Buffalo State College:

Buffalo NY

03 December, 2021

12:14 PM

Description

Press release from Buffalo State College: December 2, 2021 The Ralph C. Wilson Jr. Foundation has announced a $100 million commitment to transform the financial strength and long-term viability of Western New York's arts and culture community through the establishment of an endowment that will support the sector now and forever.   The Wilson Foundation will contribute nearly $60 million over 10 years to establish an endowment at the Community Foundation for Greater Buffalo. This investment will create permanent operational funding streams for 13 of the region's largest arts and culture institutions that play a critical role as economic drivers and provide an annual grant opportunity for additional arts and culture organizations across the region. Once fully funded after 10 years, the endowment will generate approximately $3.75 million in annual payout to permanently support the operations and sustainability of the region's nonprofit arts and culture organizations. To ensure the program has immediate impact on the sector and regional economy, the Wilson Foundation will provide an additional $3.75 million annually over nine years, for a total of $33.75 million, allowing grantmaking to begin in 2022 while the endowment is built.  Finally, the Wilson Foundation is awarding a $5 million capital campaign gift to The Strong National Museum of Play in Rochester and the Buffalo AKG Art Museum (formerly, Albright-Knox Art Gallery). "We are building upon years of substantial investment by critical public funding streams and philanthropic funders that have helped these institutions become the cultural treasures and economic drivers they are today," said David Egner, president & CEO, Ralph C. Wilson, Jr. Foundation. "As a regionally focused foundation with a limited life, we saw a unique opportunity to make this significant contribution to impact the region's quality of life and economy through jobs, tourism and more. We hope this annual operating support will help to strengthen the financial condition of these institutions allowing them to continue to develop creative, audience-centered initiatives that make them more inclusive, welcoming, and accessible places for all." Of the $3.75 million in annual funding, a total of $3 million will be dedicated to the following 13 institutions including their annual grant allocation: Buffalo AKG Art Museum ($500,000 annually); Buffalo & Erie County Naval & Military Park ($100,000 annually); Buffalo History Museum ($150,000 annually); Buffalo Museum of Science ($200,000 annually); Buffalo Philharmonic Orchestra ($500,000 annually); Buffalo Zoo ($200,000 annually); Burchfield Penney Art Center ($100,000 annually); Explore & More: The Ralph C. Wilson, Jr. Children's Museum ($200,000 annually); Frank Lloyd Wright's Martin House ($100,000 annually); Michigan Street African American Heritage Corridor and anchor institutions ($100,000 annually); National Comedy Center ($250,000 annually); Shea's Performing Art Center ($100,000 annually); and The Strong National Museum of Play ($500,000 annually). The overall impact of these gifts is significant as these unrestricted funds can be designated for general operating needs. Each organization will also co-design, in partnership with Community Foundation and national consultants, metrics and benchmarks that support their goals and strategic plans. "Ralph had a deep and personal appreciation of the arts, and we recognize that arts and culture institutions collectively contribute to very fabric of community identity, making them essential in retaining and attracting top talent that fuel our business community. Through the Foundation's economic development focus, we are proud to invest in the long-term health of these organizations as economic drivers – and in the cultural vibrancy of Western New York," said Mary Wilson, life trustee, Ralph C. Wilson, Jr. Foundation. "While our aim was to make a substantial impact, we know there is more to be done and hope this gift will inspire others to continue to fund operations and endowment of cultural organizations across the sector." This press release was produced by Buffalo State College. The views expressed here are the author's own.