Dallas Opera Announces Successful Endowment Campaign
By: Kelsey Denette Nov. 01, 2011
The Dallas Opera has achieved yet another major milestone in its quest for long-term financial stability by raising $20 million for the company's "Cultural Renaissance Endowment Fund." A total of $10 million in new cash donations for the endowment over a two-year-period ending October 31, 2011, triggered a $10 million matching gift from an anonymous donor.
Exceptional donations from the Hamon Charitable Foundation, Linda and Mitch Hart, Joy and Ronald Mankoff, Mrs. Eugene McDermott, Phyllis and Tom McCasland, and Margot and Ross Perot/The Perot Foundation helped lift the company above the all-important $10 million mark to qualify for the match.
Other major contributors included Charron and Peter Denker, The Rosemary and Roger Enrico Foundation, Amy and Vernon Faulconer, Enika and Richard Schulze, James R. Seitz, Jr., and Marnie and Kern Wildenthal.
The "Cultural Renaissance Endowment Fund" was begun in late 2009 to support the Dallas Opera's efforts to achieve fiscal balance and long-term stabilization of the company's finances, while enhancing artistic quality.
"It's an incredible show of support for the great artistic stature of this company," Cerny adds, "and also for its commitment to fiscal discipline, and its exciting plans for the future."
In the last four months alone, the Dallas Opera secured a record $14 million in new gifts and pledges for endowment and operational expenses, including a five-day campaign in late July that raised $1.25 million in special production funds, led by a $500,000 contribution from Crow Holdings. At the same time, the company has also trimmed administrative and operating costs, "right-sized" the number of performances planned for future seasons, and secured vital pledges of future support.During the past six months, the Dallas Opera has received a total of nearly $8 million in multi-year commitments from donors who have committed to support the company for the next three years or longer. These loyal individuals are being recognized as members of the "General Director's Circle," a new giving category at TDO.
Additionally, the company has now paid off its seasonal line of credit and has enough cash to meet basic operating expenses for the foreseeable future. This is dependent, of course, on the Dallas Opera continuing to meet its goals for ticket sales, as well as maintaining historic levels for Annual Fund donations, corporate support, and other grants and gifts.
Considered together, these positive signs indicate that the Dallas Opera, guided by General Director and CEO Keith Cerny, is implementing an effective strategic plan in the midst of tough economic times-and has earned the confidence of our community along with the support necessary to ensure artistically successful future seasons in the Margot and Bill Winspear Opera House at the AT&T Performing Arts Center.
"In the midst of these challenging economic times, it is enormously gratifying to see the depth and breadth of support in Dallas for our company" says Dallas Opera Chairman, Dr. Kern Wildenthal. "Building on the extraordinary $10 million challenge we were fortunate to receive two years ago, the Opera is raising the bar for both our artistic aspirations and our fiscal discipline. We are especially pleased that at the same time we have cut general operating costs significantly, our education programs are reaching twice as many children as in previous years."While we will continue to rely on generous donors for our baseline operating support, the Dallas Opera is in a dramatically stronger financial position than was the case two years ago, or even four months ago. I know that our talented general director, Keith Cerny, joins me in expressing the Opera's deep gratitude to the community for its vital support. "
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