In an Associated Press story published Thursday (6/23) in the Philadelphia Tribune and elsewhere, Joann Loviglio reports, “The Philadelphia Orchestra has received several major gifts and pledges toward its effort to emerge from bankruptcy and establish solid financial footing, leaders said Wednesday. Since filing for bankruptcy reorganization in April, the orchestra has received $11.2 million from foundations, philanthropists and its board, chief executive officer Allison Vulgamore said. An additional $16.3 million has been promised in the form of challenge pledges, which will be awarded if the orchestra raises $17.5 million more by the end of the year. Orchestra officials regarded the funding as a vote of confidence in its five-year plan to secure big donors, fill more seats and build a nest egg. The orchestra did not release specific amounts given by donors, which include the William Penn Foundation, Wyncote Foundation, cable mogul and philanthropist H.F. ‘Gerry’ Lenfest, the Neubauer Family Foundation and members of the orchestra board. … While orchestra officials were buoyed by the new funding, it is a fraction of what’s needed to secure its financial and artistic future. A five-year strategic plan sets an ambitious fundraising goal of $100 million for the endowment and $60 million for operations, programming and other expenses—an amount to be raised concurrently with the orchestra’s annual funding appeals.”
Posted June 23, 2011
