TEDA may hire private fundraising firm

The Terrebonne Economic Development Authority could be hiring a private fundraising firm to help the agency take in more revenue.

A representative from the Georgia-based National Community Development Services told the TEDA board’s executive committee earlier this month that the firm could raise up to $3 million for TEDA.

NCDS specializes in carrying out fundraiser campaigns for economic development agencies and nonprofits.

A feasibility analysis would first be performed that would assess the level of anticipated financial support should a campaign be launched. Fifty to 60 leaders in Terrebonne would be interviewed.

Most of the money would be raised within the parish, the representative said.

The fundraising campaign would last eight to 12 months.

NCDS, which has worked in Jefferson Parish and Baton Rouge, charges $25,000 a month and $10,000 a month for expenses.

“The return on investment is huge if you’re successful,” the representative said.

Any donations would be funneled into the Terrebonne Economic Development Foundation because the organization has 501(c) status.

TEDA took in $660,192 in revenue in 2008 from the parish’s occupational license tax, the agency’s principal source of income. The agency’s total income that year was $916,112.

Also at the meeting, the executive committee voted to authorize TEDA CEO Mike Ferdinand to explore the possibility of buying land to build new TEDA office space.

The current 1,500 square feet of space on Corporate Drive is often not adequate, said Ferdinand, who will look at renting a larger space, too.

Ferdinand said his $95,000 a year salary as TEDA CEO is “at a level of compensation I’m satisfied with.” His starting salary in 2006 was $76,000 a year.

The committee approved raising Ferdinand’s monthly allowance from $300 to $500 and giving him a cost of living increase tied to the Consumer Price Index.

Ferdinand receives a miles per gallon allowance for travel outside of Terrebonne. He said he travels to Baton Rouge once or twice a month.

Committee member Morris Hebert said the TEDA CEO salary compares favorably with counterparts in other parts of the state.