Giving grows overall and to higher education

Overall charitable giving grew 1.3 percent for the three months ended April 2014, compared to the same period a year ago, according to data from 4,138 organizations that raised over $13 billion in the previous 12 months, The Blackbaud Index says.

Online giving grew 7.9 percent in the same three-month period compared to the same period a year earlier among 3,281 charities that raised $1.8 billion online in the previous 12 months.

Overall fundraising revenue for 558 colleges and universities in the U.S., representing $1.5 billion in annual fundraising, grew 8.9 percent in 2013, compared to 2012, according to the Blackbaud Index for Higher Education.

Online fundraising revenue for 436 colleges and universities, representing $132 million in annual fundraising, grew 15.1 percent in 2013, compared to 2012, the Blackbaud Index says.

Helping to fuel that growth, particularly at schools with capital campaigns, was a healthy stock market, Blackbaud says.

While fewer alumni made gifts last year, the number of alumni for whom colleges and universities now have contact information has growth because online tools have made it easier for schools to find alumni, says Chuck Longfield, creator of the Index and chief scientist for Blackbaud.

While the growth in contacts, combined with a decline in the number of of alumni who give, has resulted in lower participation rates, “finding alumni is a good thing,” he says. “If you find them, you have an opportunity to engage and cultivate them so they’ll give.”

Todd Cohen

Canadian charity, Part 3: Volunteer leadership key to fundraising

By Todd Cohen

[Note: This article was written for Blackbaud.]

Key to building the capacity of charities is volunteer leadership that can “ensure that the financial resources are there for the organization to deliver their programs,” said Derek Fraser, chair of the AFP (Association of Fundraising Professionals) Canadian Council and president of iDoPhilanthropy in Calgary.

“As at any company, you need sales people out there doing it for you,” he said. “But we don’t take that view in the nonprofit sector, and we expect it to happen as if by magic. There is no magic wand.”

The solution for smaller charities, he said, is to have “realistic expectations for the scope of your organization and continue to be consistent in growing and not be expected to be able to leap to the success of a large organization. Organizations can crash and burn if they try to grow too quickly or not stay true to core values and who they are and the core constituency that supports them.”

Collaboration, impact

“What Canadian Donors Want,” a study released in February by the AFP Foundation for Canada and market research firm Ipsos, found that three in four respondents want charities that address similar issues to look for ways to “work together and share plans and resources,” Fraser said.

And it underscored the fact that “Canadians have high standards for how charities operate,” he said.

A large majority of respondents, for example, believe charities should have a strategic plan, strive for rigorous standards to measure their performance, and invest in tools that show their impact on the community they serve or the cause they support, he said.

Integrated fund development

One effective strategy to address some of the fundraising challenges facing charities is to better connect fund development to programs, said Michael Johnston, founder and president of Hewitt and Johnston Consultants, a fundraising consulting firm in Toronto.

That requires charities taking the time needed to integrate their programmatic work with their fundraising strategies, he said.

An organization that counts on volunteers to mentor kids, for example, traditionally may

not have tied its work with volunteers to its work with donors.

To align those two activities and constituencies, Johnston said, an organization should pair staff who work with volunteers with staff who work with donors and show them the strategic connection between their respective jobs and clients, “because citizens don’t see themselves as a volunteer or donor, they see themselves as both.”

Among Canadian charities, he said, “best practices” in marketing and fund development involve “lifestyle planning for their constituents.” That means working with fundraising and volunteer staff to “plot out, from cradle to grave, how to take care” of donors and volunteers, he said.

“If we don’t do that in a more competitive and demanding environment, we don’t build deeper relationships, and we won’t move people up the donor pyramid from small gifts to ultimately larger gifts because we don’t met their demands,” Johnston said.

“It’s all about being an intimate friend,” he said. “All that gets wrapped up in investing in technology, change management, an integrated shop, and in human beings who know how to do these things.”

Digital fundraising

Canadian charities are on the leading edge of using digital technology in effective and innovative ways, experts say.

“The one place where the Canadian charitable sector punches above its weight is in peer-to-peer fundraising,” Johnston said.

An hjc and Blackbaud study last year, “The Next Generation of Canadian Giving,” found that the number of charity fundraising events, as well as per-capita giving and participation in fundraising events, is higher in Canada than in the U.S. or U.K., he said.

