The SFSO will receive the $10 million grant, the largest ever made to the ensemble, if it raises an additional $10 million over the next three years.
The Neubauer Family Foundation's $10 million grant to the Philadelphia Orchestra will go to the orchestra's endowment. In particular, it will be used create endowment funds in support of commissions, outreach, and the principal trombone chair. The grant requires the orchestra to raise $20 million over the next eight months: $10 million from its board and $10 million from the public. In addition, the orchestra must maintain balanced budgets for the next five years.
The $30 million resulting from the challenge grant will bring the total raised in the Philadelphia Orchestra's current endowment campaign to $100 million. The campaign's target was raised from $75 million to $125 million in 2003.