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Prudential Foundation awards $2 million grant and makes $1 million challenge pledge to New Jersey Symphony Orchestra

^{Published on 2010-09-14 16:35:36 - Market Wire}
 

NEWARK, N.J.--([ BUSINESS WIRE ])--John R. Strangfeld, chairman and CEO of Prudential Financial, Inc. (NYSE: PRU), tonight announced a $2 million Prudential Foundation grant to the New Jersey Symphony Orchestra and an additional $1 million challenge pledge to support the orchestraa™s $32 million fundraising campaign.

"Prudentiala™s grants and corporate contributions have long been a source of support for the NJSO, and its generous gift to our Comprehensive Campaign is a testament to the companya™s belief in the importance of the arts in the lives of the people of Newark and the state at large."

At a gala Opening Night dinner at the New Jersey Performing Arts Center, NJSO announced the public phase of its new comprehensive fundraising campaign, called aAn Incomparable Sound. A Cultural Treasure.a Its goal is to raise $32 million by 2013 to strengthen NJSOa™s financial stability and help increase its endowment fund.

aThis gift from The Prudential Foundation is a reflection of our commitment to the Symphonya™s outstanding music and education programs, which lift our spirits and support student learning. The arts are a critical part of the vitality of any city, not just in prosperous times, but also in difficult economic times such as these. NJSO creates an economic impact that bolsters businesses and infrastructure in the cities where it performs,a said Strangfeld.

NJSO President Andr© Gremillet said, aPrudentiala™s grants and corporate contributions have long been a source of support for the NJSO, and its generous gift to our Comprehensive Campaign is a testament to the companya™s belief in the importance of the arts in the lives of the people of Newark and the state at large.a

Gabriella Morris, vice president, Prudential Community Resources and president of The Prudential Foundation, said the $2 million grant will be awarded over three years beginning in 2011. She said the funds will help NJSO continue to engage world-class artists and provide first rate concerts and provide educational programs to urban students, especially the Newark Early Strings Program, and outreach programs in hospitals, senior citizen centers and libraries.

aNJSO is an important institution in the cultural and educational life of Newark and throughout New Jersey,a said Morris. aThere is a demonstrable correlation between musical instruction and academic achievement for Newark school students who have participated in the Early Strings Program. Wea™ve found that these students have typically outscored their peers in their schools by 20 to 30 percent on language arts and math proficiency tests.a

She said the $1 million challenge pledge is intended to encourage other donors to support the Symphonya™s new fundraising campaign. It reflects the Foundationa™s strategic goal of helping nonprofit organizations achieve long-term sustainability to better focus on their missions and reinforce the social infrastructure of the communities they serve.

aWith our help and the help of other foundations and corporate and individual donors, NJSO will be able to increase its endowment and strengthen its financial position so that it will be able to continue to deliver on its mission of artistic excellence and community engagement,a said Morris, who is a member of the NJSO board of trustees.

The Prudential Foundation has provided $6.4 million in support to NJSO since 1996 and has been a key partner of NJSO since the 1980a™s when NJSO utilized office space in Prudentiala™s building at 213 Washington Street. Over the years, the Foundation has been a significant contributor to NJSOa™s programmatic and capital campaigns; numerous executives and other employees have contributed volunteer service to the orchestra, and the Foundation and Prudentiala™s Social Investments program played critical roles in helping NJSO acquire the aGolden Age Collectiona of vintage stringed instruments.

The New Jersey Symphony Orchestra is comprised of some of the countrya™s finest musicians. Artistic excellence, innovative programming and community engagement are hallmarks of its mission. To best serve the people of New Jersey, the orchestra brings its programs to seven outstanding venues throughout the state. Education and community engagement programs enrich the listening experience for children and adults alike. The New Jersey Symphony Orchestra Broadcast Series is a syndicated radio program broadcast regionally on WWFM and throughout North America. Continental Airlines is the official airline of the NJSO.

The Prudential Foundation is a not-for-profit corporation supported by The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. To promote sustainable communities and improve social outcomes for community residents, The Prudential Foundation focuses its grant making strategy in the areas of education, economic development and arts and civic infrastructure. In addition, the Foundation also supports the community engagement efforts of Prudential employees through Matching Gifts and other special programs that recognize their volunteer efforts. The Foundation is a unit of Prudentiala™s Community Resources Department, which also includes the Social Investment Program, which originates and manages socially beneficial investments; Local Initiatives, which coordinates employee volunteerism and fosters community outreach; and Business Diversity Outreach, which facilitates diverse market development and outreach efforts for Prudential businesses.

Prudential Financial is a financial services leader with approximately $690 billion of assets under management as of June 30, 2010. It has operations in the United States, Asia, Europe, and Latin America. Prudentiala™s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudentiala™s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit [ http://www.news.prudential.com ].