens through electornic communications. Very well-written and instructive with plenty of suggestions for further reading. Fascinating review of the parallel history of democracy and the media in this country, as well as the earliest democractic institutions in ancient Athens.

While most economists are still puzzled by the most recent foreign exchange and banking crises - such as the ones that took place last year in Argentina and Uruguay - and some of them (like Stiglitz) are proposing reckless and innefective solutions, such as abolishing the IMF and most of the existing international agencies, Jean Tirole presents a more pensive and fruitful explanation of why these crises occur, and sheds new light towards a much more effective solution. His approach is based on a new field of agency theory called Corporate Finance, which deals with the set of institutions that make it credible for the suppliers of funds to recover their investments in an specific firm.

Tirole applies the basic principles of the prudential regulation of banks, that he worked before in collaboration with Mathias Dewatripont (MIT Press, 1994, ISBN: 0262041464), and which contains much of what we have learned through the twentieth century about financial crises. According to this approach, both the international financial and monetary systems would work much better if we had international risk classifying agencies on the one hand, providing information to investors about the liquidity and solvency of debtor countries, and a lender of last resort on the other. The trouble with the IMF is that it tries to perform both functions.

However, what makes external borrowing more complicated than a typical financial arrangement is the presence of a third player, that is the borrower's government which has both the incentives and the means to affect the foreing investor's return by manipulating the exchange rate or the capital mobility. Because the investors' return is affected by the behaviour of two agents, the borrower himself and its government, Tirole calls this a dual agency problem.

Tirole proposes an institutional reform in which the IMF should redefine its original mission, by concentrating in the role of facilitating the country's favourable access to foreign borrowing. This role underlies the (controversial) task of pre-qualification and conditionality. The IMF should also redefine its internal structure if it wants to perform well this new role. Its Board of Governors is too big and too heterogeneous to allow rapid and efficient decisions.

In summary, this book presents and original and groundbreaking approach to financial crises which, as we expected from the beginning, arises more questions than answers. However, we know that the only way to find the appropriate solution to a problem is by formulating the right questions, and this is exactly what Tirole does. I am convinced that if the international agencies follow this approach they will soon find the right way to prevent or to lessen international financial crises, in the same way as central banks and financial regulatory agencies did with domestic banking crises during the last century.

Tirole has written an invaluable book that sheds light to a complex and extremley actual topic. By showing once again his seriousness as an economist (as opposed to others; i.e. Stiglitz), he goes back to first principles to understand the source of problems in international contracts. The application of modern corporate finance to international finance is extraordinary.
Even the first chapters should be obligatory reading to any student of international macro (even in the first macro course). The first one gives a concise history of modern currency crisis -the so called first twenty-first century crisis- while the second one masterfully summarizes the economists views on the subject.
Good economics, great topic, amazing timing.