“The Fort Wayne Philharmonic’s board of directors has approved using interest from the orchestra’s endowment fund to pay off its $2.85 million debt so the arts organization can get a fresh start financially and with a new operating approach,” reports Kevin Klibane in Monday’s (4/27) News-Sentinel (Fort Wayne, Indiana). “The board also approved using $700,000 in interest from the endowment as money the Phil can invest in itself, if needed, to … improve its sales, marketing and fundraising programs, Carol Lindquist, Philharmonic board president, said.… The orchestra still would raise money to cover its normal operating expenses, Lindquist said. All gifts and donor intentions regarding endowment funds are not affected because the orchestra will use only earned interest to pay off its debt and to pay for needs associated with transitioning to a new business approach, Lindquist said.… The board didn’t want to approve using endowment money to pay the debt until it had developed a solid plan to move the orchestra forward.… To help Phil board members and staff through the transition, the board also hired Arts Consulting Group of Los Angeles to assist in the search for a new executive director.”
Posted April 28, 2015
