Posted at 3:11 p.m., Monday, May 15, 2006
State sets aside $4 million for Honolulu Symphony
Advertiser staffThe Honolulu Symphony Society today announced that the state legislature and Governor Linda Lingle have approved a $4 million appropriation to expand the Symphony's permanent endowment, managed by the Honolulu Symphony Foundation.
In addition, an annual grant-in-aid of $150,000 will directly support nearly 200 youth music education programs during the 2006-2007 Season.
The state requires matching funds from non-government sources as a condition of the appropriation.
More than ten years ago, the state appropriated $2 million to establish the Honolulu Symphony Foundation. The endowment has grown to $6 million, the Foundation reports.
In a written release, Foundation chair Lynne Johnson said, "Members of the Honolulu Symphony Foundation board and the Symphony staff and board members are fully committed to this effort. Our immediate goal is to expand the endowment to $14 million through planned and estate gifts and legacy gifts from caring community members."
Funds donated to the permanent endowment are managed by a 501(c)3 non-profit organization. Out of the endowment, 5 percent per year is available to supplement ticket sales and annual contributions for annual Symphony costs.