Boston Conservatory takes on $2M challenge

The Calderwood Charitable Foundation has pledged $2 million to the $16 million Campaign for The Boston Conservatory - if the Conservatory can secure a matching $2 million from no more than four additional donors within one year of the start of that challenge. “At a time when fundraising is measurably more difficult for all organizations, this tremendous act of faith in The Boston Conservatory bolsters our efforts, renews our focus and reminds us yet again of the Calderwood Foundation’s extraordinary legacy of support for the arts and higher education in our community," Richard Ortner, President of The Boston Conservatory, said in the announcement.

But it's not quite that simple. In addition to the four donors/one year rule, the challenge doesn't begin until the completion of an earlier challenge by Conservatory Trustee Cindy Curme and her husband Ollie. In 2008 the Curmes pledged $1 million to the Conservatory’s campaign if leaders can raise an additional $2 million by December 31.

The Campaign for The Boston Conservatory supports scholarships, the endowment and the ongoing expansion and renovation of the Conservatory’s 60-year old theater building at 31 Hemenway Street.  So far they've raised $10 million, $6 million of itearmarked for the Hemenway Project, scheduled for completion in fall 2010. Note the cute little yellow hardhat on the logo above.

Comments

[Thomas Garvey]

Any clue as to the logic behind that "no more than four donors" rule? Just wondering.

[Karen Fogerty]

Dear Thomas --- In setting the parameters for "no more than four donors," the Calderwood Charitable Foundation is essentially asking fellow trusts and foundations --- those with the capacity to give in the $500K+ range --- to join them in supporting The Boston Conservatory’s campaign and related endeavors.

[Thomas Garvey]

I guess I'm confused about the efficacy of the technique. Wouldn't the simple challenge grant also induce other foundations to consider stepping up to the plate? Or does the implied exclusivity of the grant offer some extra level of cachet? I'm really interested in this, as I'm fascinated by the group psychology of charitable foundations.