Canadian charities also are recognizing that smartphones offer a “rich multimedia experience,” compared to devices that simply offer a “text-to-give” option, Johnston said.

So charities are investing more in mobile technology (creating videos of client stories, for example) and in applications that let donors quickly give from their phones with a credit card or via PayPal using an application or browser, he said.

Response to postal changes

In the face of changes by Canada Post, the best practice for nonprofit marketing and fundraising is to integrate email in combination with direct mail and phone calls, Johnston said.

Fraser said “a lot of organizations are going to have to look at whether we can afford to do direct mail anymore, or replace it with online strategies.”

The postal changes are “likely to drive a shift to email or online or digital fundraising.”

Ted Garrard, president and CEO of the SickKids Foundation in Toronto, said he does not believe the change will have too significant an impact and that he is more concerned about the rise in postal rates.

“The mail is still getting delivered, just not to somebody’s door,” he said.

The good news, he said, is that the postal changes represent “a very good opportunity for charities to redirect their relationships with direct mail donors to one that is an online relationship.”

Cause marketing and events

Cause marketing is growing as a fundraising strategy, as charities work with corporate partners with “brands that are well known and partnerships that can help each organization,” Fraser said.

Helping to drive that strategy is “fatigue around direct mail,” which “continues to be an expensive methodology to acquire donors,” as well as the changes by Canada Post, he said.

And fundraising events, “even though they take a massive amount of time, are still very effective at getting new people in your door to find out about you,” Fraser said.

Calgary, for example, has been having more charity events than ever, he said.

And once they get people “in the tent” at events, he said, charities can maintain relationships with them through digital strategies.

Next: SickKids Foundation invests in fundraising capacity

The series:

Part 1: State of the sector.

Part 2: Sector faces challenges.

Part 3: Volunteer leadership key to fundraising.

Part 4: SickKids Foundation invests in fundraising capacity.

Canadian charity, Part 1: State of the sector

By Todd Cohen

[Note: This article was written for Blackbaud.]

Overall giving in Canada grew 2.7 percent in the three months ending February 2014, compared to the same period a year earlier, while online giving for the period grew 7.2 percent, according to The Blackbaud Index – Canada.

The new Index draws from actual data from about 250 organizations that raise a total of $600 million to $700 million a year – or roughly 6 percent to 7 percent of the Canadian market.

Canadian charities with effective fundraising programs benefited from growing investment in fundraising staff and capacity, greater attention to major donors and donor loyalty, and increasing sophistication in fundraising technology and best practices, experts said.

But they said many Canadian charities face big challenges in securing the investment they need in their fundraising capacity, particularly in developing board leadership and staff expertise.

Strong finish in 2013

After experiencing relatively flat growth during the first half of 2013, overall fundraising revenue among 276 Canadian nonprofits that together raise $692.5 million a year grew 6 percent during the second half of 2013, compared to the same period a year earlier, according to the new Blackbaud Index – Canada.

Online fundraising revenue for 219 Canadian nonprofits that together raise $154.3 million a year online grew 8.9 percent, 13.6 percent, and 10.1 percent, respectively, in each of the three-month periods ending in October, November, and December, compared to the same three-month periods a year earlier.

That surge in overall giving represented a strong finish for a year in which Canadian nonprofits generally posted lower overall results for much of the year, compared to the previous year, said Chuck Longfield, chief scientist at Blackbaud.

“It does look like things are looking up in the Canadian market,” he said.

Growth at year-end is especially good news, he said, because roughly a third of all charitable giving takes place in the final three months of the year, and roughly 25 percent of all giving takes place in December.

Overall giving for the three months ending in January and February grew 1 percent and 2.7 percent, respectively, compared to the same periods in 2013, while online giving grew 6.8 percent and 7.2 percent, compared to the same periods in 2013.

Sector snapshot

Canada’s charitable and nonprofit sector is the second largest in the world after the U.S. and consists of roughly 170,000 organizations, split almost evenly between registered charities and nonprofits, according to Imagine Canada, an umbrella organization for Canada’s charities and nonprofits.

The charitable sector employs two million Canadians and contributes an average of 7.8 percent to total gross domestic product.

Revenues from the “core” nonprofit sector – charities and nonprofits other than hospitals and universities – account for about 2.4 percent of Canada’s GDP, or more than triple that of the motor vehicle industry, Imagine Canada said.

