Diversifying Revenue Streams to Sustain Senior Center Operations
Client
West Side Federation for Senior & Supportive Housing
Faculty
Corey Blay
Team
Katherine Kostreva, Hui Qian, Michelle Sabbagh
| The West Side Federation for Senior and Supportive Housing (WSFSSH) aims to provide safe and affordable housing for older adults with supportive services that enhance their dignity and independence. The Department for the Aging (DFTA) awarded WSFSSH a grant to develop two senior centers in the South Bronx, but the grant alone will not sustain the centers. WSFSSH enlisted a Capstone team to investigate options for diversifying revenue streams and assessing non-DFTA options for funding the operating costs of the two centers. The team conducted research on social impact investments, developed benchmarks and metrics to assess potential external programs, outlined a summary of potential partners, and recommended the most viable cross-sector partnerships. Through a literature review, information synthesization, and key stakeholder interviews, the team provided WSFSSH with a strategic action plan that covers analysis of monetization strategies, criteria for partnerships, and specific recommendations for the most valuable partnering opportunities. |
Capstone Year