North Carolina Symphony hopes to be over the financial hump

Posted on: July 7, 2010

In Tuesday’s (7/6) News & Observer (Raleigh, North Carolina), Rob Christensen reports, “The N.C. Symphony, which like many cultural institutions has struggled for survival during the wrenching downturn, has turned a corner, breaking even during the concert season that just concluded. The symphony, which performs Beethoven and Mozart not only in elegant concert halls but also in rural high school gyms, pulled itself back from the financial precipice as a result of the work of a large number of players. Those included private donors willing to dig deeper; the musicians union, which made large concessions; and the legislature, which provided more aid.” The orchestra “remains in the red. But the amount it owes the bank has been reduced to $2.8 million as of June 30, the end of the fiscal year, [Symphony President and CEO David Chambless] Worters said. That compares to $3.8 million a year ago. … Donations and sponsorships increased during the past year to $3.15 million from $2.34 million the previous year, including $147,000 raised in a benefit concert in June headlined by jazz saxophonist Branford Marsalis of Durham. … In May, the musicians union agreed to a 19 percent salary cut from what they had been scheduled to receive in their contract during the coming season. … Other symphony employees, including conductor Grant Llewellyn, also took pay cuts.”

Posted July 7, 2010