In addition, the BPO's Secure the Future Endowment campaign, launched relatively quietly two years ago with a goal of $30 million, has already secured $12.6 million in cash and pledges, reports the News. Another $13 million in donations is "under consideration" by donors and foundations, Fatta told the paper.
"I'm very confident we'll receive [the contributions]," he told the paper. "It's just a matter of time."
The Buffalo Philharmonic board launched the endowment campaign in 2005, recognizing that its fund at that time, at about $7 million, was insufficient. The rule of thumb within the industry, the News observed, is that a U.S. symphony orchestra's endowment should be three to five times the annual operating budget; the BPO's budget is approximately $10 million.
With the "quiet phase" of the campaign complete, the board is now set to launch the public phase, with a goal of $5 million. "We hope to raise the rest within a year," Fatta told the News