Northern Forest Center launches a bold campaign for rural revitalization

Learn how NFC raised $35 million through a unique blend of philanthropy and impact investing.

The Northern Forest Center works across four states — Maine, New Hampshire, Vermont, and New York—to strengthen rural communities while conserving the largest continuous forest east of the Mississippi. The organization focuses on community revitalization, property redevelopment, housing, and connecting people with the forested landscapes that shape their lives.

The Challenge:

The Center sought to launch a major campaign that combined philanthropy with impact investing, a model not widely supported by traditional campaign consultants. They needed to raise funds across multiple states and communities — most with populations under 5,000 — while presenting a unified regional case.

Rob Riley, President of the Northern Forest Center, recalls:

“We thought we were going to do a $30 million campaign. Well, the feasibility came back at, I think it was $20. And that’s where we set our sights. About half of that was the debt portion of the impact investment and about half was philanthropic.”

At the same time, they needed to build the organization’s fundraising capacity. Riley further explains:

“As a regional organization, we also needed to be local. If we’re doing local investments, we had to have a staffing structure that reflected that. A number of philanthropic dollars gave us basically a 10-year on-ramp that our other fundraising activities could ultimately replace once we proved ourselves.”

Rob Riley, President of the Northern Forest Center

The Solution:

With guidance from Capital Campaign Pro advisor Xan Blake, the Northern Forest Center conducted a self-driven feasibility study and developed a case that balanced mission, community needs, and return on investment.

The campaign emphasized both community revitalization and regional impact. Donors and investors were engaged not only with the broader Northern Forest vision, but also with tangible local projects such as downtown property redevelopments and new housing.

Riley explains the approach:

“Having that more diverse engagement opportunity was a different way for us as an organization to engage with philanthropically minded individuals, institutions, and businesses.”

Rob Riley, President of the Northern Forest Center

Xan supported the Center in structuring the campaign, building fundraising capacity, and setting up systems for stewardship that treated investors like donors.

The Impact:

The campaign exceeded expectations. Initially targeted at $20 million, the Center ultimately raised $35 million through a blend of philanthropy and impact investments. This success transformed the organization:

• Fundraising staff grew from 2 to 5 FTEs
• Annual budget increased from $2 million to $9 million
• Assets expanded from $2 million to nearly $38 million
• Investor capital aggregated to nearly $20 million across multiple funds

Perhaps most strikingly, all investors became donors—many reinvesting their returns back into the fund. Riley reflects:

“To wrap up and claim success at $35 million after… a three-year process really set us up for a different way of operating.”

He also emphasizes the importance of celebration and stewardship:

“Philanthropy should be joyful. And if we don’t provide opportunities for donors, and investors, and staff to be part of that joy, we’ve missed something.”

Rob Riley, President of the Northern Forest Center

Today, the Northern Forest Center continues to manage multiple real estate projects, engage donors and investors, and set the stage for the next chapter of rural revitalization in the Northern Forest.