The largest gift in the orchestra's history includes a $50 million gift to its endowment that "represents an expression of confidence in the artistic and organizational leadership of the [o]rchestra." SVCF made an additional $5 million grant from the same donor-advised fund to underwrite the orchestra's current and future operations.
The gifts will help the orchestra, which declared bankruptcy in April 2011, recover from a difficult period. With its endowment increased to roughly $212 million — more, according to the New York Times, than the New York Philharmonic's endowment of $200 million — the orchestra will be able to draw $10.8 million from the endowment in 2020, up from $7.9 million this year, and fund additional efforts to capitalize on its artistic success under music director Yannick Nézet-Séguin. The orchestra's annual budget is about $50 million.
"This profoundly meaningful gift is testament to the unique place of Yannick and the Philadelphia Orchestra on both the world stage and in the richly varied communities of Philadelphia," said Philadelphia Orchestra president and CEO Matías Tarnopolsky. "This extraordinary act of support recognizes our readiness to write the Philadelphia Orchestra's next chapter and sets us on a path to achieve artistic goals, create an expansive future for classical music, and further the place of the arts in an open and democratic society."