“A fourth consecutive year of record-breaking ticket sales and fundraising has put the Chicago Symphony Orchestra Association on solid financial footing, despite a shortfall of roughly $1.4 million between operating expenses and revenues,” writes John von Rhein in Tuesday’s (10/14) Chicago Tribune. “The results were in the financial statement for the year ending June 30…. A total of $32 million in commitments to the association’s endowment came from the Zell Family Foundation and the Negaunee Foundation, along with $2 million from Trustee Randy Berlin and her husband, Melvin Berlin.… While operating revenues rose to $76.6 million (a 4 percent increase over revenues in fiscal 2013), operating expenses totaled $78.1 million, resulting in a deficit of just over $1.4 million. The association reported a record $22.4 million in ticket sales, a slight increase over last year’s $22.3 million…. Nearly 386,000 tickets were sold for 240 ticketed concerts…. Mirroring a national trend of declining subscription ticket sales at performing arts organizations, CSO subscriptions amounted to 50 percent of the total ticket sales last year, the same as for fiscal 2013 and slightly lower than the 52 percent reported in fiscal 2012.… The CSO’s current subscription renewal rate stands at more than 90 percent, among the highest of any major U.S. orchestra.”
Posted October 15, 2014
