|SR Symphony gets generous grant from Finley Foundation
The Ernest L. and Ruth W. Finley Foundation has approved a $500,000 grant to support the Santa Rosa Symphony’s “For the Love of Music” Transformation Campaign, given in memory of Evert B. Person.
This is the largest foundation gift the Santa Rosa Symphony has received in its 86-year history.
It is a gift that takes the Santa Rosa Symphony significantly closer to the campaign goal of $4 million by June 2015, including $1 million in contributed revenue for operations and $3 million to increase the Symphony’s endowment.
In the second year of this three-year campaign, 63 individuals, corporations and foundations have contributed $3,652,347. The campaign’s largest single gift is a $1 million contribution to the endowment from Donald and Maureen Green.
The SRS Board of Directors approved a three-year “For the Love of Music” Transformation Campaign in November 2011, foreseeing that costs would significantly increase when the symphony moved to its new performance venue at the Green Music Center.
The operations goal has been met and with the help of the Finley grant, the Symphony is less than $350,000 away from its campaign goal.
The Campaign is intended to protect its 86-year musical legacy by ensuring this transformation leaves the symphony both financially and organizationally stronger, as well as musically bolder.
A gift to the Symphony endowment is permanent. Only a pre-determined small portion of its total return (interest, dividends, and appreciation), not to exceed 5 percent, is drawn to support its programs.
This draw formula is vital to the Symphony’s fiscal health. It keeps the endowment fund principal growing while simultaneously keeping the symphony from operating at a deficit.
The $500,000 grant from the Finley Foundation has significantly increased the principal of the Symphony endowment, increasing the amount of its annual draw for operating expenses.