PHILADELPHIA (AP) - The Philadelphia Orchestra is announcing some major gifts and pledges toward its effort to emerge from bankruptcy and get on solid financial footing.
Chief executive officer Allison Vulgamore said Tuesday that since filing for bankruptcy reorganization in April, the orchestra has received $11.2 million from foundations, philanthropists and its board.
She said there’s $16.3 million more in challenge pledges that will be awarded if the orchestra raises $17.5 million more by the end of this year.
The 111-year-old orchestra has struggled with dwindling attendance and donations, shrinking endowment income, pension costs and rent prices at the Kimmel Center for the Performing Arts.
A five-year strategic plan sets a goal for the orchestra to raise $100 million in endowment funds and $60 million to fund operations, programming and other expenses.
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