Board and staff of the Nonprofit Loan Fund were delighted when our borrower True Concord Voices & Orchestra won a GRAMMY last month for a composition by Stephen Paulus performed on its first internationally released album “Far in the Heavens.”
It was a fitting honor for this Tucson-based nonprofit with a global reputation. “We were thrilled to get a GRAMMY win for the late Stephen Paulus and his family,” said Eric Holtan, True Concord’s founder and music director, “and to bring more acclaim to Tucson as a cultural center for music and art.”
True Concord’s Reputation and Audiences Skyrocket
The GRAMMY comes on the heels of a New York debut at Lincoln Center, a #5 on the Billboard charts, and significant reviews in national classical music publications. The boost in recognition will help True Concord build local and national audiences, especially among young people.
“I believe in music’s power to enrich lives, even for just a moment, and to take listeners to a different place,” says Eric. He also wants to record and tour more.
How NPLF Helped
Like many arts organizations, cash flow can be a challenge because of the ebb and flow of income and expenses throughout the year. Revenue from ticket sales, donations, and grants don’t hit the books when expenses are at their highest and True Concord is no exception. NPLF has provided loans to several local arts organizations like True Concord to help them bridge the gap.
“We have a balanced budget, and we always have a cash flow issue,” says Sabra Anderson, True Concord board member and treasurer. “It’s a matter of timing.” The group, which is only 10 years old, is hoping to build a reserve fund, but in the meantime, they have used loans to support seasonal shortfalls.
“We chose NPLF because one of our board members recommended them, we wanted to work with a lending organization who understands nonprofits, and they offered us a favorable interest rate and terms to meet our needs. We also appreciate the good financial advice given our board by NPLF board members and staff,” said Sabra.