2024 Capital Campaign Benchmark Study: 3 Surprising Findings

The Capital Campaign Benchmark Study from Capital Campaign Pro, now in its second year, offers a unique glimpse into how nonprofits across the U.S. and Canada are navigating their capital campaigns.

With responses from over 500 organizations — ranging from those just considering a campaign to those currently in the midst or recently completed — this study sheds light on key trends, challenges, and shifts in the fundraising landscape.

3 Surprising Findings from the 2024-25 Capital Campaign Benchmark Study

While many findings held steady from last year’s report, a few surprising insights emerged that speak to the current campaign climate.

Ahead of its public release next month, we wanted to give you a “sneak peek” of some of the most surprising findings from this year’s study.

1. Economic Fears are Easing, but Still Pose a Challenge

One of the big questions we asked this year was:

“Do you feel that external factors (economic, political, etc.) have negatively impacted your campaign?”

The responses revealed a subtle shift in sentiment. While 44% of respondents said “yes,” a larger percentage — a 56% majority — said external factors did not negatively impact their campaign.

This is encouraging because, as recent history has shown, philanthropy tends to be resilient even during times of uncertainty. For example, nonprofits whose campaigns pressed forward during the crises of 2001, 2008, and 2020 ultimately came out stronger than those who paused or halted due to anxiety about economic or political headwinds. The fact that a majority of organizations in the 2024-25 study reported that they stayed on course, despite ongoing uncertainties, is a testament to this resilience.

This isn’t to say that we are being pollyannaish about external factors. It’s worth noting that unforeseen external factors were the second-most-cited challenge this year, with 46% of respondents naming it a top hurdle. But in a notable shift from last year’s report, external factors have taken a back seat to another challenge: Board Engagement.

This year, 48% of organizations said getting their board excited and engaged in the campaign was the biggest challenge they faced. Campaigns offer a critical opportunity for boards to step up and lead, yet nearly half of nonprofits reported struggles in harnessing this enthusiasm. With economic fears slowly receding, it’s clear that board involvement is now the hurdle nonprofits must focus on overcoming.

Key Takeaway:

Even though economic and political uncertainty remains a concern, most organizations are moving forward with their campaigns, showcasing philanthropy’s resilience. However, as external factors fade in prominence, boards must step up and fully engage to ensure campaign success.

2. Capital Campaigns Don’t Have to Cannibalize the Annual Fund

A common fear that haunts many nonprofits considering a capital campaign is whether it will cannibalize their annual fund. This year’s study busts that myth once again.

Just as in last year’s report, the data shows that capital campaigns do not have to come at the expense of annual fundraising efforts. In fact, the results might surprise you.

Specifically, we asked organizations:

“What happened to your annual fundraising during the campaign?”

• A solid 78% of respondents said their annual fund either stayed the same or increased during their campaign.
• More specifically, 43% reported an increase, and 35% said it remained steady.
• Only 22% experienced a decline, reinforcing the idea that with proper planning, annual funds can thrive alongside capital campaigns.

And the long-term outlook is even better. When we asked organizations about their annual fundraising after the campaign (two or more years post-campaign), a remarkable 72% reported an increase.

This result underscores how capital campaigns can lay the foundation for future growth. By bringing in new donors and deepening relationships with existing supporters, campaigns tend to grow the donor pool, leading to an increase in annual giving for years to come.

Key Takeaway:

The notion that capital campaigns hurt annual funds is largely a myth. With proper strategies in place, your annual fund will likely remain steady or even grow during a campaign—and the long-term benefits can be substantial, with most organizations reporting a significant boost after their campaigns wrap up.

3. Capital Campaigns Spur Greater Involvement from Executive Directors

One of the most interesting findings from this year’s report centers on the role of Executive Directors (EDs) during capital campaigns. Nonprofit leaders often wear many hats, and their involvement in fundraising is critical, especially during a campaign. The data shows that during a capital campaign, Executive Directors tend to become more engaged in fundraising efforts — and their involvement makes a significant difference.

We asked:

“How active is your ED in fundraising during non-campaign periods?”

The responses indicated that 77% of EDs are involved at least moderately in fundraising during normal times. However, this engagement jumps considerably during campaigns, with 86% of EDs reporting moderate to high involvement in fundraising once a campaign is underway.

The data also tells us that the more involved an ED is in fundraising, the better the campaign performs. Campaigns where the ED is highly engaged raised significantly more money and had a higher success rate than those where the ED played a smaller role. In other words, a fully-engaged ED can make all the difference in pushing a campaign to success.

Key Takeaway:

The more active your Executive Director is during a capital campaign, the better. Campaigns that receive high levels of attention from their EDs perform better, raising millions more than those with less involvement. It’s clear that an engaged leader at the helm is a key ingredient to a successful campaign.

What This Means for Your Capital Campaign

The findings from this year’s study offer both reassurance and a few valuable lessons for nonprofits planning a capital campaign in the coming years.

1. First, even in the face of economic uncertainty, moving forward with a campaign is often the best course of action.
2. Second, you don’t have to worry about your annual fund taking a hit; in fact, it might even grow during and after your campaign.
3. Finally, having your Executive Director actively engaged in the fundraising process is crucial to ensuring your campaign’s success.

Dive Deeper into these Findings and More!

Join us on for a FREE WEBINAR on September 19th where we’ll share a preview of the full Capital Campaign Benchmark Report and discuss strategies for navigating today’s fundraising landscape. You’ll walk away with actionable insights to guide your next campaign.

Register today for the upcoming webinar!  Don’t miss out on this opportunity to stay ahead of the curve and set your campaign up for success!