Sales of goods and services account for 45.6 percent of total income for that core nonprofit sector. In comparison, the larger nonprofit sector – including hospitals, universities, and colleges – counts on government funds for nearly 75 percent of its funding, with 72 percent of its overall funding provided by provincial governments, Imagine Canada said.

Hospitals, universities, and colleges represent only 1 percent of organizations but account for 66 percent of total revenues for the entire sector.

Sector ‘mature,’ ‘conservative’

“Canada’s charitable sector is the second-most mature in its professionalism, use of investment in technology, and best practices” after the U.S. nonprofit sector, said Michael Johnston, founder and president of Hewitt and Johnston Consultants, a fundraising consulting firm in Toronto.

From small shelters to big national charities, he said, nonprofits are “becoming more professional and leveraging technology and best practices,” he said. “The sector is trying to do a more professional job, and I think it means charities are raising a bit more money.”

Fundraising stability

Unlike the economies and charitable sectors in the U.S. and U.K., which slumped after the capital markets collapsed in 2008 and only recently have begun to rebound, the economy and charitable sector in Canada have held relatively steady, Johnston said.

That’s because, unlike the economies in the U.S. and U.K., the economy in Canada is based on commodities such as oil, gas, and diamonds that limited the damage of the recession, and because its banks are highly conservative, he said.

“That translates to the charitable sector,” he said. “It’s a very kind of stand-pat, very conservative, cautious sector, so we don’t see the kind of growth or rebound because everything is ticking along at a slow, conservative rate.”

Government cuts

With government in Canada getting smaller, Johnston said, nonprofits are looking to private support for a growing share of their funding.

“Canadian charities, a lot of them historically, have received large proportions of revenue from state sources, and that’s shrinking,” he said. “It means a competitive fundraising environment will become more intense with less government support as individuals become more and more important.”

What donors want

A study released in February by the AFP Foundation for Canada and market research firm Ipsos entitled “What Canadian Donors Want” finds a “high degree of confidence in charities.”

But it also said charities would be “well served” to make it clear they are “well managed and have the resources, competence and capacity to carry out their mission and plans.”

The study said arts groups may have “the longest road to travel to improve presence of mind and share of wallet;” that people increasingly give to fewer charities, with a plurality – the biggest single group – giving to two to three charities; and that charities should ask for bigger gifts and take a hard look at how frequently they ask for donations.

Next: Sector faces challenges

The series:

Part 1: State of the sector.

Part 2: Sector faces challenges.

Part 3: Volunteer leadership key to fundraising.

Part 4: SickKids Foundation invests in fundraising capacity.

Giving grows overall and to religion

By Todd Cohen

[Note: This article was written for Blackbaud.]

Overall charitable giving grew 2.3 percent for the three months ended in October 2013, compared to the same period a year earlier, according to data from 3,828 charities that raised over $12 billion in the prior 12 months, The Blackbaud Index reports.

And among 3,097 charities that raised nearly $1.7 billion online in the prior 12 months, online giving grew 9.9 percent in the same three-month period, compared to the same period a year earlier.

“It’s a better year than we’ve had in a number of years,” says Chuck Longfield, chief scientist at Blackbaud and creator of the Index. “Giving is very dependent on the stock market, which is at an all-time high. With an improving economy, some of the uncertainty has been removed. People tend to give away more money when they feel wealthier, and the stock market helps with that.”

Revenue to faith-based groups grows overall and online

Overall fundraising revenue for 334 churches, synagogues and other faith-based organizations representing nearly $1.2 billion in annual revenue grew 3.5 percent in the three months ended in October 2013, compared to the same period a year earlier, according to a new Blackbaud Index that tracks giving to religion.

Online giving at 202 congregations and other faith-based groups that raised a total of over $110 million over 12 months grew 16.7 percent during the same period.

Faith-based giving grows but its share of overall giving dips

After flat years in 2011 and 2012, giving to religion has grown slightly in 2013, according to Giving USA. And while it receives the biggest share of giving of any charitable subsector, its share in 2012 fell to 32 percent from 33 percent in 2011.

“If faith-based giving doesn’t do well, that’s quite a drag on all philanthropy,” Longfield says.

Rick Dunham, president and CEO of Dunham+Company, a consultant to faith-based groups, says giving to his clients is up, with growth ranging from a few percentage points to 10 percent or more.

