The Chicago Symphony Orchestra is in need of $175 million to fund its pension plan and stay on solid financial footing, and a $10 million gift from the TAWANI Foundation is going a long way toward that goal.
The philanthropic arm of Chicago-based TAWANI Enterprises is making the donation in support of the symphony, which was founded in 1891 by a group of business leaders, reports the Chicago Tribune.
"Our commitment honors the profound impact of the arts, uniting communities and inspiring generations, and it is a privilege to continue recognizing Symphony's vital role in enriching our shared community," Jenniferritzker, founder of the foundation, says in a press release.
A $5 million challenge grant from the foundation will also help the orchestra, which is currently in the middle of a five-year, $175 million fundraising effort.
"It allows the organization to achieve greater financial stability, sustain the musical excellence of the Chicago Symphony Orchestra, and share musical resources through education and community programs well into the future," Chicago Symphony Orchestra Association President Jeff Alexander says in a statement.
(The Chicago Symphony Orchestra is the world's oldest orchestra.)
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