Source: New York Times
This week the Philadelphia Orchestra received a $55M donation from an anonymous donor in order to help the organization recover from bankruptcy that has been affecting it since 2011.
“This enables us to author the orchestra’s next chapter with greater confidence and with greater ambitions,” said Matías Tarnopolsky, President and CEO, as reported by New York Times.
Leaders said that $50 million of the donation will be put toward its endowment and the other $5 million will be used for operations.
New York Times reports that this is a “rare bright spot” given that other orchestras across the country have been dealing with financial hardships as well.
Read Full Story: New York Times