TURNS PROFIT | Donations, ticket sales increase for 2008-09
Crediting the unusually strong relationship between the city's world-renowned orchestra and its audience and Chicago's business leadership, the Chicago Symphony Orchestra Association announced Wednesday that it has been weathering the economic downturn and remains in the black for the third consecutive year.
Many U.S. cultural and academic institutions have seen tremendous drops in their endowment and philanthropic contributions and many orchestras have been cutting back on touring and performances or personnel. But CSO Association President Deborah F. Rutter reported Wednesday at the CSO's annual meeting at Orchestra Hall that annual fund support had actually increased by 6 percent to $20.9 million over the previous fiscal year in 2008-2009 and that total ticket sales for all events at Symphony Center were also up to $20.7 million, which marks the second best season.
CSO chairman William A. Osborn credited "diligence, swift action, creativity, and partnership" by the board's leadership and investment committee in keeping the loss of endowment down to about 16 percent when many other portfolios lost roughly a third of their value. Total assets declined to $396 million, which reflects depreciation of the value of the Symphony Center complex. The endowment stood at $184 million at year's end.
The budget surplus of $20,000 on operating expenses of $64 million "exceeded our expectations," Rutter said. "We took real hits, as everyone did, from last September 15 through Election Day in November. But then people started coming forward again both in terms of giving and of buying tickets and subscriptions."
Rutter also pointed to "extremely tight expense management" and the second year of a voluntary salary reduction as a part of the current contract with CSO musicians as reasons for staving off layoffs or tour cancellations.
Subscription sales wound up 2 percent higher than the previous year with a capacity of 82 percent for the main series of CSO concerts. Single-ticket sales rebounded as the season drew to a close, when the CSO's Dvořák Festival played to houses of 90 percent and brought in ticket revenue of just under $1.7 million, far exceeding forecasts.
More than 14,000 individuals, corporations, foundations and government agencies donated to the CSO this year, another record number. "This is a reminder that every gift really does make a difference," Rutter said.
"This coming year presents its own challenges," she said. "And some of last year's gifts were installments of multiyear pledges. But we are encouraged that current subscription renewals are still a strong 85 percent and that single ticket sales this year are already up by almost 15 percent since our box office opened two months ago."
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