Indianapolis Symphony nears deadline for $5 million fundraising goal

Posted on: January 22, 2013

An Associated Press report published in Monday’s (1/21) Courier-Journal (Louisville, Kentucky) states, “The Indianapolis Symphony Orchestra could fall short of the millions it says it needs to fulfill a contract it negotiated with musicians after a five-week lockout last fall. The symphony reported [last] Tuesday that it had raised $3.2 million of the $5 million it set as a fundraising goal. That raises the possibility that the group could have to reopen negotiations with its musicians, according to the Indianapolis Business Journal. Under a deal between the symphony and musicians, a five-year contract is to kick in if the symphony raises $5 million during a three-month campaign that is scheduled to end Feb. 3. The $5 million target is almost as much as the symphony raises in a typical year. ‘We’re going to need a lot of hard effort to get there,’ said Martha Lamkin, president of the ISO board. Lamkin expressed confidence the symphony would reach the goal. The symphony is still processing hundreds of contributions, and the organization has not included a $500,000 matching donation in the total, she said. … The five-year [musicians] agreement calls for cutting starting pay from $78,000 a year to $53,000, then gradually restoring it to $70,000 by 2017.”

Posted January 22, 2013