Louisville Orchestra strategic plan: increase endowment to fund artistic innovation

Posted on: June 19, 2018

“In 2017, the Louisville Orchestra created a strategic plan, one goal of which was to increase the orchestra’s endowment from its present $11 million,” writes Kevin Eigelbach in Friday’s (6/15) Insider Louisville (Kentucky). “This summer, the orchestra plans to complete a feasibility study that will identify a reasonable goal for expanding that endowment over the next five years, [Executive Director Andrew] Kipe said. The orchestra’s budget for the 2017-18 fiscal year stands at $7.4 million. A reasonable endowment might be five times the operating budget, or $35 million [enabling] it to earmark funds for artistic innovation [and, Kipe said,] ‘expand its annual Festival of American Music. It could also tour and perform throughout the state.’ … The orchestra has a history of innovation…. The orchestra commissioned more than 450 works by 20th-century composers and recorded over 150 records…. The orchestra recently released its first recording in 30 years, which included a new piece by music director Teddy Abrams…. During the next fiscal year, the orchestra plans to spend a minimum of $40,000 to commission new works…. Kipe added, ‘We’re pretty proud that we can produce a really high-artistic-quality product on a small budget.’ ”

Posted June 19, 2018