The Australian String Quartet (ASQ) has launched a $15 million endowment to provide long-term financial support for the organisation, with $4.725 million in gifts and pledges secured towards the target.
The fund has received a $4 million commitment from the Wright Burt Foundation, which has supported the ASQ for more than a decade and is acting as the fund’s lead donor. A further $725,000 has been pledged by individuals and organisations, including Kerrell and David Morris, the Richard Cavill Foundation, the Ian Wallace Giving Fund, Diane Craddock, and current and former ASQ Board members.
The ASQ Future Fund is designed to provide an additional source of income alongside the government funding, private donations and box office revenue that have supported the organisation for more than 40 years.
The endowment’s capital will be invested for the long term and preserved, with the ASQ able to draw on annual investment income once the fund reaches $5 million. Distributions will be capped at five per cent of the fund’s average value.
As pledges are paid over coming years, additional contributions will help the fund reach the threshold at which it can begin providing income to support the organisation’s activities.
The ASQ’s four full-time Co-Artistic Directors are Dale Barltrop, Francesca Hiew, Chris Cartlidge and Michael Dahlenburg. The organisation’s work includes performing, commissioning Australian music and presenting concerts across the country.
The fund’s launch comes amid a federal parliamentary inquiry into ways to encourage long-term giving to Australia’s arts and cultural organisations. It also coincides with AusArt Day on 22 October, which promotes philanthropic support for artists and arts organisations.
The announcement coincides with the ASQ’s Voyager tour, which has already visited Perth and Sydney, with further performances scheduled for Mount Barker and Adelaide in South Australia, Canberra, Brisbane and Melbourne.
The ASQ Future Fund aims to establish a longer-term financial base for the organisation while allowing it to continue its performance and commissioning activities.
Further information about the fund is available at asq.com.au/future-fund.
