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Music Icon and Investment Leader Team Up
To Help Keep Music Education Alive in Schools
BOSTON, October 18, 2005 -- When 54 million children went back to school across America this fall, it is likely that 27 million of them found they would not receive adequate music instruction in their classrooms1. Even though experts have shown that music education dramatically improves performance both in and out of the classroom2, increases SAT scores by 100 points3 and keeps kids in school4, budget cuts have been breaking up marching bands and silencing school choruses from Maine to California5.
In a major initiative to combat this alarming trend, Fidelity Investments today joined music icon Paul McCartney to launch a new public charity -- The Music Lives Foundation -- aimed at raising awareness of and critical funding for music education programs in schools.
"As a boy growing up in Liverpool, I was surrounded by music," said Paul McCartney. "That's just the way it was. The problem is that more and more music programs are in danger of being eliminated. That's why I'm proud to join Fidelity in supporting The Music Lives Foundation. After years and years of playing in a band and making a living doing what I love, I can honestly say: Where would I be without music?"
This new 501 (c) (3) public charity intends to achieve its mission by supporting a variety of music education initiatives primarily in the United States and Great Britain, including existing charities, direct support of U.S. public elementary school music programs, scholarships for needy students, recognition for educators and mentors, and grants to arts organizations that support careers in music and the performing arts, such as the Liverpool Institute for Performing Arts in Liverpool, England.
Paul McCartney is lending his support to Music Lives by having its creation and message prominent at his "US" tour concerts. His experience as a co-founder of the Liverpool Institute for Performing Arts and his world-wide reputation as a musician will help drive attention to the importance of music education.
Fidelity plans to seed The Music Lives Foundation with nearly $1 million, consisting of contributions through a sponsorship agreement, as well as provision of goods and services, including costs of administration, legal and registration fees, and production of a limited edition bracelet to support fundraising. The Music Lives Foundation is conducting its own fundraising efforts at "US" tour concerts as well as through its web site, www.musiclives.org.
"School music education programs mean more to kids than learning how to play an instrument or carry a tune; they significantly add to a student's academic and social life," said Robert L. Reynolds, Fidelity vice chairman and chief operating officer. "Music education is a critical program of study that gets scant attention, and fewer and fewer dollars every year. The Music Lives Foundation wants to combat this trend and keep music alive in our schools for years to come."
While studies show that students who are highly involved in music and arts education have higher SAT scores, measurably better potential for math learning, lower drop-out rates and fewer disciplinary problems, John Mahlmann, executive director of MENC: The National Association of Music Education, says that basic funding for teachers, classrooms and instruments is at risk.
"School music programs across the country are facing a serious threat as budgets are chipped away in favor of a narrow view of what kids need - despite the fact that music education actually helps kids achieve in all sorts of studies," said Mahlmann. "Support by a musician of Paul McCartney's stature and of a leading corporation like Fidelity will bring much-needed national attention to this issue."
The Foundation will be overseen by an independent board of directors that will meet quarterly to identify organizations, schools and individuals as fund recipients; manage disbursement of funds, and identify and award scholarships. Plans call for the independent board to include representatives from the music industry and educational institutions dedicated to music and the performing arts.
Initially, the Foundation plans to raise funds through special promotions of a limited edition "Music Lives" pewter bracelet. Each person contributing at least $40 to the cause - the cost of putting one musical instrument into the hands of a child - will receive the commemorative bracelet as a 'thank you' for showing support. The Foundation is raising contributions at each of the 37 concerts in Paul McCartney's "US" Tour, as well as through the Music Lives Foundation website www.musiclives.org.
A national advertising campaign promoting The Music Lives Foundation will debut in October and include a 30-second television ad titled "Sharing." Created by Arnold Worldwide, the ad transports viewers to a school orchestra recital where students must share instruments to create a song. The campaign drives attention to the limited resources of school music programs while encouraging viewers to make a donation to support music education in schools.
In addition, the Foundation has entered into a sponsorship agreement with Fidelity that will raise both funds and awareness for the Foundation's activities. Under this agreement, Fidelity will contribute $40 to the Foundation for every non-retirement account that is opened at Fidelity (with a minimum of $10,000 and up to a maximum of $400,000 in assets) through December 31, 2005. Fidelity plans to highlight this sponsorship program through special promotions and national advertising.
About Fidelity Investments
Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $2.3 trillion, including managed assets of $1.1 trillion as of August 31, 2005. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 20 million individuals and institutions as well as through 5,500 financial intermediary firms. Fidelity is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.
About The Music Lives Foundation
The Music Lives Foundation, Inc. is a non-profit corporation formed to support projects and organizations dedicated to the study and appreciation of music, with a particular emphasis on children's education. Additional information is available on the Foundation's website www.musiclives.org. The Foundation has applied to the Internal Revenue Service for recognition of federal tax exemption as an organization described in Internal Revenue Code Section 501 (c) (3).
1 NCES Fast Response Survey System: Arts Education in Public Elementary and Secondary Schools (1999-2000)
2 Living the Arts Through Language and Learning, 1998
3 College Entrance Examination Board, 2004
4 Involvement in the Arts and Success in Secondary Schools, 1998
5 Council for Basic Education, March 2004
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