Q: HOW MUCH WILL THIS PROJECT COST AND HOW FAR ALONG IS THE FUNDRAISING?
A: The project cost is $10 Million, with $9M for construction and $1M for an operational endowment. To date we have already raised $9,000,000 leaving only $1,000,000 more to go! We hope to raise this by the end of 2024 so we can break ground in the spring of 2025 and stay on track for opening the spring of 2026. This is why we need your help now!
Q: WHY DOES NICK NEED DONATIONS?
A: As a non-profit organization, The Nick is not funded by taxpayer dollars and does not receive money through the Town of Wolfeboro. We rely on the generosity of our dedicated supporters and local businesses to thrive and continually improve our facility.
We must raise over $500,000 annually to support park operations and scholarship funds for underprivileged youth. Approximately 50% of our budget is raised through facility rental fees (organizations and leagues), our sign program, and our Donor established endowment. The other half is from donations from individuals and family foundations.
In order to build a new indoor facility, we must raise funds for the building’s construction in addition to our normal yearly budget. We will not sacrifice operations of our outdoor park to build a new facility.
Q: WHAT IS THE NICK’S LONG TERM PLAN TO SUSTAIN THIS FACILITY?
A: To ensure the long-term financial sustainability of The Nick, we have a Donor-Restricted Endowment Fund to provide an ongoing source of income to supplement our operational budget. We also have a Capital and Operating Reserve Fund (Board Restricted Fund). The purpose of the Board Restricted Fund is three-fold:
(1) To supplement The Nick’s annual operating budget in case of an unexpected shortfall.
(2) To cover expenses associated with replacing and repairing any of The Nick’s existing equipment, buildings, systems, and land improvements with a value of $1,000 or more.
(3) To help ensure the long-term financial stability of The Nick and position it to respond to varying economic conditions and changes affecting The Nick’s financial position and the ability of the organization to carry out its mission uninterrupted. Additionally, there are costs associated with future projects, equipment, special expenditures, and/or the pursuit of unforeseen opportunities that would create tremendous success.
In addition to our endowment funds, we supplement our operating budget by collecting fees from organizations using our facility, hosting annual fundraising events, maintaining our sponsorship sign program, stewarding and meeting face-to-face with existing donors and new supporters, sending out annual appeal letters, and applying for grants.
Since opening the park, we have successfully raised the funds needed to realize our annual operating budget, advance our youth scholarship program, grow our endowment funds, and have progressively made upwards of $2 million in upgrades and enhancements to our park to meet the ever-evolving needs of our community for the past 17 years.
We have many long-term supporters whose continued generosity and commitment to The Nick allows us to sustain our facilities while also growing and expanding. The Nick has always been financially conservative and forward-thinking. We have yet to start a project without securing the necessary funds and carefully developing a sustainability plan. We will continue to carry this approach as we progress with future projects, as sustainability and accessibility are our primary focus.
Although this new facility will unquestionably increase our annual operating budget, it will also be a new source of revenue for our organization. In addition, we are committed to growing our endowment funds to help support the annual operating cost of the new building.
Q: WILL THERE BE NAMING OPPORTUNITIES IN THE NEW FACILITY?
A: YES! (More information coming soon…)