PSO Receives Transformational Gift.

PITTSBURGH -- The Pittsburgh Symphony, one of the world's most venerated orchestras, announced today a transformational $29.5 million gift from the R.P. Simmons Family. The gift is one of the largest philanthropic commitments ever received by an American orchestra and strongly positions the Pittsburgh Symphony financially within its artistic peer group.

Mr. Dick Simmons, whose name is as synonymous with the PSO as was Maestro William Steinberg or Philanthropist H. Jack Heinz, made this extraordinary gift as the catalyst for a major endowment campaign (to be announced at a later date) designed to ensure the financial stability of the orchestra for the next generation.

The gift is designed to encourage support from the community and to foster financial discipline by the entire Pittsburgh Symphony family through four stipulations:

* $7.5 Million unrestricted gift to address current and future needs so that all other campaign gifts can be forward-looking

* $5 Million to challenge Board, major donors, corporations, and foundations to raise the second $25 Million

* $17 Million in an irrevocable legacy gift for the PSO Endowment when three consecutive balanced budgets are achieved

* provided that the PSO remains an independent organization.

In discussing the R.P. Simmons Family Gift, Simmons commented that, "The gift is intended to be a strong first step to ensure that the Pittsburgh Symphony remains a world-class Orchestra. I hope that others in the community who recognize the importance of this asset will join me to achieve this objective."

"Our musicians, our Board and our community are overwhelmed by Dick's vision and by his generosity," said PSO President Larry Tamburri. "There is no doubt that all of us will respond to his challenge with comparable selflessness and enthusiasm."

Artistic Advisor Sir Andrew Davis commented, "This gift is testimony to the Pittsburgh Symphony as a world-class orchestra. Any city would envy a similar investment in its orchestra. This is undeniable evidence that the first-rate leadership in Pittsburgh knows what it takes and is willing to pay the price for artistic excellence."

PSO Concertmaster Andres CEirdenes said, "In times of organization-wide sacrifice, this generous gift from Dick and his family could not be more welcome. I think I can speak for all my colleagues in the Orchestra when I say we are humbled, inspired, and relieved to know that our work is valued so greatly."

James E. Rohr, chairman and CEO of PNC Financial Services Group Inc., is chair of the Allegheny Conference on Community Development as well as the Pittsburgh Cultural Trust, and he is a member of the Pittsburgh Symphony's Chairman's Council and an ex-officio member of its Board of Trustees. In learning of the Simmons gift, Rohr said, "The Pittsburgh Symphony Orchestra is the largest performing arts organization in the area with more employees and more concerts than any other - not to mention their national and international tours. The PSO, in many ways, is a barometer for the Cultural District and it plays an important role in our region's quality of life. For that reason, I see Dick's investment as a gift to all of us. The fundraising campaign it permits the PSO to undertake marks an extraordinary turning point for the continued vitality of both the Symphony and the region. This gift is cause for much celebration and many, many thanks."

According to the American Symphony Orchestra League, the R.P. Simmons Family Gift ranks fifth among very few private-sector investments of this magnitude in the orchestral world, many of which were made for capital projects and/or in much larger cities.

The PSO has developed a bold and aggressive plan to eliminate an operational deficit; increase the size of the endowment while reducing the draw; continue its world-class artistic excellence; and make needed improvements to Heinz Hall for the Performing Arts, as an outcome of the forthcoming campaign.