Share
The Charlotte Symphony's struggle for financial security was transformed today by a pair of $1 million donations from two of Charlotte's leading families.
One of the contributions comes from Hugh and Jane McColl, the other from the Spangler family through the C.D. Spangler Foundation.
“The Charlotte Symphony is the sound of the city,” Jane McColl said in a statement released by the orchestra. “It is our hope that everyone works together to support this important institution for our region.”
The orchestra has been fighting deficits since 2002. It's in the midst of a $1.77 million fund drive meant to help balance its budget this season and to make up for a cut in its Arts & Science Council funding. Before the McColl and Spangler gifts, the orchestra was about two-thirds of the way toward its goal. The orchestra's board pledged $510,000, and an anonymous donor promised $500,000 if other contributions match it by Dec. 31. About $143,000 of matching donations have come in, executive director Jonathan Martin said Tuesday.
A gift of $1 million from private individuals toward the orchestra's operations – not to mention two being finalized the same day – is unprecedented in the orchestra's history, Martin said.
“This has been a humbling experience for us,” Martin said. “We're profoundly grateful.”
Earlier Tuesday, the Arts & Science Council said it will give the orchestra $900,000 this season if the orchestra meets the $1.77 million goal of its fundraising campaign by January. Otherwise, the orchestra will receive $575,000.
The timing of when the McColl and Spangler donations will be paid to the orchestra has not been set, Martin said. So their arrival doesn't necessarily mean that the orchestra has raised its $1.77 million already.
The orchestra's fundraising therefore has to continue, Martin said.
Over the next five years, the orchestra needs to raise a total of $5.6 million in bridge funding – including this season's $1.77 million – to stabilize its finances while it works to increase increase box-office revenue and contributions. The total, Martin says, now stands at $3.2 million including the McColl and Spangler gifts.
