$5M endowment set for rock Hall of Fame

CLEVELAND, Aug. 17 (UPI) -- The Rock and Roll Hall of Fame Foundation in New York has announced it is creating a $5 million endowment fund for the non-profit museum that shares its name.

The fund was generated by proceeds from the Rock and Roll Hall of Fame anniversary concerts held at Manhattan's Madison Square Garden in October 2009 with a lineup of iconic artists from Jerry Lee Lewis to Bono.

"Rock and roll is an art form, and arguably one of the most accessible art forms that is well known and loved around the world," Joel Peresman, president and chief executive officer of the Rock and Roll Hall of Fame Foundation, said in a statement. "This gift is also about the artists' endorsement of the Museum's mission: to celebrate and preserve the art form and to provide education activities to inform the public about its worldwide impact."

"This support from the New York Foundation helps ensure that we will continue to thrive and I want to thank them for this very generous gift," said Terry Stewart, president and chief executive officer of the Rock and Roll Hall of Fame and Museum in Cleveland.