Indianapolis Symphony confronts $2.8 million deficit

Posted on: November 17, 2009

In Tuesday’s (11/17) Indianapolis Star, Jay Harvey writes, “When the Indianapolis Symphony Orchestra takes the stage these days, it will carry the weight of a $2.8 million deficit on its shoulders—the largest in its 79-year history. Simon Crookall, ISO president and CEO, revealed the amount of red ink on the orchestra’s operating books during the Indiana Symphony Society’s annual meeting Monday at Hilbert Circle Theatre. … The deficit is the result of shortages in ticket sales and annual fund donations, as well as declines in major one-time gifts and contributions from the ISO Foundation, whose board manages the orchestra’s endowment, Crookall said. The ISO plans to work its way out of the negative balance by cutting costs and increasing income without affecting programs, Crookall said. ‘We will be working to increase income from both ticket sales and donations throughout the year,’ he said. ‘At the same time, we will be controlling costs, but I do not envision further cuts at this time.’ … Like other arts organizations locally and nationally, the ISO took a hit to its endowment when the economy began to spiral. At its height in July 2007, the orchestra’s endowment was worth $128 million. Today, it’s worth about $89.5 million.”

Posted November 17, 2009