Local sports team owners to spearhead Indianapolis Symphony fund drive

Posted on: June 7, 2010

In Monday’s (6/7) Indianapolis Star, Jan Harvey reports, “The Indianapolis Symphony Orchestra has launched a capital campaign to increase its endowment by $100 million, and it has tapped some of the city’s most influential residents to get the job done. Co-chairing the nine-member committee are two of Indiana’s four billionaires (according to Forbes magazine): Herb Simon [left], owner of the Indiana Pacers and co-founder of Simon Property Group, and Jim Irsay, owner of the Indianapolis Colts. Simon and Irsay are also ISO donors. ‘They’re leading corporate citizens of Indianapolis,’ said Simon Crookall, orchestra president and CEO. ‘Their involvement demonstrates the close ties there are here between the sports world and the arts world.’ In 2007, the ISO’s endowment had reached a high of $128 million, then began to fall during the economic downturn. As of March 31, the most recent date for which a figure is available, the endowment stood at $87 million. … Crookall said the ISO’s $100 million campaign goal was chosen because ‘it’s a number that chimes in right now with what we’re doing—it will help us to maintain our operations.’ … About one-third of the ISO’s revenue stream comes from the endowment.”

Photo of Jim Irsay by A.J. Mast, New York Times

Posted June 7, 2010