Minnesota Orchestra posts $1.1 million deficit for fiscal 2013

Posted on: December 12, 2013

“The Minnesota Orchestral Association reported an operating deficit of $1.1 million for the fiscal year ended Aug. 31, when not a single concert was performed because musicians have been locked out in a contract dispute,” writes Graydon Royce in Wednesday’s (12/11) Star Tribune (Minneapolis). “Earned revenue totaled just $14,000. The loss contrasts with a record $6 million deficit in 2012, when the orchestra was performing.… The results were announced Wednesday at the association’s annual meeting—which was closed to the public…. The board re-elected [Jon] Campbell as chairman. Richard Davis remains as immediate past chairman. Those two—who have spearheaded the board’s efforts to secure pay cuts from musicians—will remain in office until a settlement is reached. They then will step down and new leaders will be elected, spokeswoman Gwen Pappas said…. Total investments … rose to $149.6 million, up from $137 million in fiscal 2012.… The board took about $3.7 million from the Orchestral Association endowment, which ended the year at $58 million…. Donations from individuals, corporations and foundations fell to $2.6 million, from $4.1 million in the previous year…. Expenses were just more than $13 million, down from $31.5 million in fiscal 2012, which was a normal operating year.… Listed as an expense was the $961,000 grant the association returned to the Minnesota State Arts Board.… Administrative salaries were cut 24 percent from 2012. Expenses also included $885,000 for costs related to the negotiations.” 

Posted December 12, 2013