Tuesday’s (10/19) Tampa Bay Business Journal (Florida) reports, “The Florida Orchestra says it has raised $8 million in gifts and pledges to its Endowment and Annual Fund in response to a new business plan. The Florida Orchestra has struggled in past years with an annual structural deficit of roughly $2.8 million. It has managed the shortfall in a variety of ways, primarily through large onetime gifts. More recently, it created a Bridge Fund as a way to develop a sustainability campaign. While it saw signs of early success, it was cut short by the recession, a release said. The board began work on a turnaround business plan earlier this year. … Included in the $8 million is a three-year pledge of $3.6 million for this purpose and a portion of those funds were made available at the start of the season. The plans come as the opening of the 2010/2011 concert season gets underway. Moving forward, the orchestra will need to raise remaining revenue through increased fundraising for the Annual Fund and special projects, it said.”
Posted October 19, 2010
