What's a feasibility study and do we need one for a splash pad capital campaign?

A capital-campaign feasibility study is a structured pre-campaign exercise where 30-50 prospective major donors are interviewed confidentially about their interest, capacity, and likely participation level for the proposed campaign. For a splash pad capital campaign over $250K, a feasibility study saves money and reputation. The study tests three things: (1) Is the project compelling enough to motivate gifts? (2) Is the dollar goal realistic given the donor base? (3) Who are the lead-gift prospects, and what level will they give? Interviews are confidential and informal — a board member or hired consultant meets prospects 1:1, presents the case, asks open-ended questions about their reactions. Outcomes: reveal lead-gift commitments before public launch (50-70% of goal often surfaces here), refine the campaign messaging based on donor feedback, identify campaign-chair candidates among engaged prospects, and either confirm the goal is achievable or reset to a realistic number. Cost: $5K-$15K with a fundraising consultant, or run internally with a campaign committee chair (free but slower). Skipping the feasibility study and announcing a goal you can't hit damages credibility and demoralizes the volunteer team.