Thanks to an extraordinary financial gift from the Maltz Family Foundation in the amount of $20M, the Cleveland Orchestra has announced the formation of the Center for Future Audiences.

With the stated goal of having the youngest orchestra audience in the country by 2018, the symphony's centennial, the endowment will remove the financial barrier standing in the way of Cleveland's youth by subsidizing or offering free admission to young concert-goers.

"It's incomprehensible to think of Cleveland losing this Orchestra," said Milton Maltz, President of the Maltz Family Foundation. "This would be equivalent to stopping the heartbeat of this great city. Over the decades there have been many contributors to our Orchestra. It is now this generation's turn to continue to uphold the tradition. It's the right thing to do. It's our responsibility."

"The Maltz Family's extraordinary generosity is deeply appreciated," added Gary Hanson, the Orchestra's Executive Director. "The Foundation's philanthropy is a vote of confidence in the future of the Orchestra and will be an inspiration to others who care deeply about our community."

Read the Orchestra' official release here.