Saint Louis Symphony Receives $40 Million Gift From Taylor Family
6 December 2000
Saint Louis Symphony Receives $40 Million Gift From Taylor Family
Challenge Grant from Enterprise Rent-A-Car Founders is Largest Single Personal
Gift to an American Orchestra for Operations and Endowment
ST. LOUIS, Dec. 6 The Saint Louis Symphony Orchestra today
received the largest gift in its 121-year history -- a $40 million challenge
grant from the Jack Taylor family. Taylor is the founder and chairman of
St. Louis-based Enterprise Rent-A-Car, North America's largest car rental
company.
The Taylors' gift to America's second-oldest symphony orchestra -- which
is consistently ranked among the top five orchestras in the nation -- is the
largest single personal contribution ever made to an American orchestra for
operations and endowment. It is also believed to be the largest individual
gift to a St. Louis cultural institution in the region's history.
Andrew C. Taylor, president and CEO of Enterprise -- with his sister Jo
Ann Kindle and his wife Barbara -- today announced the gift to the orchestra's
musicians as they began a rehearsal for a holiday concert. Speaking on behalf
of his father and the entire Taylor family, he said, "Our orchestra is widely
acknowledged as one of the world's best. My family, which has called
St. Louis home since the 1800s, firmly believes we should do what we can to
preserve and enhance a civic jewel that does so much to define St. Louis as a
wonderful city in which to live and work. Our gift to the Symphony is a gift
to the St. Louis region."
The Taylor family gift is a challenge grant that must be matched at least
dollar for dollar by other donors. "We believe it will spur the generosity of
many other St. Louisans," said Taylor. "We hope this gift will help the
Symphony remain among the best in the world for generations to come. But this
gift alone won't get the job done. We need an entire community effort."
The $40 million challenge grant is structured with $5 million allocated to
operating expenses and the remaining $35 million for increasing the Symphony's
endowment, which is currently about $22 million. The challenge grant will be
in effect over a four-year period, with at least a one-for-one matching
requirement. Including the Taylor family's gift, the challenge grant when
matched is anticipated to raise between $80 and $100 million, with at least
$70 million added to the endowment and $10 million for immediate operating
needs. That will bring the orchestra's endowment in line other major
symphonies across the country.
"This extraordinary gift from Jack Taylor and his family will help launch
a new era for the Symphony and provide a major impetus to get the organization
back on solid financial footing," said Virginia Weldon, board chairman of the
Symphony. "It will also help preserve the Symphony's world-class stature and
allow us to continue our national model community outreach programs and
symphony music school, through which thousands of children and adults in the
St. Louis area are exposed to the excellence of the Symphony and its gifted
musicians."
The Saint Louis Symphony Orchestra has reached the top ranks of symphony
orchestras but faces significant financial difficulties. It has had major
operating deficits for most years of the past two decades and has an endowment
that is much smaller than other leading orchestras and many other ensembles in
mid-size cities. Orchestras in cities such as Minneapolis, Cleveland and
Pittsburgh all have endowments of more than $100 million. The St. Louis
orchestra is undertaking a major fund drive to bring its endowment to that
level.
Jack Taylor is chairman of Enterprise Rent-A-Car, founded in St. Louis,
Mo. The company is an industry leader with a combined fleet of 600,000 rental
and fleet services vehicles in operation. The company employs 46,000 people
in five countries. The company's headquarters is a few blocks from where the
company started in 1957. Andy Taylor is president and CEO of Enterprise and
is a former president of Civic Progress, the civic involvement organization of
the CEOs of 29 leading St. Louis companies. Jack Taylor's daughter, Jo Ann
Kindle, serves as president of the Enterprise Rent-A-Car Foundation.
The Saint Louis Symphony Orchestra, founded in 1880, consistently ranks
among the top five orchestras in the nation and is recognized internationally
as an ensemble of the highest caliber. Through its performances, the Symphony
reaches more than 500,000 people of all ages throughout the region each year.
In addition, the Symphony serves some 75,000 children and adults through
programs offered by the Symphony Music School and its community partnership
programs. Maestro Hans Vonk, now in his fifth season with the Saint Louis
Symphony Orchestra, is the Symphony's eleventh Music Director and Conductor.