Poncho, a Seattle culture group that pioneered the use of fundraising galas in the city, is shutting down independent operations and will become a fund within the Seattle Foundation, the Puget Sound Business Journal reports.
Formally called Patrons of Northwest Civic, Cultural and Charitable Organizations, the charity was founded 50 years ago to raise money to bail the Seattle Symphony out of a financial hole and has since collected $35-million for local arts groups. Poncho will officially close on April 30 and transfer any remaining assets to the foundation to establish the Poncho Legacy Fund.
Steve Kutz, Poncho's board president, said the charity is not in fiscal straits and as a result "we were able to come make some deliberate decisions. ... We recognized that a new model would be [more] optimal for the next 50 years."