Philadelphia Orchestra gets $55M, its largest gift ever
PHILADELPHIA (AP) — A $55 million dollar donation has been given to the Philadelphia Orchestra, the largest gift in the orchestra’s history.
The Philadelphia Inquirer reports that a couple wishing to remain anonymous donated the money, which puts $50 million in the orchestra’s endowment plus $5 million into the coffers for general operating costs.
Orchestra board chairman Richard Worley says it will become the cornerstone of a new endowment campaign. He says he’s feeling “overwhelming gratitude. This is very huge.”
Endowment is money kept in perpetuity, kicking off investment income each year used to offset operating costs. For decades, the orchestra’s endowment has been smaller than some of its peer groups across the country.
With the new gift, the current market value of the orchestra’s endowment is about $192 million.
Information from: The Philadelphia Inquirer, http://www.inquirer.com