In Friday’s (10/2) Star-Ledger (Newark, New Jersey), Peggy McGlone writes, “On the eve of its 13th season, the New Jersey Performing Arts Center yesterday announced the completion of its Campaign for NJPAC, a $180 million fundraising effort launched five years ago to ensure the continued success of the Newark arts center. More than $182 million has been raised for the arts center’s endowment, operations, upkeep and cash reserve, NJPAC officials said. Although more than $80 million has already been used to subsidize the arts center’s annual operations, the funds provide a safety net for the institution as well as reserves for capital improvements and upkeep, they said. … The fund’s 119 major donors are honored in a new floor in the arts center’s main entrance. … More than $86 million of the $180 million raised has been placed in an endowment that will provide interest earnings for the arts center’s annual needs. This safety net is critical for the long-term stability of the arts center, officials said. Seven donors are credited with gifts topping $10 million, and another 35 with giving at least $1 million.” NJPAC is one of the New Jersey Symphony Orchestra’s primary venues, and plays host to other touring orchestras.
Posted October 5, 2009