Who’s giving to religion?

While research consistently has shown a steady decline in attendance by younger people at religious services, especially for mainline denominations, that decline has had little impact on overall giving to religion, says Dunham, a member of the board of the Giving Institute, which publishes Giving USA.

“We’ve known for many years, and Giving USA has pointed out consistently, that there is a direct correlation of frequency in attendance at religious services and giving,” he says. Giving to religion fell during the recession mainly because, just as in any sector, people who give were hit by the economic downturn and had less to give.

And religion has struggled to rebound “because fewer people are attending religious services frequently and there is a smaller core of givers,” he says.

But with the rebound in the economy, that core group “continues to drive giving to religion because the core group who attend religious services frequently are giving,” he says. “Those are people who give the most.”

And the major source of giving to religion “continues to be the ‘classic 50-to-65-year-old’ who is at a stage in life with more money to give.”

Failure to communicate

Chris McLeod, a ministry strategist who advises churches on capital campaigns and planned giving for Horizons Stewardship Co., a national consulting firm in Cabot, Ark., says churches are losing market share of giving to faith-based groups overall.

“The failure of churches to effectively communicate the impact that their mission and outreach programs are having in the community has often left many of their members choosing to give directly to these community-based nonprofits,” she says. “So less of their charitable dollars are being channeled through the church.”

Churches, she says, “don’t know how to say thank you, they don’t know how to ask, and they don’t know how to communicate the impact that a member’s gift is having.”

Communications infrastructure

Churches in mainline denominations also tend to have “very weak communications infrastructure,” as well as young communications staff “who are more like newsletter producers, as opposed to communications strategists,” says McLeod, who also is president of Giving Matters, a fundraising consulting firm in Charlotte, N.C., that advises nonprofits and educational institutions.

In comparison, new “megachurches” and nondenominational independent churches “are investing more money and human resources in communications because they realize how critical it is,” she says. “If you look at giving at megachurches and independent churches, it’s significant, both in terms of giving by the church in the community, and inspiring their members to make significant gifts to the church.”

If a church in a mainline denomination supports a homeless shelter for an urban ministry, for example, but does not do a good job communicating that work to its members, McLeod says, their members in turn might give directly to the urban ministry rather than to the church.

Megachurches and nondenominational churches also are much more sophisticated than mainline churches in using digital communications and direct mail, she says, and at “saying thank you, communicating impact and asking,” and are particularly good at cultivating larger donors.

Donor cultivation

Mainline churches “don’t cultivate,” often because they lack the staff, and typically because “they have a lot of angst and discomfort around money,” McLeod says.

Research shows that in more than half of mainline churches, for example, the senior minister or CEO does not know how much church members give because “they feel it would unfairly impact the way they minister to members if they knew what they gave,” she says.

As a result, the people “who are accorded the most respect or deference in churches are the people who are wealthy,” whether or not they are donors, she says.

A key issue, she says, is that “how much people give to a church, not so much the dollar amount, but the percentage of giving, is a reflection of where they are on their spiritual journey. If people call themselves Christian, or Jewish, giving is integral to their spiritual journey.”

Sending the right message 

Dunham says houses of worship need to provide “cogent, clear teaching on the Biblical mandate around giving and why that’s important.”

While the Bible makes clear statements about debt and the handling of money, warning, for example, that “money will never provide the security you’re looking for,” he says, there still is a “tension between consumerism, which is primarily the cultural norm in America and drives our economy, and stewardship.”

So it is “incumbent on pastors and leaders to be speaking to the issue of how we view money and the role of money in our life as a faith-based person,” he says.

“Ultimately, people give out of a heart that’s moved to want to support something,” he says. “It’s not an insignificant issue. There has been a lack of teaching of this in the church.”

Church leaders also need to help people understand “what they’re investing in” when they give to the church, and that means “selling the vision and mission of that house of worship, why we exist,” and then “putting numbers to why that’s important.”

Shift to online giving

Religious congregations also need to recognize a shift that is “not driven by charitable institutions” but rather by “the consumer, the donors, to want to give more and more online,” Dunham says.

A study released this fall by Dunham+Company found, for example, that nearly one in two donors age 65 and older now give through charity websites, up from roughly one in three in 2010.

