I've left the blog slip while busy with print stories in the past couple of weeks, but I'm back, and here are a couple of unrelated items.
On the Philadelphia Orchestra's endowment. The stock-market implosion stole some thunder from the announcement yesterday that the orchestra has raised $130 million in new money for endowment. Despite the new gifts, the overall value of the endowment has slipped badly - by about $50 million from its high. But imagine where the orchestra would be today if it had not done this endowment campaign.
Actually, we don't have to imagine. We can do the math. A few years ago the orchestra had only $75 million in the bank. That would have generated about $3.5 million a year to underwrite operations. Today the orchestra has about $160 million, which will spin off $8 million or $9 million a year.
Scary to think about where the smaller endowment would have left the orchestra today.
On the other hand, the Philadelphia Orchestra has a long way to go to catch up with the industry's gold standard. The Boston Symphony Orchestra has bragged about having $400 million in the bank. Then again, that was in June. And if you've peeked at your own 401k statement lately - stop doing that! - you know that everyone's portfolio has changed dramatically in the past few months.
Excuse the self-product placement here. But the Curtis orchestra review today, I feel compelled to point out, has really cool audio imbedded in it from the actual concert.
Also, take a moment to look at a story-book take on the Please Touch Museum's new home in Fairmount Park. It's the kind of web project I hope we can do more of.
