2018 audit notes “substantial uncertainty about Baltimore Symphony’s ability to continue as going concern”

Posted on: July 16, 2019

“The Baltimore Symphony Orchestra announced Monday that the results of an audit for the last fiscal year raises doubts that the BSO will remain financially viable for the next twelve months,” writes Mary Carole McCauley in Monday’s (7/15) Baltimore Sun. “ ‘The audit report on the BSO’s finances for the year ended Aug. 31, 2018 notes that there is substantial uncertainty about the BSO’s ability to continue as a going concern,’ according to a symphony press release. The release said the auditors’ conclusions are ‘based in part upon concerns the BSO will be unable to meet its contributed revenue and earned revenue forecasts while efforts continue to reach agreement on a new collective bargaining agreement.’ A determination as to whether an enterprise is a going concern expresses the auditor’s opinion as to whether the organization has the financial resources to remain in business … Though the BSO summarized the auditor’s findings, it did not immediately release a copy of the audit…. Brian Prechtl, co-chair of the Players Committee, said the union has requested a copy of the audit but has not yet seen it.” Musicians and orchestra management are in the midst of a contract dispute, and the musicians have been locked out since June 17.

Posted July 16, 2019