“As the trailing end of the Boomer generation moves to its best giving years, and also the leading edge of Generation X, more and more want to give via credit cards, and are very comfortable with online transactions,” Dunham says. “It’s providing a way for  congregations to give effectively online and not just by the plate being passed.”

So congregations need a “really good website that makes it very easy for that financial transaction that even could set up a recurring gift,” he says.

Value of direct mail

The study also found that direct mail appeals are over six times more likely than an online communication to drive an online gift, Dunham says.

“Offline communication becomes very critical to supporting donors, engaging donors, keeping them engaged,” he says, so congregations need to make sure their offline communications are integrated with their online communications, with their website in sync with those communications.

Relationships and significant giving

A growing number of religious organizations are investing more resources in planned giving and major giving, a trend that makes sense because the wealth that has grown the most, fueled by the booming stock market, is controlled by the wealthiest 3 percent of the population, Dunham says.

“Being able to tap that is critical,” he says.

Making a significant decision about a big gift ultimately is “very personal” and rooted in “relationship,” he says. “That is the apex of relationship fundraising, building a strong relationship with the donor so you can understand what their priorities are and so you can meet their priorities.”

Focus on donors

Rather than focusing on the vision of the organization, Dunham says, congregations and other faith-based groups should be “seeing the vision of the donor and seeing how you can help the donor fulfill their vision.”

McLeod agrees.

Churches “need to be communicating to their members about how their gifts and pledges are changing lives in the community,” she says. “They need to be talking about legacy giving or planned giving because churches are letting their members make their largest gift to colleges and universities because the church is not asking for it.”

Investing in communications

A key is for churches to invest in their communications infrastructure, McLeod says.

“Most people — senior pastors, lay leaders and church administrators — see communications as overhead, when it’s a pipeline to additional charitable revenue,” she says. “If you’re not communicating, you’re not connecting. People want to feel their gift matters.”

The “desire to make a difference is practically universal, regardless of faith tradition,” she says, “and when a church doesn’t communicate to a member that their gift makes a difference, they give to organizations that help them understand how their gift is making a difference.”

Cultivating donors

While churches may lack the resources to hire major gift officers, they still can invest in the critical work of cultivating donors, McLeod says.

“The invitation to give, and communicating that their gift makes a difference, is really at the heart of what makes people give more,” she says. “How are they invited to give, and how do they know their gift makes a difference?”

Older Baby Boomers and the even older Greatest Generation “are making legacy gifts, they’re just not making them to the church,” she says.

One reason churches may not be getting donations from young people is that they may not be equipped to accept gifts electronically, which is the way young people like to give, McLeod says.

“The most dangerous thing about that,” she says, “is that they don’t get into the habit of giving to the church.”

Importance of online giving

A study on online giving and the donor experience online that Dunham+Company is scheduled release in January finds that “generally everybody’s looking pretty bad,” Dunham says, with “Christian ministries ranked lower in the main indicators.”

The reason was a “fundamental lack of understanding of the importance of online giving,” he says.

The study finds, for example, that a donor who wants to make a gift often must make seven or eight clicks at a charity website to complete a gift transaction.

As part of the study, which looks at the actual behavior of 151 organizations, Dunham+Company made an online donation to every charity surveyed, and watched what they did.

One-third of the charities never even responded, he says.

“There’s a fundamental lack of understanding of best practices around the online giving experience,” he says. “Giving to religion, especially to houses of worship, is way behind, and Christian ministries lag as well. They don’t understand or implement best practices about how to motivate online support and how to make it easy for people to actually give online.”

Boomers at top in charitable giving

Baby Boomers, the generation born from 1946 to 1964, account for 43 percent of charitable giving in the U.S., more than that of any other generation, and will dominate charitable giving for the foreseeable future, a new study says.

Seventy-two percent of Boomers, or 51 million donors ages 49 to 67 in 2013, give to charity, supporting 4.5 charities on average and making an annual gift that averages $1,212, says the study, Next Generation of American Giving.

The study, commissioned by Blackbaud and based on an online survey of 1,014 U.S. donors conducted by Edge Research, also found that while most Americans give, overall giving remains flat.

Eighty-eight percent of “Matures,” or those age 68 or older this year, and 60 percent of “Gen X” and “Gen Y”, or those age 33 to 48, and 18 to 32, respectively, give to charity, the study says.

