Oh Canada!
A question: How can we endow our orchestras?
I believe this is generally considered an essential part of financing our orchestras, and yet in Canada we have made relatively little progress with our endowment funds. Perhaps it’s time to make a concerted effort to install a system which will encourage the creation and growth of these funds.
A few points for discussion:
1. With our politicians, orchestras are a difficult sell, especially when we consider the pressures they have from so many other special interest groups, not to mention competing motherhood issues such as health care. And many of them don’t really appreciate the great value orchestras provide in our society. How can we get them on board, not only for more support with operating costs but for support in preserving the future of orchestral music?
2. Can we tap into “individual” wealth more effectively? This has to be done quickly; therefore an immediate strong influence is required. We know that in the US the famous capital gains tax holidays provided an opportunity and encouragement for individuals to cash in their investments, take the capital gains freely and create their own private foundations, for whatever purpose they deemed useful. If symphony subscriber “A” put his/her million or two into a fund earmarked only for the local orchestra, that could provide a helpful $50,000 plus each year in perpetuity. (Canada has recently taken step one of this process – we can now donate an investment which has appreciated, with no tax on the gain, and get a receipt for the entire amount.)
3. This system would help all charities and not-for-profit cultural groups, thereby increasing the size and influence of the lobby group.
4. It would also ease the pressure on governments to make these difficult decisions – which they probably see as no-win anyway, since they can’t please everyone…and don’t!
I know there are more ideas, but I have to run now to a rehearsal to earn a few dollars for my own struggling endowment fund.
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