Director’s View: Gifts that keep giving
Since this issue of PreViews features an article about the creators of the new Hall-LeKander Endowment, I’m taking this opportunity to write about Center for the Performing Arts endowments, what they make possible, and how to get involved in this important and growing program.
First, let me explain how endowments work at Penn State. The University holds endowed gifts in perpetuity. The initial gift is invested, and a portion—typically about 4.5 percent—of the fund's market value is awarded annually for the purpose designated by the benefactor. Expenditures are typically made from the interest earned on the account, not from the principal. Thus, the benefactor who makes an endowment gift can feel confident the funds will be well managed and continue to support the intended purpose. Depending on the size of the gift and giving history, donors may qualify for various University giving societies.
The Penn State Board of Trustees has established minimum support levels for various types of endowments to guarantee that income will be adequate to achieve—now and in the future—the benefactor's intent. Endowments may be established to support Center for the Performing Arts programs with a gift or pledge of $25,000 or more. A pledged amount can be paid over time but must be completed within five years. Endowments may also include an estate component or planned gift. Some benefactors even decide to provide early activation funding so, while they are gradually funding their endowment, the Center for the Performing Arts can start to apply funds to meet the intention. In such cases, benefactors get to see the impact of their gifts almost immediately.
Endowments may be named in recognition of the generosity and vision of the donors, or in honor or memory of persons of the donors’ choice. Named endowments stand in perpetuity as landmarks. The donor may also strengthen his or her endowment with future gifts. The Center for the Performing Arts stays in touch with endowment contributors. They are invited to witness the outcomes made possible by their support. The University and the College of Arts and Architecture also provide endowment contributors with annual reports.
Others who are inspired by an endowment may contribute with no minimum gift required. We regularly receive additional gifts to our standing endowments.
The Center for the Performing Arts has eleven endowments, three of which are at the Endowment Benefactor Level representing a commitment of $100,000 or more. Of the eleven endowments, all but three are fully funded and providing support for programs. Our endowments support a variety of programs, including chamber music, international dance, family presentations, master classes by visiting artists, and subsidies for busing school students to performances. In addition, the Eisenhower Auditorium Endowment provides support for programs in our major performance venue.
Endowments not only provide funds to support Center for the Performing Arts programs but also give the organization an important financial base. The total Center for the Performing Arts endowment support, however, is low compared to peer organizations. Annually, endowments provide 1 percent of the Center for the Performing Arts operating revenues compared to an average of 7 percent for similar presenters throughout the country. The Center for the Performing Arts has a goal of creating at least one endowment each year to address the anticipated growing need for support from endowed funds in the years ahead.
Center for the Performing Arts endowments help to ensure—now and always—the continued excellence and scope of our programs. Named endowments provide a wonderful opportunity to leave a mark on a favorite program or service the Center for the Performing Arts provides. Existing endowments offer the opportunity to support the Center for the Performing Arts with no minimum required gift.
Center for the Performing Arts and College of Arts and Architecture staff members work closely with benefactors who wish to explore creation of a legacy endowment gift or contribute to a current endowment fund.
If you’re interested in knowing more about the endowment program, contact David Shaffer, assistant director for special programs, at 814-863-1167 or DaveShaffer@psu.edu.
And now, here are some thoughts about the early 2009 performances covered in this issue of PreViews.
Several years ago I went to the New Jersey Performing Arts Center to see a performance by the State Ballet Theatre of Russia, the touring name of the Voronezh State Theatre of Opera and Ballet. I was impressed with the company, and its performance was spectacular. I immediately began negotiations to bring the ensemble to Penn State. This talented company hails from Voronezh, a large Russian city that has a long and rich history of support for major performing arts companies. A colleague, who has gone to Voronezh and has conducted the troupe in a production, speaks highly of the company. I look forward to its January 15 performance of Cinderella.
TheatreworksUSA is America’s largest and most prolific theatre company for young and family audiences. The company engages talented actors, writers, directors, and designers for its productions. TheatreworksUSA alumni are a virtual “who’s who” of the American theatre. TheatreworksUSA is the only children’s theatre to receive both Drama Desk and Lucille Lortel awards. A regular on the Center for the Performing Arts schedule, TheatreworksUSA brings its production of the E. B. White classic Charlotte’s Web to Eisenhower Auditorium January 25.
Ted Neeley starred as Jesus of Nazareth in the 1973 movie version of the hit stage musical Jesus Christ Superstar. More than thirty years later, Neeley is still going strong, garnering rave reviews for his compelling vision of the role. His experience has informed his approach, ripening and deepening his performances. Neely and the national touring production of Jesus Christ Superstar perform February 3 at Eisenhower Auditorium.
To hear Chanticleer in person is a special musical experience. Though I’d enjoyed its recordings for many years, I first heard the male chorus perform several years ago at a college in upstate New York. Chanticleer, nicknamed an “orchestra of voices,” blew me away with its musicality and virtuosity. Twelve people truly singing as one is an astounding experience. The Grammy Award-winning chorus brings us a program suitable for all levels of musical sophistication, demonstrating the diversity of song in America in the context of song throughout the world. In a February 7 program called Wondrous Free, the singers will often speak to the audience from the stage, giving background and a personal touch to the stunning music they perform.
