“The Baltimore Symphony Orchestra has raised more than $42 million toward a $65 million ‘Second Century’ fundraising campaign aimed at boosting the organization’s endowment and educational activities,” writes Tim Smith in Monday’s (1/22) Baltimore Sun. “The orchestra has set a goal of raising the remaining $22.4 million during the public phrase of the campaign announced Monday by December 2019…. The campaign, tagged ‘Resounding: The Campaign for the BSO’s Second Century,’ aims to add $50 million to the BSO’s endowment, currently valued around $72 million. In addition, $10 million will be earmarked for the BSO’s Baltimore Symphony Youth Orchestras and OrchKids education program. And $5 million will support the orchestra’s annual fund, which supports about 60 percent of the operating budget…. Although the orchestra’s board has committed to balance its current annual operating budget of about $28 million, recent years have seen sizable deficits…. The most recent publicly filed tax form from the organization, for 2015, shows a deficit of $13.5 million.” Said President and CEO Peter Kjome, “Over time, we will reduce the accumulated deficit. It will be addressed in a new five-year strategic plan we are developing with a committee of board members, musicians and staff to support our objectives and dreams for the future.”
Posted January 23, 2018
