SOURCE: Arts & Science Council
CHARLOTTE – The Arts & Science Council (ASC) said Wednesday it will release the remainder of its FY10 operating grant to the Charlotte Symphony. The release of the remainder of the grant, totaling $375,000, was contingent upon the Symphony meeting its bridge funding goal of $1.77 million for FY10.

“ASC would like to congratulate the Charlotte Symphony’s Board, Staff and Volunteers for raising $1.77 million,” says ASC President Scott Provancher. “Many people worked hard to engage the community and that shows in the Symphony’s results.”

In May, ASC reduced its funding to the Charlotte Symphony to a $900,000 restricted operating grant and stated that the Symphony’s existing business model was not economically viable and its strategic path forward was yet to be defined, making it difficult for ASC to know fully the circumstances into which it was being asked to grant. ASC granted $75,000 in July and August with a deadline of August 31 to present a new business plan.

In September, after review of the first phase of the Symphony’s new strategic path, ASC’s Board of Directors approved the release of $150,000 in September and $75,000 in October, November and December. The remaining funds ($375,000) would be distributed in January 2010 if the Charlotte Symphony met its bridge funding goals for FY10.

The Charlotte Symphony has received funding from ASC since 1958 and has historically received the largest operating grant. In the last 15 years, ASC has invested $26.2 million in the organization through operating support, technical assistance, special project, stabilization and access grants.