Wednesday, June 22, 2011

Symphony surpasses endowment goal

The Richmond Symphony has exceeded its goal of raising $5 million in endowment funds in its “Fanfare – Funding the Power of Music” campaign.

By the conclusion of the five-year campaign on July 31, the symphony expects to have received contributions and pledges of more than $5.6 million. “It is a major accomplishment for the organization . . . particularly in this economic climate,” said David Fisk, the orchestra’s executive director.

The endowment, overseen by the Richmond Symphony Foundation, is expected to reach $12 million in 2012, said Bucci Zeugner, incoming treasurer of the foundation.

Endowment earnings currently cover about 10 percent of the orchestra’s operating budget. Long-term, Fisk said, earnings from the enlarged endowment should cover about 15 percent of operating costs.