The Philomath Performing Arts Benefit Fund has surpassed the $20,000 level through various donations, treasurer Tom Klipfel reported.
The fund organized under the Philomath Community Foundation and announced in October that it was trying to raise $20,000 in seed funding by the end of the year so money can be invested as endowed and annual grant distributions could be dispersed
To make the possibilities even more exciting for the organization's board, an offer was made by an anonymous donor to match any donations one to one up to $20,000. As a result, the board hoped to raise $20,000, get an additional $20,000 and have $40,000 to get it all up and running.
The latest donation came Friday when the Philomath Frolic & Rodeo gave them a check for $2,500. Another $920 was raised earlier in the week during a Figaro's Pizza Night fundraiser to bring the total amount brought in to $13,258.
"With the anonymous matching fund, this translates to a total raised of $26,516, which significantly exceeds our initial goal of raising $20,000 by the end of the year to initiate the investment for the endowment fund," Klipfel said. "There is still $6,700 available from the matching fund through December."
Klipfel said a five-year pledge was received from one donor, contributing $5,000 each year starting this past November and for the next four years for a total of $25,000.
"While our multi-year goal is to raise $500,000 for the endowment, our next most immediate goal is to reach $100,000 next year," Klipfel said.
The endowment fund was established to raise money for performing arts needs in Philomath schools.
To donate, checks can be made out to: Philomath Performing Arts Benefit Fund (or PPABF) and mailed to P.O. Box 11, Philomath, OR 97370.