The Cleveland Orchestra has announced that its 2010-11 fiscal year ended on June 30, 2011 with a deficit of $2.7 million on operating revenues of $44.8 million and operating expenses of $47.5 million. The results, released by Musical Arts Association—the governing body of the orchestra and of Severance Hall and Blossom Music Center—were announced at the MAA’s annual meeting on November 18. The orchestra received a record-high $44.2 million in gift commitments for 2010-11, and paid admissions at Severance Hall increased by 3.5 percent over the previous season, with seven fewer performance. The orchestra’s endowment for 2010-11 was $130 million, up $24 million from the previous season; the orchestra said in a statement that the $2.7 million deficit demonstrates the need for a larger endowment. Among the orchestra’s activities during the 2010-11 season were tours of Europe and Asia and the creation of the Center for Future Audiences, dedicated to eliminating major barriers to accessing the orchestra’s live concerts in Northeast Ohio. The Center is expected to fully funded and operational by 2018, and its activities will be supported by a special endowment fund of $60 million.
Posted November 23, 2011
