Strategic Plan

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Economic Impact Feasibility Study sponsored by:

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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


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***