Latest Research: The State of Capital Campaigns in 2024

Capital campaigns continue to play a vital role in enabling nonprofits to secure the financial resources needed for major projects, infrastructure development, and long-term sustainability.

Building on last year’s groundbreaking research, the 2024 Capital Campaign Benchmark Report provides even more comprehensive insights into how nonprofits plan and conduct successful capital campaigns.

The 2024 study has nearly doubled in scope, surveying over 500 nonprofits across the US and Canada (up from 275 organizations in 2023). This expanded dataset includes organizations at various stages of their campaign journey — from those in the planning phase to those who have recently completed their campaigns.

Key Research Findings for 2024

The latest research continues to challenge common fears and myths about capital campaigns while providing empirical evidence of their effectiveness.

Here are the most significant findings:

1. Capital Campaigns Are Even More Successful Than Previously Thought

The success rate of capital campaigns has increased from 94% in 2023 to an impressive 96% in 2024. Organizations are raising an average of 106% of their campaign goals, with the highest reported achievement being 156% of the original goal.

2. Annual Funds Continue to Thrive During Campaigns

The data continues to dispel the myth of annual fund cannibalization. More than three-quarters of organizations report that their annual funds either stayed the same or increased during their campaigns. Even more encouraging, 74% of organizations saw their annual funds increase in the years following their campaigns.

3. Feasibility Studies Prove Their Worth

Organizations conducting feasibility studies continue to see superior results. The 2024 data shows that these organizations were twice as likely to report:

• Increased effectiveness among development staff
• Better fundraising systems
• Stronger relationships with major donors

4. You Don’t Need a Wealthy Board to be Successful

The research reveals that board giving accounts for an average of 15% of campaign goals. While board support remains important, this finding confirms that organizations don’t need a “big money” board to run successful campaigns.

5. The Pareto Principle is Alive and Well in Capital Campaigns

The research confirms that the 80/20 rule continues to be a foundational principle in campaign fundraising. The data shows that the top 20 gifts typically account for 70% of the total campaign goal, reinforcing the critical importance of focusing on leadership and major gifts in the early stages of a campaign.

New Insights for 2024

The expanded research has unveiled several additional insights:

• The average length of a capital campaign is 3.7 years
• 63% of organizations retain outside counsel to help with their campaign
• Strategic planning drives 74% of capital campaigns
• 96% of campaigns allow multi-year pledges
• Only 34% of organizations totally outsource feasibility study interviews to a third-party consultant
• 63% of organizations utilize volunteer campaign chairs

Moving Forward with Confidence

The 2024 research reinforces that capital campaigns remain a powerful tool for nonprofit growth and development, regardless of organization size or external economic conditions. The expanded dataset provides even stronger evidence that with proper planning and execution, campaigns consistently succeed in helping organizations achieve their strategic objectives.

For organizations considering a capital campaign, the data continues to support moving forward with confidence. The myths about needing perfect conditions, wealthy boards, or risking annual fund support have been further dispelled by this comprehensive research.

Most importantly, the 2024 findings demonstrate that capital campaigns not only raise significant funds but also strengthen donor relationships, improve fundraising systems, and enhance overall organizational capacity.