Financing The Project

There is currently a lot of money in the sector for developing new learning spaces, as discussed in the Anticipation: What's Going On In The Sector? section of this infoKit, but it is not easy to get the amount needed from one source and projects that are only partially funded are not much better than ones that aren't funded at all! Often a package of funding is needed involving some money from the institution, some from the funding council, and (in the past at least) money from the EU. Increasingly Colleges and Universities are being urged to find ways of raising funds from other sources - these are considered in Imagination: Developing The Vision: Economic Factors.

UK institutions, unlike those in the US, are not very good at raising funds from alumni and charitable organisations. A significant building project is a good opportunity to establish a fundraising arm. If it is successful, it will make the project possible and start a continuing steam of funds for future developments. The Thomas Report on UK University fundraising says that a successful operation should aim to generate five times the investment made in it within five years of operation. This suggests that there is great potential in fundraising if done well but also that you need to start early.