Philanthropic Market Study Complete Another step in the Engines of Freedom development process was completed recently with the conclusion of the philanthropic market study’s confidential interview phase. Hall of Fame Board Chair Jay Matson expressed his gratitude to the nearly 200 people nationwide who participated in the study by attending either a focus group reception or a confidential interview. According to Matson, “We were fortunate to engage railroad industry leaders of national caliber, ensuring that the project’s full potential will be reflected in the results of the study.” The final report is expected to be presented to the NRHF board of directors in early 2012. It will include a compilation of the comments and opinions offered by study participants on the Engines of Freedom concept vision. In addition, the report will provide a wealth of information related to the development process, including recommendations for capital campaign structure, leadership, fundraising target, potential contributors, staffing, and budget. Individuals providing input for the study included Class I railroad executives, regional and short-line railroad owners, rail industry suppliers, logistics professionals, private railcar owners, Hall of Fame inductee representatives, and directors of charitable foundations, among others. The philanthropic market study is a standard piece of the due diligence required to launch a project of the scale of Engines of Freedom. According to Matson, the philanthropic study is essential because it provides lead donors with confidence that the project is a worthy investment. “Our board understood the importance of this step and was committed to doing what was necessary to get it right,” he added. The study has been conducted by the Chicago office of Campbell & Company. |