Funding requests with a total project cost of $250,000 or more to:
must provide a study that shows whether the project is feasible.
The expert or organisation that prepares a feasibility study (or conservation plan for cultural heritage projects) must have the right qualifications and expert knowledge in the areas of not-for-profit governance, business planning, project management or financial analysis. For Lottery Environment and Heritage and Lottery Community Facilities, they must not be employed by or belong to the organisation and project that the study is for.
Feasibility studies should show good project planning, a technical and financial assessment of whether a project is viable and practical and achieveable. Studies need to state whether the project is likely to achieve its intended benefits and outcomes, and provide results that will last a long time.
The feasibility study needs to include:
- the size and scale of the project
- a discussion of the current situation and what's needed
- options to deal with existing problems
- comments on risks and benefits of each option
- comments on the best option or options
- an outline for the planned approach
- an assessment of the group's ability to deliver the project and the results over time.