A capital campaign is a time-bound effort to raise a specific dollar goal for a building project, endowment, or major program, typically running several years through feasibility, quiet, and public phases.
An annual fund is an ongoing yearly appeal for unrestricted operating support that repeats indefinitely rather than closing out at a fixed goal.
Many organizations run both at the same time, which is a real coordination challenge: a poorly sequenced capital campaign can cannibalize annual fund giving if the same donors are asked twice without a clear rationale. Catapult coordinates the two so they reinforce each other, often using AF Connect annual fund calling to keep the broader base warm and engaged while quiet-phase major gift conversations happen in parallel.