Windsor Symphony receives $500 K gift from Toldo Foundation
The money was matched by the federal government, and will all be used to start an endowment fund
The Windsor Symphony Orchestra received a gift of $500,000 from the Toldo Foundation Tuesday, which was matched by the Government of Canada Canadian Heritage program, totaling $1 million.
The funding will be used to set up a permanent endowment fund.
The announcement was made at the Capitol Theatre where WSO Board Chair Stephen Savage expressed his appreciation to Tony Toldo, who he credited as the initiator behind the fund.
"We're not rich and never will be," said Savage. "But thanks to the Toldos there's a real possibility that the WSO endowment fund will grow and generate enough revenue for us to continue our education and community outreach program, and to create programs and events for those eager to experience the power of live orchestral music."
Savage said the WSO creates civic pride and brings cultural and economic benefits to the city.
Tony Toldo, who has worked on the board of the WSO, said he wanted to establish and endowment fund for the orchestra to protect its future and its strategic vision.
"Today is only the beginning…it's a long term process and the fund needs to be built," said Toldo. "I encourage the community and its leaders to get behind the WSO endowment fund and ensure its growth in the years to come."
An endowment fund is typically set up by an institution where the principal amount is kept intact while the investment income from the fund is withdrawn and used for things such as operations costs or other purposes.