Indianapolis Symphony continues to trim deficit; endowment rises

Posted on: November 15, 2011

Monday’s (11/14) Indianapolis Business Journal reports, “The Indiana Symphony Society on Monday afternoon at its annual meeting said its financial condition is improving even though it suffered another fiscal-year deficit. The society, the parent organization of the Indianapolis Symphony Orchestra, said its expenses exceeded revenue by $1.7 million on a budget of $25.6 million for the 2010-2011 fiscal year ended Aug. 31. The deficit was $1 million smaller than the previous year and $1.1 million smaller than two years ago. … The ISO reduced its draw from the Indiana Symphony Orchestra Foundation to $7.3 million, a reduction of $848,000 from a year ago. The foundation’s balance as of Aug. 31 stood at $89 million, up from $83.5 million a year ago, but down from a high of $128 million in 2007. Simon Crookall, president and CEO of the ISO, said the orchestra’s endowment campaign, which started in spring 2010, has raised $30.8 million in gifts and pledges toward its goal of $100 million. Crookall said his goal is to have a balanced budget by the end of the 2014 fiscal year. … The next goal for the campaign is to raise $20 million in 2012.”

Posted November 15, 2011