New York Philharmonic raises $50 million for new “launch fund”

Posted on: December 12, 2017

“In a show of donor confidence in its new leadership, the deficit-challenged New York Philharmonic announced Tuesday that it had raised $50 million to help it balance its budgets in the coming seasons as it rolls out its next music director, Jaap van Zweden,” writes Michael Cooper in Tuesday’s (12/12) New York Times. “The rapidly raised $50 million was a coup for Deborah Borda, who has only been the orchestra’s president and chief executive officer for a few months but is already putting her stamp on the organization.… ‘This really strengthens us,’ Ms. Borda said of the recent gifts, which she said had come from longtime supporters of the Philharmonic, whom she did not identify.… Ms. Borda was known as a prodigious fund-raiser during her 17 years at the helm of the Los Angeles Philharmonic.… The $50 million she has raised in New York will help the orchestra stay solvent as it pays for the extra programming, marketing and other costs associated with introducing its next music director, Mr. van Zweden, to New York when he takes over next season.”

Posted December 12, 2017