Eastern Kentucky Heritage Monument
Strategic Development Plan
Effective March 1, 2006
| Strategy | Time Frame | Comments |
| Formation of nonprofit organization | Paperwork filed | Eastern Kentucky Heritage Monument, Inc (EKHM) |
| File incorporation papers | Completed | |
| Organizational development | on-going | |
| Evaluate EKHM Board structure and processes to insure efficient and effective oversight | ||
| Develop a capital campaign plan | by 9/06 | Work with Dr. Bill Laramie of Berea College |
| Develop a financial plan for acquisition and development of site | by 9/06 | Add to the already secured $95,000 for Feasibility, Marketing, Preliminary Site Study studies, etc, from Mt. Parkway Trails Corridor, SEKTDA, KY ARC, and Center for Rural Development. Seek line item or earmark in state budget under multi-county regional coal severance fund. |
| Acquire local/regional support and commitments | by 9/06 | EKHM |
| Obtain letters of support from local political leadership within the region | Many are already secured | |
| Seek resource commitments from local governments within the region | Financial or in-kind | |
| Obtain letters of support from local and regional tourism, crafts, and heritage organizations | Many are already secured | |
| Seek resource commitments from local and regional tourism, crafts, and heritage organizations | Financial or in-kind | |
| Obtain letters of support from state officials | ||
| Seek resource commitments from state officials | Financial or in-kind | |
| Acquisition of Land | by 6/07 | |
| Definition of criteria for an appropriate site | yes | Accessible to Mt. Parkway |
| Review of available parcels | yes | |
| Selection of appropriate site | yes | Two sites identified |
| Signed option for first right to buy primary site | EKHM with assistance from KRADD | |
| Negotiation for acquisition of site | ||
| Acquisition of site | Inform seller of tax outcomes for donation of portion or all of site | |
| Construction of facility | by 6/10 | EKHM with assistance from KRADD and project manager |
| Determine desired characteristics of project management firm | ||
| Advertise for bids | KRADD will develop | |
| Evaluate bids | KRADD to make recommendations to EKHM | |
| Hire project management firm | ||
| Hire planner/designer/architect | ||
| Acquisition of required permits | ||
| Agreements on provision of utilities signed | ||
| Develop site plan | draft completed | |
| Approve site plan | ||
| Site preparation | ||
| Site development | ||
| Periodic review of development process | ||
| Operations and Management | by 6/10 | |
| Develop annual operational budget and 3 year financial plan | Contact Appalachian Ideas Network and local universities for assistance | |
| Identify desired characteristics of EKHM Executive Director | 6/06 | Grantsmanship, capital campaign experience, political connections |
| Develop job description | 7/06 | KRADD will assist |
| Advertise and review applications | 10/06 | KRADD will assist |
| Executive Director begins working | 3/07 | Estimated salary $60,000-$100,000 |
| Determine desired characteristics of facilities manager | Facilities management experience | |
| Develop job description | KRADD will assist | |
| Advertise and review applications | KRADD will assist | |
| Hire facilities manager and director | Must be completed at least six months before opening | |
| Develop a facilities marketing plan | Contact SEKTDA for assistance | |
| Develop an event/activity plan for the facility | 18 months prior to opening | Identify number and types of events and activities to be held at the facility. Contracts for at least the first year must be signed prior to opening. |
| Acquisition of equipment required for contracts signed for maintenance of site | 6 months prior to opening | Determine if local governments or organizations will meet this need through in-kind contributions |
| Determine if core facilities (theater, cafe, gift shop) will be wholly owned and operated by EKHM or leased under contract to independent operators | 18 months prior to opening | Need to assess the costs and benefits of these approaches for each core facility. May have a mix of approaches depending on the analysis for each facility. |
| Hire staff | 1-2 months prior to opening | Estimated employment: 27 FTE |
| Train staff | 1 month prior to opening | |
| Develop partnerships with regional tourism partners | on-going | |
| Identify regional tourism assets: Environmental, Cultural, Historical, Agri-tourism | Partner with SEKTDA | |
| Develop a plan for integrating tourism opportunities within the region | Consider prospects for offering one day to one week "packages" oriented around particular types of experiences (e.g., music, crafts, nature-based) | |
| Contact tour bus industry and others who organize tours to market facility and regional opportunities | ||
| Identify and develop where necessary supporting businesses: overnight facilities, restaurants | ||
Other points of information and
suggestions
The Eastern Kentucky Heritage
Monument, Inc is the organizing entity that is incorporated as a 501C(3)
in Kentucky
Articles of incorporation
By-laws
Board of Directors
Executive Director (non-voting member of the Board)
Need to
review composition of Board to guarantee you have the skills, knowledge
and contacts essential for accomplishing the goal of building and
operating the facility
Need to
review the structure and operational procedures of Board to guarantee
that they facilitate an efficient accomplishment of your goal of
building and operating the facility
For
example, need to have a Finance Committee, an Audit Committee, an
Executive Committee and any others deemed necessary for the functioning
of the organization
Make sure
you acquire Board of Directors liability insurance to protect members of
the Board from personal liability for the project
EKHM will serve in the following
capacities:
Will be the Fiscal Agent
Will own the property
Will own the facilities
Will manage the facilities
The capital campaign
Develop list of key contributors
Secure commitments for at least 20%
of projected total prior to announcement of campaign
Appoint a campaign coordinator to
manage the campaign
Identify and train volunteer
campaign solicitors
Allocate key contributors to
specific solicitors
Consider acquiring a commitment of
support from one or two persons in the music industry and see if they
would be willing to host a fund-raising event at the next awards event
where a model of the monument on the proposed site can be displayed,
musicians from the region can perform and potential donors can sign
pledge cards or make donations.
Sources of Operational Income
Entry fee ($3 per person:
Feasibility Study estimates 700,000 visitors a year after third year)
Food sales
Gift/gallery sales
Event rental fees for facilities
Performance facility gate and
concessions
Donations to EKHM foundation
Need to emphasize as you develop
your operational budgets and your long-term financial plan a mix of
revenue flows.
Also need to plan from the beginning
to establish a reserve fund that will enable you to operate for a period
of time without an income at all (generally recommended that you have a
budget “cushion” of at least 6 months)
*** Thanks to Dr. Lori Garkavitch, University of Kentucky, for helping design the Strategic Plan***