The grant required the orchestra to raise $10 million from its board and $10 million from the public for its endowment campaign by August 31. In addition, the orchestra must maintain balanced budgets for the next five years. The grant will be used to create endowment funds in support of commissions, outreach, and the principal trombone chair.
The five-year endowment campaign has now passed the $100 million mark. The campaign's target was increased from $75 million to $125 million in 2003 when the Annenberg Foundation launched its public phase with a $50 million grant.
"Completing the Neubauer challenge and crossing the $100 million mark brings the Philadelphia Orchestra into the next phase of the endowment campaign as we work to raise the remaining $25 million," said campaign chairman Peter A. Benoliel. "Building on the core group of donors who have already given, we will now be asking for support from the wider community, those who value the Philadelphia Orchestra as a musical institution and recognize that it is an important cultural force in the city of Philadelphia and commonwealth of Pennsylvania."
When the campaign began, the orchestra's endowment was $75 million, far less than the reserves of comparable orchestras in New York, Boston, and Cleveland.