The has announced grants totaling more than $6 million from three local foundations in support of a new five-year strategic plan.
The grants include $5 million over five years from the in support of the orchestra's efforts to restructure its business model, boost earned and contributed revenue, and achieve financial stability. The terms of the grant include $500,000 payable in August 2017 for cash needs during the restructuring; $2.5 million designated as a 1:1 challenge grant, with the goal of raising an additional $2.5 million from individuals, corporations, and foundations by the end of the 2018-19 season; and annual contributions of $1 million in both 2020 and 2021 predicated on mutually agreed-on benchmarks after the orchestra’s current five-year financial plan expires in June.
PSO also received a four-year, $1 million grant from the , which includes $500,000 for whatever orchestra officials determine are the best uses of the funds, and $500,000 for innovative summer programming at Heinz Hall, beginning later this year. In addition, the has agreed to repurpose the remaining two years of a previously awarded $500,00 operating grant as a challenge grant aimed at inspiring donors at the $5,000 level and above to increase their giving levels.
"Throughout the Pittsburgh Symphony's long history, the local foundation community has been incredibly supportive," said PSO president and chief executive Melia Tourangeau. "As we work hard to ensure bright days ahead for the symphony, this community's ongoing belief in the relevance of our mission in Pittsburgh and the world — as evidenced by the exceptional generosity of the Heinz Endowments, the Benter Foundation, and the Eden Hall Foundation — is not only deeply appreciated but pivotal for our growth and long-term success."