Chicago Symphony reports $1.1 million deficit, substantial endowment increase for fiscal 2019

Posted on: October 25, 2019

“After this year’s seven-week strike by the Chicago Symphony Orchestra, the longest in its history, the institution’s deficit increased by a modest $200,000 over the previous fiscal year,” writes Howard Reich in Wednesday’s (10/23) Chicago Tribune. “Total operating expenses came to $70.2 million, against $69.1 million in total revenues, resulting in a deficit of $1.1 million, the Chicago Symphony Orchestra Association announced Wednesday afternoon…. The strike led to the cancellation of 50 ticketed events. But the institution’s endowment investments increased to $314 million during the recent fiscal year, which ended June 30, from $303 million in 2018…. ‘We were happy that we were able to contain our losses to a reasonable figure,’ said CSOA president Jeff Alexander…. General operating support of $25.3 million was 3 percent higher than in fiscal year 2018…. The CSO’s concert performances of Verdi’s ‘Aida’ and a Florida tour, both conducted by music director Riccardo Muti, plus cellist Yo-Yo Ma’s Bach performance at Millennium Park, ‘enabled us to raise more money,’ said Alexander…. The CSO Main series subscription renewal rate was 88.9 percent…. The CSOA also increased audience engagement via digital media … Audio streams of CSO Resound recordings and broadcasts exceeded 1.8 million.”

Posted October 25, 2019