Toronto Symphony posts surplus for 2015-16 fiscal year

Posted on: December 7, 2016

“There’s good news for the Toronto Symphony Orchestra in its latest annual report,” writes Robert Harris in Tuesday’s (12/6) Globe and Mail (Toronto, CA). “The organization managed to post a surplus for the 2015-16 fiscal year, which ended June 30, of $831,540, and it increased both its number of donors and number of patrons…. The organization’s expenses increased $3-million in fiscal 2015-16…. Production costs were up 9 per cent, marketing up 11 per cent … and administration costs increased 39.7 per cent…. Ticket sales declined slightly in fiscal 2015-16, as did government support. Thus the organization’s surplus was created, in the first instance, by having the Toronto Symphony Foundation … make a contribution to the orchestra of almost $5-million in fiscal 2015-16, more than double its usual contribution…. Fundraising generally was up … now [accounting] for 35 per cent of the organization’s total revenue, a figure that keeps growing every year. The total number of donors to the TSO increased by 15 per cent.… Corporate giving … declined [but] … major gifts and bequests … expanded by more than $2-million.”

Posted December 7, 2016