Historic $10M Prudential Foundation Gift To Support NJPAC Education, Operations and Endowment
Gift is Largest Corporate Contribution in NJPAC History
NEWARK, N.J., June 24 /PRNewswire/ -- The New Jersey Performing Arts Center announced today an historic $10 million gift from The Prudential Foundation in support of educational initiatives, operations, and endowment at the Center. The gift, comprised of $3 million toward NJPAC's endowment, granted as part of Prudential Financial's 125th Anniversary Celebration, and $7 million for support of NJPAC's Early Learning through the Arts program, endowment, and general operations, will be celebrated today at a reception on the Prudential Hall stage featuring more than one hundred guests and friends of the Arts Center. "Where would Newark be if not for Prudential?" said Lawrence P. Goldman, NJPAC's President and CEO. "In fact, where would New Jersey be? Throughout the City and State, there are dozens of examples of Prudential's amazing civic leadership. This is not passive check-writing. Prudential is hands-on in its giving. The financial commitments are always accompanied by the passionate activism of its senior executives and inner family. And it all starts at the top with Art Ryan and his partner in public service and wife, Pat. In Art and Pat, we've gotten what we call in the arts, a 'two-fer.' They have given tirelessly to make NJPAC a respected leader on the international cultural scene and Newark a place that is regaining its standing as an important American city." The combined $10 million gift from Prudential will support, among other programs, the Arts Center's popular Early Learning through the Arts (ELTA) program, which provides 3-5 year old children with a foundation for future learning by teaching basic academic and life skills through the performing arts. The balance of the Prudential Foundation gift will be directed to the Arts Center's endowment and general operating support. The Arts Center has enjoyed a long-standing relationship with Prudential Financial, dating back to 1990 when the company made its first major commitment to the capital campaign to build NJPAC. Prudential Financial's overall giving to the Arts Center totals nearly $17.5 million. "NJPAC's success has changed Newark in so many positive ways," said Arthur F. Ryan, President and CEO of Prudential Financial, Inc. and Co-Chairman of the Arts Center's Board of Directors. "The downtown is reborn with exciting economic and community development activities. Both the City's self- perception and its image within the general population have been dramatically enhanced since the Arts Center opened its doors in 1997. We are delighted to continue to play a major role in supporting NJPAC and Newark's renaissance. We have tremendous confidence that the best is yet to come for the Arts Center, for the City and its people, and for the region."
SOURCE New Jersey Performing Arts Center
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