• Mission & Vision
• History
• Financials
• News & Media
  • News Archive
  • Logos & Images
• Board
• Staff
• Donors
• Cultural Partners
• Jobs & Careers
• Cultural Data & Publications
• Privacy Policy

Arts & Science Council Financially Supports the First Phase of the Charlotte Symphony’s Business Plan

The Arts & Science Council’s (ASC) Board of Directors has approved the further release of funds from its $900,000 restricted operating grant to the Charlotte Symphony based on the first phase of the Symphony’s viable business plan.  ASC will release $150,000 in September and $75,000 in October, November and December.  The remaining funds ($375,000) will be distributed in January if the Charlotte Symphony has met its bridge funding goals for FY10. 

“We acknowledge the progress the Charlotte Symphony’s Board and Staff have made toward the first phase of a business plan in a relatively short period of time,” said ASC President Scott Provancher.  “Specifically we recognize the Symphony’s efforts toward raising bridge funding to close their FY10 $1.77 million gap.  While we are supportive, we recognize the challenges the Symphony faces are still significant.”

The release of additional grant dollars was based on the Charlotte Symphony’s work to close its $1.77 million gap for FY10.  To date, they have secured bridge funding from donors (including the $500,000 challenge grant from an anonymous donor which must be matched by December 31) increased Board giving, pay reductions from musicians as well as operational expense reductions.  In total, the Charlotte Symphony forecasts it will need to secure $5.6 million in bridge funding to support operations over the next six years.

“As a steward of public and private dollars, ASC is moving very carefully and strategically throughout this process,” said Provancher.  “We see the Symphony aggressively working to build a bridge to a more stable and secure financial future.”

The Charlotte Symphony has received funding from ASC since 1958 and has historically received the largest operating grant.  In FY09, the symphony received $1,947,424 --- approximately 17% of ASC’s operating support grant program.  In the last 15 years, ASC has invested $26.2 million in the organization through operating support, technical assistance, special project, stabilization and access grants.

###