NAMM Foundation Announces Long-term Endowment Initiative

	"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," says Mlynczak.

NAMM and the NAMM Foundation have announced the creation of an initial endowment of $10 million, made possible by NAMM's decade of contributions, investment growth, and a $2 million bequest from music advocate Margaret Darby. The combination of these funds has created The NAMM Foundation's new board-designated endowment, a first step toward long-term stability while making a consistent global impact on the music community at large.

"This endowment initiative establishes perpetual support for The NAMM Foundation's enduring impact supporting music making at every level and in every community," says John Mlynczak, NAMM president and CEO. "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."

"The time is right to establish an endowment that will support our vision for the future of the foundation," says Julia Rubio, executive director of The NAMM 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 ensure that The NAMM Foundation remains a steady pillar for generations to come."

NAMM and The NAMM Foundation share a global goal to grow this fund into a fully sustainable endowment, which will help fund global grantmaking and other NAMM Foundation programs that give back to the music products industry. The NAMM Foundation will continue to thrive with support from NAMM and NAMM members, as well as secure donations for this new endowment.