Private-sector fund raised $20 million in support of local arts organizations
With local arts nonprofits devastated by $50 million in lost revenues due to the effects of the pandemic, Foundation For The Carolinas was asked to lead a campaign to raise $18 million from the private sector to support Charlotte’s cultural community.
Thanks to generous private-sector donors, FFTC not only met the goal but exceeded it, raising more than $20 million, in total. The City of Charlotte will match the orginal $18 million fundraising goal for a total of $38 million over three years.
Combined, local arts nonprofits have an audience participation of residents and visitors totalling more than 2 million per year. In addition, Charlotte’s cultural sector employs thousands of full-time workers and generates an annual economic impact of $360 million, while its education programs for children and youth are nationally recognized.
By committing to match $18 million raised from the private sector, the City will double its current level of public funding for arts, science and history organizations. Together, an annual grants pool of public and private dollars will help revive and sustain local cultural organizations. To distribute these resources, a citizen-led grantmaking board will be created with a mix of appointees by the City of Charlotte and private-sector.
FFTC agreed to lead the campaign after it was recruited by the City to serve as the third-party administrator for the multi-year arts funding plan.
Contributors to the private-sector fund include:
- Bank of America, National Gypsum/C.D. Spangler Foundation and Trane Technologies committed $1.8 million each. Barings and JELD-WEN each committed $900,000. Read more.
- Novant Health, Truist, Atrium Health and Red Ventures each pledged a total of $900,000 over three years. Read more.
- Duke Energy committed $1 million over three years, while The Centene Charitable Foundation, Moore & Van Allen, and PwC each pledged $300,000 over three years. Read more.
- The Albemarle Foundation pledged $900,000 over three years, while Ally Financial, Childress Klein, Coca-Cola Consolidated and Rodgers Builders each committed $300,000 over three years. Read more.
- Wells Fargo pledged $300,000 and Premier, Inc., gave $100,000. Additionally, Deloitte, Nucor and a number of individual contributors committed to the fund. Read more.
- Honeywell committed $1 million, LendingTree pledged $750,000, The Gambrell Foundation gave $450,000, EY and Robinson Bradshaw gave $300,000 each, and Fifth Third Bank gave $150,000. While Lowe's pledged $1 million to bring the campaign past goal. Read more.
- A number of private individuals and anonymous donors contributed as well.
“The response and generosity of the corporate community to this campaign has been overwhelming,” said FFTC President and CEO Michael Marsicano. “It is evident that support for arts and culture is alive and well in Charlotte, and the private sector understands the vital role the arts plays for our citizens, our students and our visitors.”