For nonprofits, capital campaigns represent some of the most ambitious and transformative fundraising efforts. They can reshape organizations, expand programs, and create legacies. Yet in today’s climate of economic uncertainty, political polarization, and shifting donor expectations, preparing for a capital campaign can feel daunting. This was the focus of a conversation between Stephen Halasnik, managing partner at Financing Solutions, and Amy Eisenstein, a leading nonprofit fundraising consultant and author.

Why Campaigns Still Matter

Despite uncertain times, Eisenstein emphasized that capital campaigns remain critical for nonprofit growth. “You don’t stop dreaming because the economy feels unstable,” she explained. Campaigns provide nonprofits with the resources to scale, innovate, and meet growing community needs. In fact, she argued, campaigns can be even more vital in times of uncertainty, offering stability and long-term sustainability when annual giving alone falls short.

The Importance of Long-Term Planning

One of the first lessons Eisenstein shared was that a capital campaign is never a short-term fix. They require years of preparation, feasibility studies, and donor stewardship. Organizations must view them not as emergency solutions but as strategic initiatives rooted in vision. Halasnik added that this mirrors the business world: bold ventures often require patience and calculated planning to succeed, especially when external conditions are unpredictable.

Laying the Groundwork with Relationships

In uncertain times, relationships are more important than ever. Eisenstein highlighted that major donors want reassurance that nonprofits are steady, reliable, and capable of delivering impact. Building trust through consistent communication, transparency, and authentic engagement becomes the cornerstone of campaign preparation. As Halasnik observed, loyal customers sustain businesses through downturns—the same is true of loyal donors during challenging periods.

Messaging with Confidence and Clarity

During volatile times, how nonprofits communicate their case for support is critical. Eisenstein advised that organizations must present a bold vision, not a plea of desperation. Donors are more likely to give generously when they see a nonprofit striving for impact rather than scrambling for survival. Campaign messaging should focus on the opportunities ahead, the community benefits, and the confidence that comes with donor partnership.

The Role of Feasibility Studies

Before launching a campaign, Eisenstein stressed the importance of feasibility studies. These studies not only gauge donor readiness but also provide insights into how external conditions may influence giving capacity. In uncertain times, feasibility studies are invaluable tools for testing assumptions, refining messaging, and ensuring campaign goals are realistic. Halasnik likened them to market research in business—an essential step before making a major investment.

Overcoming the Fear of the Ask

Economic uncertainty can heighten anxieties among board members and nonprofit leaders about asking for large gifts. Eisenstein argued that this fear is often misplaced. Donors who have the capacity to give are frequently eager to support stability and impact during volatile times. With proper training and preparation, fundraising conversations shift from being intimidating to being opportunities to invite donors into meaningful change.

Training Boards and Staff for Success

Preparation doesn’t stop at feasibility studies. Training boards and staff is essential for campaign readiness. Eisenstein explained that in times of uncertainty, confidence and skill among fundraisers are key to success. Nonprofits that invest in equipping their teams with the right tools, language, and mindset will be best positioned to navigate difficult conversations with donors and secure major commitments.

Donor Motivation in Challenging Times

One of the most surprising insights Eisenstein shared is that many donors give more generously during uncertain times, not less. Wealthy individuals, she explained, often see philanthropy as a way to create stability and impact amid turbulence. They want to fund initiatives that bring hope and continuity to communities. Nonprofits must therefore frame their campaigns as opportunities to make a transformative difference in moments when it matters most.

Campaigns as Community Anchors

Capital campaigns don’t just raise funds—they strengthen community ties. In uncertain times, they provide a rallying point for stakeholders, staff, and the broader public. Eisenstein noted that campaigns can redefine an organization’s role in its community, positioning it as a source of strength and resilience. Halasnik agreed, pointing out that shared achievement builds momentum that lasts beyond the campaign itself.

Common Pitfalls to Avoid

Even in the best of times, campaigns face risks. In uncertain periods, those risks can magnify. Eisenstein cautioned against rushing campaigns without adequate groundwork, setting unrealistic goals, or neglecting stewardship after gifts are received. She reminded listeners that “the ask is just the beginning of the relationship.” Strong stewardship ensures that donors remain engaged long after the campaign concludes.

Measuring Success in Multiple Dimensions

When preparing for a capital campaign in uncertain times, success cannot be defined solely by dollars raised. Eisenstein encouraged nonprofits to measure progress across multiple dimensions: donor retention, board engagement, staff development, and community impact. These broader indicators reflect the campaign’s true effectiveness and help organizations weather challenges with resilience.

Parallels Between Business and Nonprofits

Throughout the discussion, Halasnik drew parallels between entrepreneurship and nonprofit fundraising. Both require adaptability, strategic vision, and courage to pursue ambitious goals in uncertain markets. The ability to cultivate long-term relationships, maintain confidence amid risk, and invest in people and infrastructure applies equally to business ventures and capital campaigns.

The Intangible ROI: Culture and Confidence

Successfully preparing and executing a campaign—even in uncertain times—reshapes an organization’s culture. Eisenstein noted that it builds confidence among staff and board members, proving that bold goals are achievable. It fosters a culture where fundraising is seen as integral to mission, not a reluctant necessity. This cultural shift, she argued, is one of the most valuable outcomes of campaign preparation.

Conclusion: Building for the Future Amid Uncertainty

Uncertain times may test the courage of nonprofit leaders, but they also present opportunities for bold action. Preparing for a capital campaign during volatility requires vision, patience, and disciplined relationship building. For organizations willing to plan strategically and embrace the challenge, the rewards go far beyond dollars. As Eisenstein concluded, campaigns are not just about raising money—they are about securing a nonprofit’s future and strengthening its role as a pillar of resilience in the community.

About the Experts

Amy Eisenstein, ACFRE, is the CEO and co-founder of Capital Campaign Pro. She has been a development professional and fundraising consultant for more than 25 years. Recognized as a leading expert in her field, she helps small and large nonprofits alike raise millions of dollars.

Stephen Halasnik is co-founder of Financing Solutions, a leading provider of lines of credit for nonprofits, and host of the Nonprofit MBA Podcast.