The National Association of Music Merchants (NAMM), a prominent global non-profit music trade organization, has created an endowment of $10 million for the NAMM Foundation. The money will be used to maintain internal operations and continue charitable activities.
Background:
The money was accrued by contributions, investments, and a $2 million donation from music advocate Margaret Darby.
The endowment is board-designated.
What they said:
John Mlynczak, NAMM president and CEO: "This endowment initiative establishes perpetual support for The NAMM Foundation's enduring impact supporting music making at every level and in every community. This historical achievement is made possible by the generous support of those who came before us, and we will grow this fund to ensure that those who come after us continue to benefit."
Julia Rubio, Executive Director of The NAMM Foundation: "The time is right to establish an endowment that will support our vision for the future of the Foundation. We are creating a sustainable financial anchor for the work we are entrusted to do. Margaret Darby's incredible bequest of $2 million makes an immediate impact and gestures such as hers, ensures that The NAMM Foundation remains a steady pillar for generations to come."
