St. Paul Chamber Orchestra reports balanced budget for fiscal 2015

Posted on: December 9, 2015

“The St. Paul Chamber Orchestra reported Tuesday that it had a balanced budget—its 20th in 22 years—in the fiscal year ended June 30,” writes Kristin Tillotson in Tuesday’s (12/8) Star Tribune (Minneapolis). “The orchestra also reported its highest net ticket revenue ever, more than $1.54 million. ‘It seems counterintuitive, but it has increased since we lowered ticket prices,’ said marketing director Lindsey Thoreson Hansen. The SPCO ended fiscal 2014-15 with a slim surplus of $17,155 after total expenses of $10.3 million…. While the total number of donors remained flat (at just over 5,500), gifts to the orchestra’s annual fund grew by 5 percent…. The SPCO’s endowment remained at about $39.5 million.… The organization continues to report no long-term debt and says it will raise an additional $10 million through legacy giving by the end of fiscal 2017…. Since the fiscal year ended, the SPCO has signed a two-year contract extension for musicians and arranged a succession plan for president Bruce Coppock, who in January is retiring…. His duties will be taken over by the orchestra’s principal second violinist, Kyu-Young Kim, as artistic director and Jon Limbacher, a former SPCO vice president and chief operating officer, as president and managing director.”

Posted December 9, 2015