GRAND RAPIDS, Mich. (AP) — The Grand Rapids Symphony says it has secured $32 million of a new $40 million endowment campaign to provide long-term support for the orchestra.
MLive.com reports (http://bit.ly/10Isefd ) a $20 million pledge from philanthropists Richard and Helen DeVos has helped launch the effort and another $12 million has been pledged by others. The Legacy of Excellence Campaign aims to secure the orchestra's future financial well-being.
Dottie Johnson, co-chair of the campaign cabinet, says that people have "responded enthusiastically to this campaign" so far.
Officials say that once the $40 million goal is met the revenue from the endowment would eventually be expected to approach $2 million per year.