On September 9, 1962 the founders of Interlochen Arts Academy gathered for the first time with all of the students, teachers, faculty and parents who had decided to join in their educational experiment.
Interlochen founder Joseph Maddy, who was then 70 years old, opened his eight-minute speech with a look back at the Camp’s early years and the financial struggles it faced. Relishing in the Camp’s subsequent and ongoing success, he suggested that the early deficits were a necessary side effect of major investments in the Camp’s physical and human infrastructure. He correctly predicted that the Academy would face similar challenges but acknowledged the generous support of Clement Stone, who covered the Academy’s deficits through the difficult first decade. “We expect to have a deficit, but thank goodness we have found a man that underwrote that deficit.” Maddy cheerily noted that thanks to the support of Stone, the Academy “could lose $100,000” as long as its first year was an artistic success.