PHILADELPHIA, PA: As The Philadelphia Orchestra opens its 104th season under the leadership of new Music Director Christoph Eschenbach, it is announcing the launch of the public phase of a five-year, $125 million endowment campaign, with over $75 million of the goal already pledged. Commitments to the campaign, entitled A Sound, A City, A Civilization, include a lead gift of $50 million from The Annenberg Foundation, along with other major leadership gifts to date totaling $26 million. A Sound, A City, A Civilization will assure the future of Philadelphia's most renowned performing arts institution. Internationally prized for its distinctive sound and virtuosity, The Philadelphia Orchestra serves as a cultural, educational, and economic catalyst for the Philadelphia region. However, its endowment has long lagged behind that of its peers. Successful completion of this endowment campaign will provide greater funding stability for the organization, by augmenting annual giving and helping to fulfill its vision of bringing great symphonic music to the broadest possible audiences.
At a special meeting of the Board of Directors today, Orchestra Chairman Richard L. Smoot and Campaign Chair Peter A. Benoliel announced a lead campaign gift from The Annenberg Foundation of $50 million. Orchestra Chairman Richard L. Smoot said, "The Philadelphia Orchestra is at a unique moment in its history, both in terms of challenges and opportunities. A Sound, A City, A Civilization will assure the future of Philadelphia's most renowned performing arts institution, securing the Orchestra's leadership at home and in the international music world for decades to come."
Campaign Chairman Peter A. Benoliel commented, "The campaign gifts are an historic vote of confidence in our vision and that of our incoming music director, Christoph Eschenbach. We are extraordinarily grateful to our contributors, and we are fully energized to move forward and raise an additional $50 million for this vital endowment campaign."
Christoph Eschenbach, The Philadelphia Orchestra's new music director, said, "I have seen how great music can change people's lives. Now, perhaps more than ever before, our community and our world need the inspiration The Philadelphia Orchestra can provide, and The Annenberg Foundation's marvelous grant enables us to sow the seeds of that inspiration in new ways, to reach a new generation. They and our other donors are our partners in this vital effort to enable Philadelphia's musical treasure not only to flourish but to lead the way."
CAMPAIGN OBJECTIVES
The Philadelphia Orchestra's endowment campaign sets specific objectives in the areas of performance, education and community partnerships, and innovation. A successful campaign not only will put The Philadelphia Orchestra on a financial footing equal to that of its peers, it will grow it so that the Orchestra can forge new artistic paths and reach new audiences.
Of overall importance, however, is the need to close the gap between the endowments of America's other major orchestras and that of Philadelphia, which has historically been almost 50% lower. Because revenue from ticket sales covers only about half the cost of presenting concerts, orchestras must raise the remainder of their expenses through annual contributions, and through investment income from their endowments.
A cornerstone of A Sound, A City, A Civilization is the endowing of chairs in the Orchestra. To date, ten chairs have been endowed, including that of the music director. Other endowment opportunities include establishing Guest Artist Funds, naming concerts, and naming activities within educational and community partnerships programs.
In addition to Campaign Chair Peter A. Benoliel, two vice-chairs are leading the effort: Carole Haas Gravagno and Harold A. Sorgenti.
