|
$1 million each from McColls and Spanglers save the orchestra's season, but long-term work remains.By Steven Brown
The Charlotte Symphony's climb toward financial security received an unprecedented boost Tuesday from a pair of $1million donations from two of Charlotte's leading philanthropic families.
One contribution comes from Hugh and Jane McColl and the other from the Spangler family through the C.D. Spangler Foundation.
The orchestra, which has been struggling with deficits since 2002, still has a long way to go before its troubles are over, executive director Jonathan Martin said. But the two donations ensure that the orchestra will get through this season – an issue thrown into doubt in May, when the Arts & Science Council decided to cut the orchestra's funding by at least $1million.
“That's no longer a question,” Martin said.
Only hours before the orchestra announced the two gifts, the ASC said it will give the orchestra up to $900,000 this season. But part of it will depend on the orchestra meeting the goal of its emergency fund drive, which is seeking $1.77 million.
For private individuals to make a $1million donation toward the orchestra's operations – not to mention for two such gifts to be finalized the same day – is unprecedented, Martin said. The orchestra's leaders think a $1 million gift also surpasses any corporate donation benefiting a single season.
“This has been a humbling experience for us,” Martin said. “We're profoundly grateful.”
In a statement released by the orchestra, Jane McColl said, “The Charlotte Symphony is the sound of the city. It is our hope that everyone works together to support this important institution for our region.”
Hugh McColl is former head of Bank of America. C.D. “Dick” Spangler Jr. is a businessman and former head of the University of North Carolina system. They and their families have long supported arts and philanthropic causes. Both donated toward N.C. Dance Theatre's studio and office building under construction on North Tryon Street.
The timing of when the gifts will be paid to the orchestra has yet to be set, Martin said. So the orchestra still has to focus on the $1.77 million fund drive it launched in May – and on fundraising beyond that.
The orchestra is about two-thirds of the way toward the $1.77 million it needs to balance this year's budget and make up for the ASC cut. Its board members have pledged $510,000, and an anonymous donor promised $500,000 if other contributors match that by Dec. 31. About $143,000 in matching donations have come in.
Over the next five years, Martin said, the orchestra needs to raise $5.6 million – including this season's $1.77 million – to balance its budgets while it executes plans to increase box-office revenue and contributions. Including the McColl and Spangler gifts, the total for the multi-year drive stands at $3.2 million.
Earlier Tuesday, the ASC's board gave a new turn to one of two options it created in May, when it announced it would cut the orchestra's funding. ASC leaders said they didn't want to keep putting money into a group they didn't consider financially viable.
The ASC gave the orchestra until this month to present a turnaround plan. If the ASC board thought the plan could work, it said, the orchestra would get $900,000 this season – compared with last season's $1,947,474. If not, the ASC would give only $150,000.
The ASC's board voted Tuesday to give the orchestra a total of $525,000 in installments through December. If the orchestra by January meets the goal of $1.77 million, the ASC will give it another $375,000. The total: $900,000.
While the orchestra isn't sure about when the McColl and Spangler donations will be paid in, Martin said, “we feel good about” the orchestra's chances of meeting the ASC's condition.
The orchestra's progress with the fundraising was the main factor in Tuesday's ASC decision, ASC president Scott Provancher said Tuesday before the two big donations were announced.
“We see the symphony aggressively working to build a bridge to a more stable and secure financial future,” he said in a statement.
Because “a key component” in the orchestra's fund drive is the $500,000 donation that has to be matched, Provancher said Tuesday afternoon, the ASC's leaders decided to make the success of the orchestra's fund drive a trigger for part of the ASC's grant.
“We felt it was a reasonable approach … to base (some of the orchestra's funding) on meeting that challenge,” Provancher said.
Beyond the McColl and Spangler donations, the orchestra's emergency drive has brought in “hundreds of gifts” ranging from $5 to $50,000, Martin said.
The orchestra's leaders think that shows the community values the group.
“It feels like we've got the wind at out backs, not in our faces,” Martin said. “We've got a long journey ahead of us. But we've got a sense of momentum.” |
