About the Orchestra's Fundraising
Could fundraising play a bigger role in restoring the Minnesota Orchestra’s financial health?
The Minnesota Orchestra’s fundraising team raises approximately $12 million dollars each year—$7.2 million from contributions to the annual Guaranty Fund; $1.5-$1.8 million in support designated for special projects; and $3 million in gifts from an endowment trust. That’s the most in charitable contributions among all Twin Cities’ performing arts organizations, and among the highest with regard to the top orchestras in America in total annual donations. This is particularly impressive in light of our metropolitan population compared to that of other major orchestras located in New York, Los Angeles, San Francisco and Boston, among others.
Minnesota has a very generous corporate community. The Orchestra receives significantly more corporate support than the national average for nonprofits. According to Giving USA 2012, a charity typically receives 5 percent of its donations from corporations. At the Orchestra, corporate gifts make up nearly 25 percent of our overall donations. The vast majority of Minnesota’s top corporate grant-makers donate to the Minnesota Orchestra at their maximum level of giving.
For most of our Board members, the Minnesota Orchestra ranks as their top giving priority. They donate more than $1.5 million annually to the Orchestra and its Symphony Ball. What's more, board donations were a stable source of funding throughout the recession.
The bottom line? Ongoing fundraising is robust, but donations alone won’t balance the budget.
Why raise $50 million for Orchestra Hall’s renovation when the Orchestra faces such large deficits?
The donors who have generously contributed to the Orchestra’s capital building project have done so because they want to support the renovation of Orchestra Hall—understanding how critically important it is to the Minnesota Orchestra’s future. The expanded venue is an opportunity to attract new audiences, to strengthen the Orchestra’s role in our community, and to increase incremental revenue within the Hall. To date, $47 million dollars have been raised towards our $50 million goal. These donations would not have been contributed to the Orchestra if there were not a building project to support. What’s more, our annual fundraising—which runs concurrently with this capital campaign—is on pace, thanks to donors who understand the importance of supporting our ongoing work.
How will the comprehensive capital campaign contribute to balancing the Orchestra’s budget?
Our ambitious $110 million comprehensive campaign, Building for the Future, will greatly contribute to ensuring the Minnesota Orchestra’s future. We have raised $97 million toward our goal, which is remarkable given the economy. $50 million will renovate Orchestra Hall. The other $60 million will fund artistic projects that greatly benefit the organization such as touring, recording, broadcasting and commissioning, and additional endowment that supports ongoing operations and salaries into the future. The Minnesota Orchestra board has contributed a total of $31 million to the Building for the Future campaign to date.
To find out more about the Orchestra's contributed revenue strategies and targets, click the sections of our strategic plan below: