S: So each of the seven member organizations has to raise a certain amount [of money]
 which is matched?

T: Yes. For instance, in the Bach Festival, it is computed that we would need $188,000.
 What we get from grants and things is deducted, that is from the state grants, and the
 balance would come from United Arts, but we are to raise approximately a fourth
 of it. If we do not raise the fourth, they do not give us their three-fourths.

S: So $188,000 is your annual budget.

T: That is not the whole budget, that is the amount that we get from United Arts.

S: I see.

T: I mean, that is the total amount that we get from the state of Florida grant plus
 United Arts.

S: Right. What do you think is better? Having annual gifts and annual fund raising,
 of course, is important, but how important is it to also have endowments or
 perpetuities established?

T: Well, it is always nice to have it. I have some doubts as to whether enough could
 ever be raised to where the income would be very significant. I always wonder in our
 case whether it would be wise to build up an endowment, because if something
 happened that the Bach Festival disintegrated, either we had a poor choir or for
 various reasons it no longer was worth operating, then you have this endowment
 fund. What do you do with it? So it is some risk in building up an endowment fund
 for anything as risky as a musical organization. However, practically all of the
 organizations wish they had one.

S: Right, yes.

T: Most of them are trying to build up an endowment fund.

S: Right. I have heard of orchestras buying a chair, you know, buying a principal
 concertmaster chair.

T: Oh, that is fine if you can do that. If you are sure that the orchestra or organization
 is going to last forever, then of course it is fine to have the endowment fund and
 have a chair endowed, or whatever you can do with the endowment money.

S: In one of these interviews I have read about, you made an interesting statement
 about government support, that you thought it should be kept at a minimum.


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