Originally called the "Fund for Music," the BPO Foundation, Inc. is a non-profit that manages endowment funds on behalf of the Buffalo Philharmonic Orchestra.
Who runs it?
The Foundation
is run by a volunteer Board. Members are: Luke Jacobs – Chair, Larry Franz – Treasurer, William Williamson – Secretary, Jerry Castiglia, Cheryl Howe and Richard Aubrecht.
How much money is in the endowment?
As of April 30, 2007 the endowment totaled $7.1 million. The BPO's long-term goal is for an endowment of $30-$50 million (3-5 times its operating budget).
How are the funds invested?
After careful analysis, the Board of Directors chose the Common Fund to manage the Foundation's investments. The Common Fund is a not-for-profit investment company that
manages and advises endowments for over 1,700 non-profit clients. The Foundation is invested in several of the Common Fund's commingled vehicles. These commingled funds allow greater diversification of managers and
asset classes as well as better access to premier managers than the Foundation could have if it invested on its own. The current asset allocation is designed for long-term growth of the Foundation's assets. This
allocation includes investments in stocks, bonds, real estate, private capital and absolute return strategies.
What is the Foundation's distribution policy to the BPO?
The policy, which
is based on common endowment practices, is to distribute a percentage (most recently 5%) of the market value of unrestricted assets to the BPO annually. The percentage is determined in advance of each fiscal year, paid
in quarterly installments, and is based on the average fund balance over the previous 13 quarters (3 years). Annual returns above and beyond the annual distribution are reinvested in the fund. Restricted assets
are distributed according to the donor's instructions.
How will my gift be safeguarded?
The philosophy of the endowment is that it will benefit the BPO in perpetuity. The policy of the
Board is to never invade "historic" principal (the amount originally contributed by donors) and to only make extra distributions in the extraordinary case of need or circumstance.
Can I designate my gift for specific purposes?
An unrestricted endowment is the most useful to the BPO. However, even with an unrestricted gift, a donor can associate his or her gift with a specific
program such as education concerts or guest artists or even endow an orchestra chair.
How can I give to the Foundation?
Contact the BPO Development Department (716) 885-0331, extension
410. Prospective donors can give cash, stocks, real estate and can name the Foundation as a beneficiary in estate plans for tax purposes. All contributions are tax deductible to the extent provided by law.
