Building an Endowment Takes Trust

To raise its endowment in the wake of financial troubles, Adams said the organization had to regain the trust of the community. SLSO put together a plan that involved the orchestra cutting 25 percent of its budget by 2002. It also created a separate 501(c)3 organization to manage its endowment. Three of the seven trustees of the endowment must have no prior relationship with the orchestra. Bylaws were put in place that prevent SLSO from invading or borrowing from the endowment.