Saturday, March 10, 2001
Cinergy involved in Tristate
Foundation gives millions to community
There was no indication Friday what a merger of PSEG and Cinergy could mean for Cinergy's Cincinnati headquarters, since neither company was talking.
Last year, the utility moved many of its corporate functions into its operating units, cutting its headquarters staff in half from 1,120 to 540. Since its creation in 1994, Cinergy has maintained some corporate functions in Cincinnati and some in Plainfield, Ind., outside Indianapolis.
As part of the city of Cincinnati's endorsement of the Cinergy merger in 1994 (which required various regulators' approval), the company agreed to maintain CG&E's headquarters in Cincinnati until 2004.
According to its 1999 Foundation Annual Report, the most recent available, the Cinergy Foundation injected nearly $5.6 million into Tristate arts, schools, hospitals and community programs in 1999.
The company gave nearly $3 million “to promote healthy communities,” including a $680,750 matching grant to United Way and $50,000 to the Wellness Community. It invested nearly $1.4 million in educational programs.
More than $1.2 million went to arts and culture, such as $40,000 for a three-year sponsorship grant to the Northern Kentucky Symphony, $20,000 to the Cincinnati May Festival and $12,000 to sponsor the opening night of Cincinnati Opera's Faust.
Cinergy Foundation president J. Joseph Hale Jr., who did not return telephone calls, sits on the board of the Cincinnati Symphony Orchestra, among others. This season, Cinergy was a sponsor of the CSO's two-week European tour (Jan. 27-Feb. 11) and underwrote two Music Hall concerts.
Cinergy also underwrites the CSO's Cinergy's Home for the Holidays, a holiday show at the Taft Theatre now in its fifth year, which this year boosted CSO revenue by about $250,000.
— Mike Boyer and Janelle Gelfand
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