Philadelphia Orchestra Gift And Its Obligations

A $50 million gift to the Philadelphia Orchestra came with some strings. “The Annenberg grant is the biggest in the ensemble’s history and is believed by orchestra leaders to be the second-largest gift ever made to an American orchestra. Taken as a whole, the 12-page agreement, which is signed by Annenberg and orchestra leaders, outlines a broad set of institutional ambitions for the world-famous ensemble – some new, others tried but hobbled in the past by a lack of money. Still, all of the programs outlined in the 12-page agreement cannot be paid for with the interest and other income eventually generated by the $50 million nest egg.”