In Monday’s (9/13) Courier-Journal (Louisville, Kentucky), Andrew Adler writes, “This past year was not especially kind to the Louisville Orchestra. The LO closed out its 2010 fiscal year with a deficit likely to approach $600,000, set against an operating budget of about $6.8 million. What’s to blame? Mostly a declining stock market, which negatively impacted the orchestra’s endowment and restricted funds available to the orchestra. There were also no major bequests, which often cushion fiscal pressures elsewhere. Still, orchestra CEO Rob Birman said he is confident that the LO has the necessary resources to move forward. He pointed out that the orchestra’s actual bank debt is $350,000, and a sufficient line of credit remains to ensure proper cash flow. To cut internal costs further, the orchestra eliminated one part-time and one full-time administrative position, and expects a rebounding stock market to allow a normal endowment draw this year. … There is hopeful news on the earned income side: Birman said that the orchestra already is closing in on its overall subscription-ticket goals, and that series sponsorships are secure.”
Posted September 13, 2010
