Rock and Roll Hall of Fame Foundation establishes a $5 million endowment; proceeds from the Rock and Roll Hall of Fame Concerts held in Madison Square Garden
CLEVELAND (August 16, 2010) - Today the Rock and Roll Hall of Fame and Museum announced that the Rock and Roll Hall of Fame Foundation will create a $5 million endowment fund to ensure the nonprofit museum’s experience and related technology remain vibrant. The fund was generated by proceeds from the history-making Rock and Roll Hall of Fame concerts held at Madison Square Garden in October 2009 with a lineup of more than 40 legendary artists from Jerry Lee Lewis to Bono.
“Rock and roll is an art form, and arguably one of the most accessible art forms that is well known and loved around the world,” said Joel Peresman, president and CEO of the Rock and Roll Hall of Fame Foundation. “This gift is also about the artists’ endorsement of the Museum’s mission: to celebrate and preserve the art form and to provide education activities to inform the public about its worldwide impact.”
The Rock and Roll Hall of Fame Foundation has been the largest single contributor to the Museum and their support has been instrumental in the success of the Cleveland landmark. The Foundation has leveraged its presence in one of the major world capitals to bring artists to Cleveland and to create fundraising opportunities. In the past five years, the Foundation has contributed more than $13 million to the Museum in Cleveland, including annual support for capital improvements, $8 million gift toward the Capital Campaign, $1 million gift to develop a long-term digital strategy and a complete redesign of the Museum’s website.
“This support from the New York Foundation helps ensure that we will continue to …… and I want to thank them for this very generous gift,” said Terry Stewart, president and CEO of the Rock and Roll Hall of fame and Museum.
The endowment gift comes at a time that the Rock Hall is within $1.5 million of completing an ambitious $35 million Campaign for the Rock Hall. The capital campaign will support a Museum redesign and the construction and operation of the Rock and Roll Hall of Fame’s Library and Archives in downtown Cleveland.
Rock Hall Business Model
The Rock Hall has developed a model that uses “door and store” revenues to fund operations and using contributed income to support education programs, special exhibits and programs. The fact that the Rock and Roll Hall of Fame and Museum has been able to support basic operations through earned income makes its model unique among museums. Throughout its fifteen year history, the Rock Hall has operated in the black. Development efforts are critical in supporting educational activities such as the Museum’s nationally-recognized Rockin’ the Schools, On The Road (Distance Learning), award-winning Toddler Rock and upcoming Rock and Popular Music Institute programs – and taking them to the next level.
Now that the Rock and Roll Hall of Fame and Museum has established a sustainable long-term vision, is nearing completion of the Campaign for the Rock Hall and finalizing plans for the Library and Archives and Museum redesign, the focus will shift to raising long-term funds like this generous endowment gift to help secure the Museum in perpetuity.
Campaign for the Rock Hall
Jann Wenner and Joel Peresman, The Rock and Roll Hall of Fame Foundation
Jerry Sue Thornton, Cuyahoga Community College
The Cleveland Foundation
Gregg & Madelyn Foster
Jay and Patty Baker
Brian Ratner, Forest City Enterprises
Henry Juszkiewicz, Gibson Guitars
The George Gund Foundation
John P. Murphy Foundation
Medical Mutual of Ohio
Frank Sullivan, RPM International Inc.
John Shiely, Briggs & Stratton Corporation
The Summers Family
Alec Wightman, Baker & Hostetler LLP
ROCK AND ROLL HALL OF FAME 25TH ANNIVERSARY CONCERTS
The Rock and Roll Hall of Fame Foundation celebrated its 25th Anniversary in Fall 2009 with a once-in-a-lifetime concert event over two days at Madison Square Garden. The Shows – which include Tom Hanks paying homage to Cleveland’s Rock Hall – was broadcast on HBO, will be released on a Time-Life DVD on September 28, 2010 and will be rebroadcast on other television networks around the world. The 25th Anniversary concerts celebrated the 25 year history of the Rock and Roll Hall of Fame Foundation and served to raise funds to create an endowment for the Rock and Roll Hall of Fame and Museum in Cleveland. The endowment will be further supported by proceeds from DVD sales of the Time-Life Rock and Roll Hall of Fame 25th Anniversary Concerts.
ROCK AND ROLL HALL OF FAME 25TH ANNIVERSARY CONCERT LINE UP - OCTOBER 29, 2010
Jerry Lee Lewis
Crosby, Stills and Nash
Bonnie Raitt with David Crosby and Graham Nash
Bonnie Raitt and Crosby, Stills and Nash
Jackson Browne with Crosby, Stills and Nash
James Taylor with David Crosby and Graham Nash
Crosby, Stills and Nash with James Taylor
Crosby, Stills and Nash with Bonnie Raitt, Jackson Browne and James Taylor
Dion DiMucci with Paul Simon
Paul Simon with David Crosby and Graham Nash
Paul Simon Little Anthony and the Imperials
Simon and Garfunkel
Smokey Robinson with Stevie Wonder
John Legend with Stevie Wonder
Stevie Wonder with John Legend
B.B. King with Stevie Wonder
Stevie Wonder and Sting
Stevie Wonder with Jeff Beck
Bruce Springsteen and the E Street Band
Sam Moore with Bruce Springsteen and the E Street Band
Bruce Springsteen and the E Street Band with Tom Morello
John Fogerty and Bruce Springsteen and the E Street Band
Darlene Love with Bruce Springsteen and the E Street Band
Bruce Springsteen and the E Street Band with Tom Morello
Billy Joel and Bruce Springsteen and the E Street Band
Darlene Love, John Fogerty, Tom Morello, Billy Joel, Jackson Browne, Peter Wolf and Bruce Springsteen and the E Street Band
ROCK AND ROLL HALL OF FAME 25TH ANNIVERSARY CONCERTS (OCTOBER 30, 2010)
Jerry Lee Lewis
Aretha Franklin and Annie Lennox
Aretha Franklin and Lenny Kravitz
Jeff Beck and Sting
Buddy Guy with Jeff Beck
Billy Gibbons and Jeff Beck
Metallica and Lou Reed
Metallica and Ozzy Osbourne
Metallica and Ray Davies
U2, Bruce Springsteen and Patti Smith with Roy Bittan
U2 and Bruce Springsteen with Roy Bittan
U2 and Black Eyed Peas
U2, Mick Jagger, Fergie and Will.i.am
U2 and Mick Jagger
About the Rock and Roll Hall of Fame and Museum
The Rock and Roll Hall of Fame and Museum, Inc. is the nonprofit organization that exists to educate visitors, fans and scholars from around the world about the history and continuing significance of rock and roll music. It carries out this mission through its operation of a world-class museum that collects, preserves, exhibits and interprets this art form and through its library and archives as well as its educational programs.
The Museum is open seven days a week from 10 a.m. to 5:30 p.m. On Wednesdays (and Saturdays through Labor Day), the Museum is open until 9 p.m. Museum admission is $22 for adults, $18 for adult residents of Greater Cleveland, $17 for seniors (65+), $13 for youth (9-12), children under 8 and Museum Members are always free, for information or to join the membership program call 216. 515.8425. For general inquiries, please call 216.781.ROCK (7625) or visit www.rockhall.com. The Museum is generously funded by Cuyahoga County residents through Cuyahoga Arts and Culture.