Fort Wayne Philharmonic posts balanced budget

Posted on: January 13, 2011

A report in Sunday’s (1/9) News-Sentinel (Fort Wayne, Indiana) states, “For the first time in nearly a decade, the Fort Wayne Philharmonic reports it ended its recent business year with balanced books—including a $157,144 surplus and no need for special additional funding. The surplus lowers the orchestra’s accumulated deficit to slightly more than $1.3 million, a philharmonic news release said. ‘The biggest reason for the financial turnaround was our ability to reduce operating costs without significantly reducing revenue,’ J.L. Nave III, the philharmonic’s president and CEO, said in the news release. Spending cuts saved about $500,000, the news release said. The cuts included reducing the number of contract weeks for musicians; holding three vacant musician positions open; reducing the number of concerts, including eliminating the Unplugged series; eliminating five staff positions; and cutting staff salary by from 2.5 to 8 percent. The orchestra also received a 58 percent increase in donations from philharmonic board members, as well as generous giving from other donors. Attendance at philharmonic events remained about the same as in 2009, the news release said.”

Posted January 13, 2011