Chicago Symphony Orchestra Association gets $50 million gift
The Chicago Symphony Orchestration Association has received a $50 million gift from the Zell Family Foundation, the association announced Tuesday.
The gift provides "vital" capital to reduce the the association's debt over time and fund musician and staff retirement benefits, Chicago Symphony Orchestra tours, CSO music directors' artistic projects, and digital content initiatives for marketing and promotion, a CSOA statement said.
In addition to the orchestra, the Chicago Symphony Orchestration Association's holdings include the Chicago Symphony Chorus, the Civic Orchestra of Chicago and the Symphony Center Presents concert series.
“We are honored and deeply grateful to receive this extraordinary gift from Helen and Sam Zell on behalf of the Zell Family Foundation. We celebrate their strong philanthropic vision that paves the way for a bright future for the Chicago Symphony Orchestra Association and all the ensembles it supports and programs it delivers," CSOA President Jeff Alexander said in a statement.
Helen Zell, a well-known philanthropist and president and executive director of the Zell Family Foundation, has had a long association with the CSOA, including becoming the first woman CSOA board chair. She is currently one of the board's three vice chairs.
“As an avid supporter of the arts, I understand the importance of philanthropy in filling the gap between earned revenue and operating expenses. The generosity of donors will ensure the long-term sustainability of our great cultural institutions that add vitality and beauty to our lives and communities.” Zell said in a statement. “I’ve been a champion of the Chicago Symphony Orchestra for many years, and I think about this gift as an investment in preserving the CSO’s future.”
Her husband, Sam Zell, a Chicago real estate tycoon and entrepreneur who once owned the Tribune Co., died last year at age 81.