FOR IMMEDIATE RELEASE
Meg Whalen – (704) 714-5114
megw@charlottesymphony.org
Charlotte Symphony Orchestra, Director of Public Relations

February 8, 2010

Blumenthal Foundation Awards $100,000 to Charlotte Symphony
Bridge Fund gift continues momentum toward financial strength

The Charlotte Symphony (CSO) announced today that it is receiving a $100,000 gift from the Blumenthal Foundation to the Symphony’s six-year “bridge fund.” The bridge fund is a special fund created to allow the Symphony to maintain balanced budgets over a six-year period, as it works to increase its annual operating revenue and build a larger endowment.

The Symphony launched the bridge fund campaign in July 2009 with audience-contributed donations from the “Celebrate America” concert in Symphony Park.  Fundraising continued with more than $500,000 in contributions from CSO Board members, $1 million pledges each from the C.D. Spangler Foundation and Hugh and Jane McColl, and the successful matching of a $500,000 challenge gift from Sandra and Leon Levine.

“In the last months of 2009, the Symphony experienced an extraordinary outpouring of support from the Charlotte community,” said CSO Executive Director Jonathan Martin. “The generous gift from the Blumenthal Foundation builds on that momentum, and moves the CSO closer toward its goal of sustained strength. We are deeply grateful to the Blumenthal Foundation and the Blumenthal family for their contribution and with it, their affirmation that the Symphony is moving in the right direction.”

 “The Blumenthal Foundation is delighted to contribute to the success of the Charlotte Symphony Orchestra, and commends them on their plan to bring artistic and financial stability to the organization,” said Philip Blumenthal.

As part of a multi-year restructuring plan, the Charlotte Symphony reduced its operating expenses by $1 million this year, primarily through a newly agreed upon contract with its Symphony musicians that effectively resulted in a $1.2-million donation from the musicians back to the Symphony in the first two years of that agreement. In addition, the Symphony has established and is on track to meet aggressive new revenue goals in both earned and contributed revenue for this year.

These measures underpin a multi-pronged, longer term strategy that includes changes to its business model designed to build audience, increase earned and contributed annual revenue, and grow its endowment. During this restructuring, the CSO's annual operating gaps are projected to gradually decrease; by the end of FY 2015, these improvements are expected to produce sustainable balanced budgets.

The Symphony is raising a total of $5.6 million in special bridge funding to cover these projected operating gaps during this six-year period. As of this date, the Symphony has raised $4.3 million toward the bridge fund goal, and is working to complete its bridge fund campaign by March 31, 2010, in order to turn its focus toward building its annual revenue and growing its endowment.

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