The Metropolitan Opera could find itself the unexpected beneficiary of a multimillion-dollar gift under the unusual terms of a Washington, D.C., heiress’s donation, according to several people familiar with the matter.
Betty Brown Casey’s donations to the Washington National Opera’s endowment came with a stipulation: Should that company fail to remain independent, the funds would be rescinded—and transferred to the Met.
That day could be on the horizon: The National Opera is in merger talks with the John F. Kennedy Center for the Performing Arts, The Wall Street Journal reported last week.
According to a person familiar with the matter, donations made by Mrs. Casey, the National Opera’s life chairman, constitute between one-half and two-thirds of the National Opera’s total endowment, which was $30.5 million at the end of its 2009 fiscal year. That would make the amount of the Met’s potential windfall between $15 million and $20 million.
A lawyer for Mrs. Casey, Brendan V. Sullivan Jr., referring to the opera, said: “I’m confident that they will abide by their written agreements.”
In a statement, a spokeswoman for the National Opera reiterated the sentiment. “Washington National Opera is grateful for the generosity of all of its donors, and abides by all terms related to all gifts,” said Michelle Pendoley.
Kennedy Center spokesman John Dow said he was unaware of any stipulations, and declined to comment further.
Through a spokesman, the general manager of the Met, Peter Gelb, declined to comment. The Met’s endowment at the end of fiscal year 2009 totaled $247 million, and the gift—if transferred—would represent a much-needed injection of funding for the company, which has been hammered by the recession. Its net assets declined 38% in the 2009 fiscal year.
Mrs. Casey, 83 years old, is the widow of Eugene B. Casey, a Maryland real-estate developer who served as a farm adviser to President Franklin D. Roosevelt. Mrs. Casey’s motivation for the terms on her donations is unclear.
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