Monday (8/16) on Voice of San Diego, Kelly Bennett writes, “A few weeks ago, the San Diego Symphony announced its musicians and management approved a new contract that will give small raises to the symphony’s 80 musicians each year for the next five years.” The orchestra was able to do so thanks in large part “to an unparalleled pledge from Joan and Irwin Jacobs, founding CEO of Qualcomm, almost a decade ago. The $120 million pledge, installments of which began in 2002, provided a new foundation of sustainability and remains the largest gift to an orchestra ever in the United States. It wasn’t a lump sum. The gift comes in three parts: $20 million in $2 million installments over 10 years, directly into the day-to-day budget; $50 million in $5 million installments over 10 years into the symphony’s endowment, from which it can only withdraw a small percentage every year; and $50 million when the couple passes away. … Even an endowment isn’t a sure bet when the market’s ups and downs make for unpredictable revenues. … Chris Pinelo directs communications for the Cincinnati Symphony Orchestra, which a few years ago received the lion’s share of a pledge for an $85 million arts fund set up by a local philanthropist. The symphony gets 75 percent of the revenue from that endowment, which the League of American Orchestras said is the second-largest philanthropic gift to a U.S. symphony, after the Jacobses’. ”
Posted August 17, 2011