But 59 percent of donors say the amount they give, and 70 percent of donors say the number of charities they give to, will remain the same in the future.

Nearly 60 percent of Gen Y identified the ability to directly see the impact of their donation as a critical part of their decision process, the survey says, a concern that declines with each older generation, the survey says.

The biggest share of donors across all generations supports social service charities, houses of worship, and health organizations, the survey says.

Gen Y is least likely to support local social services, it says, while Gen X and Gen Y are more likely to support children’s charities; Boomers and Matures are more likely to support veterans’ causes; Gen Y is less likely to support environmental causes; and Gen X and Gen Y are more likely to support human rights and international causes.

Nearly half of Boomers and Matures but only 36 of Gen X and 25 percent of Gen Y believe monetary donations make the biggest difference.

Online giving continues to grow in importance and prominence, with 42 percent of Boomers reporting they give online as their primary method and 40 percent preferring to give through direct mail.

“For the first time, we are seeing a different generation emerge as the torchbearer of giving,” Dennis McCarthy, vice president of strategy for Target Analytics, a division of Blackbaud, says in a statement. “This really signals a strong shift is needed in the way nonprofits think about supporter engagement.”

— Todd Cohen

Fundraising, Part 1: Revenue dips for healthcare, medical research

By Todd Cohen

[Note: This article, the first of three, is from a report written for Blackbaud, which asked me to look at fundraising strategies that nonprofits have found to be effective.]

Fundraising revenue overall for hospitals and other health care facilities fell 1.7 percent in the three months ended April 30, compared to the same period a year earlier, while fundraising revenue for medical research organizations fell 5.9 percent, according to new new giving indexes released by Blackbaud.

While they both declined in the most recent period compared to a year ago, fundraising patterns over the past year tracked by the Healthcare Index and Medical Research Index differed markedly from one another.

The Healthcare Index is based on annual fundraising revenue totaling nearly $1.72 billion at 483 hospitals and other care facilities, while the Medical Research Index is based on annual fundraising revenue totaling  $563 million at 103 medical research organizations. In the past, data the two indexes track were combined and known as the Health Index.

Mixed results

Fundraising revenue at hospitals and other care facilities fell in every three-month period ending in April, May, June, July and August 2012, and then grew in every three month period ending in September, October, November and December 2012, and in January, February and March 2013.

In comparison, fundraising revenue at medical research organizations fell in every three-month period ending in April, May, July, August, November and December 2012 and in January 2013, while growing in the three-month periods ending in June, September and October 2012, and in February and March 2013.

“The trends differ largely due to the type of fundraising these organizations do,” says Chuck Longfield, senior vice president and chief scientists at Blackbaud. “Hospitals tend to do a lot of major gift fundraising. Research organizations tend to do a lot of direct marketing and events, which is evident in the results.”

For medical research organizations, “times are tough,” he says. “There’s a lot of pressure on these organizations. Direct marketing and direct mail strategies, for example, have seen increasing competition. A lot of people who support these organizations support others.”

At hospitals and other care facilities, however, after declining through much of 2012, he says, fundraising revenue grew through the latter part of the year and the early part of 2013, increases he attributed in part to a rebound in the stock market.

“Major gift fundraising is far more dependent on the stock market,” he says. “When people are feeling confident in their investments, and they have the resources, they’re much more generous with big gifts.”

Online giving for hospitals, research

Online giving at 503 hospitals and other care facilities that raised a total of nearly $154.5 million over 12 months, grew 11.7 percent in the three months ended April 30, 2013, compared to the same period a year earlier, while online giving at 242 medical research organizations that raised a total of nearly $475.5 million over 12 months, grew 1.9 percent in the three-month period, compared to the same period a year earlier.

Overall giving

Among 3,265 charities that raised nearly $11.59 billion over 12 months in all fields of interest that Blackbaud tracks in its overall Giving Index, fundraising revenue grew 0.4 percent in the three months ended April 30, compared to the same period a year earlier.

And among 2,753 charities that raised over $1.59 billion online over 12 months in all fields of interest that Blackbaud tracks its overall Online Index, online giving grew 10.1 percent in the three-month period, compared to the same period a year earlier.

Next: Investment in capacity pays off

The series:

Part 1: Revenue dips for healthcare, medical research

Part 2: Investment in capacity pays off

Part 3:  Focusing on growth from special events