The Oregon Symphony’s Sudden Surplus
November 4, 2010 § Leave a comment
After being in the red for several years the Oregon Symphony just announced to be back in the black. So how could the orchestra manage to actually finish its last season with a surplus? By taking these steps: 1) cutting back the orchestra budget – a reduction of expenses through reducing pay and benefits of musicians and staff by 13%, 2) paying off a long-term bank debt from unrestricted endowment funds to save interest costs.
On order to receive $1 million from the James F. and Marion L. Miller Foundation the symphony had to balance its budget. This requirement was created to make the symphony sustainable and not to make up for losses.
But how will the orchestra handle the up and down of ticket sales, donations and its endowment? What we and other orchestras in the country can learn from the Oregon Symphony and what role the orchestra board played in achieving this year’s surplus you can read here: http://www.oregonlive.com/performance/index.ssf/2010/11/oregon_symphony_cuts_produce_s.html