“Even before embarking upon its next endowment campaign, the Curtis Institute of Music has received a combined pledge of $6 million from two of [Philadelphia’s] most generous philanthropists. The Annenberg and Lenfest foundations have offered the gift to Curtis – if the music conservatory on Rittenhouse Square can raise an additional $9 million by Dec. 31, 2006… The contract gives Curtis considerable freedom: It does not stipulate that the interest from the money be spent on establishing new programs (which foundations often require), and the principal will go toward the unrestricted portion of Curtis’ endowment. It also asks Curtis to maintain a balanced budget; to encourage students, parents and graduates to make donations to the school; and to consider the implementation of an additional student-loan program for living expenses.”