“The news was mixed in the Chicago Symphony Orchestra Association’s financial statement for the year ending June 30, it was announced Thursday,” reports John von Rhein in Friday’s (10/23) Chicago Tribune (subscription required).“Fiscal 2015 marked the association’s fifth consecutive year of record ticket sales—$22.7 million—a slight increase over the $22.4 million reported the previous year. Also, attendance at association-sponsored performances and presentations at Orchestra Hall and other venues increased to 483,000 this year from 454,000 in FY 2014. Now for the not so rosy news. Despite a $5.4 million decrease in recurring operating expenses—from $78.1 million the previous year, to $72.7 million in FY 2015—operating revenues declined to $71.4 million from $76.6 million. A CSO spokeswoman attributed the $5.4 million drop in operating expenses mainly to the fact that FY 2014 brought an increase in the allowance for uncollectable contributions. Those factors, combined with decreases in overall contributed revenue and general operating support, resulted in an operating deficit of $1.3 million, slightly less than the $1.4 million deficit reported last year. … The results were contained in the fiscal 2015 report released at the association’s annual meeting Thursday afternoon at Symphony Center.”
Posted October 23, 2015
