Elgin Symphony seeks funds to aid temporary cash flow issue

Posted on: September 20, 2012

In Thursday’s (9/20) Herald Tribune (Elgin, Illinois), Elizabeth Owens-Schiele writes, “After 63 years, the Elgin Symphony Orchestra finds itself stringing together funds for its current season. The symphony reached out to the city of Elgin for a one-time contribution of $100,000 last month and is still awaiting the city’s decision, which will determine if $200,000 in matching challenge grants will be made by two Elgin Symphony Orchestra board members who wish to remain anonymous. Meanwhile, the Schaumburg Village Board recently approved a one-time contribution of $25,000 to cover the annual concerts performed by the symphony at the Prairie Center for the Arts in Schaumburg. ‘This was done to address an immediate cash flow issue that has resulted from our scheduling of concerts for the 2012-13 season,’ said David Bearden, the symphony’s interim CEO. ‘Our requests to both municipalities were to support this short-term cash flow issue.’ Bearden said the $3 million budget of the privately funded orchestra’s 2012-13 season is balanced. … With 42 performances planned for this season, which began Sept. 8 and runs through May, the symphony continues to maintain educational outreach programs to the community and area students, as well as competitive pay for its professional musicians.”

Posted September 20, 2012