May 13, 2009
The Robin Hood Foundation raised $72.6 million during its 20th annual gala last night thanks to a $27-million assist from global philanthropist George Soros. Without it, the star-studded event would not have matched last year’s revenue totals.
Instead of the luxury auctions usually featured at previous galas, the approximately 3,100 attendees used wireless, electronic devices to make their anonymous pledges, which totaled $27 million and were matched by Soros. In all, Soros pledged a $50-million grant over two years if the foundation’s 28-member board could raise $50 million and another $100 million from the general public in the next two years.
Without the help from Soros, the gala would have been down significantly for the second straight year. The event generated another $17 million in ticket sales, bringing the gala's take to about $44 million for the evening. In the previous two years, the gala has raised about $56 million and $72 million, respectively. "We still feel it was a historic evening," said Marianne Macrae, associate manager, marketing, for the Manhattan-based poverty-fighting nonprofit.
Scrapping the luxury auction portion of the gala, in favor of a direct appeal to attendees, was a sign of the economic times. "It feels like different times as a result of the economy. It would've felt wrong doing a luxury auction package in a time of tremendous need," said Macrae. "A lot of New Yorkers are really suffering. It doesn't feel like the right thing to do," she said.
The star-studded benefit was co-chaired by Soros, Jon Stewart of Comedy Central's "The Daily Show," who returned to emcee, and organization founders Sonia and Paul Tudor Jones II. The cost of the event is entirely underwritten by donations from the organization's 28 board members.