Milwaukee Symphony balances budget thanks to increase in contributed revenue

Posted on: September 9, 2011

In Thursday’s (9/8) Milwaukee Journal Sentinel, Jim Higgins writes, “The Milwaukee Symphony Orchestra struck the kind of note accountants like to hear Thursday, reporting a balanced budget for its fiscal year 2011, which ended Aug. 31. In a statement summarizing its finances, the MSO reported an operating budget and total revenue of $16.6 million for the fiscal year. A substantial increase in contributed revenue made it possible for the MSO to balance the budget. Fueled by two challenge grants, the MSO received $12.1 million in contributed income for fiscal year 2011, a 13.8% increase over 2010. A $250,000 challenge grant from the Argosy Foundation brought in $315,000 in new and increased gifts, for a total of $565,000 in contributions. Also, William and Polly Van Dyke promised the MSO a $1 million gift if the symphony could come within $1 million of covering its operating budget. It did so, and the Van Dykes delivered that capstone gift. According to MSO records, 987 new donors contributed this year, and 894 donors increased their gifts to the orchestra. … The fiscal year ended with the MSO’s highest amount of contributed revenue raised for operations in its history: $8,074,972. In the course of the fiscal year, the MSO reduced its operational expenses by $1 million to reach that final balance of $16.6 million.”

Posted September 9, 2011