Upbeat fiscal news for Colorado Springs Philharmonic

Posted on: October 22, 2019

“The Colorado Springs Philharmonic is a complex business,” writes John Hazlehurst in Friday’s (10/18) Colorado Springs Business Journal (subscription required). “The Philharmonic traces its origins back to 1927, when … local musicians … banded together to form the Colorado Springs Symphony Ensemble … The CSS declared bankruptcy in March 2003. Within weeks, the Philharmonic was formed…. In less than six months, the Philharmonic raised $835,000 to fund the 2003-2004 season…. That first season was a success, and the Philharmonic … now substantially surpasses it. For the year ended July 31, 2018, the Philharmonic reported total revenue of $3.6 million… The most significant item on the organization’s balance sheet is one that isn’t there: debt. There’s no long-term debt, and the organization’s $300,000 revolving line of credit had no outstanding balance as of July 31, 2018…. Eleven years ago, Nathan Newbrough became executive director of the Philharmonic. Three years later, Josep Caballé-Domenech became music director…. During that time, the Philharmonic has grown and thrived…. Revenue comes almost entirely from ticket sales and contributions…. ‘Most symphonies get around 40 percent from tickets, 60 percent from contributions,’ Newbrough said. ‘We’ve reversed that. We get about 57 percent from ticket sales.’ ”

Posted October 22, 2019