This press release is a masterpiece of understatement. Where else outside Manhattan do you find $50 million in loose change?
The New York Philharmonic today announced that it has successfully raised $50 million for a launch fund that will usher in a new era of fiscal stability and support the new leadership team of Jaap van Zweden and Deborah Borda. The Launch Fund was initiated by the Board of Directors, under the leadership of Chairman Oscar S. Schafer, Vice Chairman Peter May, and Development Chair Oscar Tang, with funds committed over the last few months by a small group of donors. The fund will lay the groundwork for a strong launch of Mr. van Zweden’s tenure and secure future for the Philharmonic.
Music Director Designate Jaap van Zweden and President and CEO Deborah Borda said, “We both want to thank the Board and this incredibly generous group of people who are helping propel the Philharmonic into a strong future. These gifts will have a powerful and immediate impact on the Philharmonic — including balanced budgets over the next several seasons. We are grateful for these supporters’ vision and faith in this great Orchestra as we move into a vibrant new era. It is inspiring to know that we have such a loyal and supportive core, and we anticipate all that we can achieve together in the seasons to come.”