Financial challenges for Nashville Symphony

Posted on: June 5, 2013

In Tuesday’s (6/4) Tennessean (Kentucky), Walter F. Roche Jr. reports,  “The Nashville Symphony Orchestra suffered an $11.7 million loss in the fiscal year ending July 31, 2012, as its revenue plunged by more than 50 percent to $21.5 million. The grim figures were included in the orchestra’s Form 990 tax filing, which was made public Tuesday. A year earlier a $12.7 million surplus was recorded. Part of the revenue decline was attributable to $18.9 million in income from flood damage proceeds that the symphony recorded in fiscal 2011. According to the return, contributions dropped from $14.7 million to just under $10.6 million. Investment income dropped from $6.4 to $2.2 million. Assets were listed at $181.3 million, compared to $209.8 million the previous fiscal year. Liabilities dropped slightly from $116.7 million to $109.2 million. The release of the tax return comes as the symphony is edging towards possible foreclosure, due to its failure to meet payments on the debt incurred to build its landmark concert hall.” Orchestra spokeswoman Laurie Davis stated that “negotiations with lenders were continuing.”

Posted June 5, 2013