Minnesota Orchestra Reduces Deficit, Increases Assets in Fiscal 2022 Report

“A return to weekly concerts has helped the Minnesota Orchestra shrink what was a multimillion-dollar deficit,” writes Jenna Ross in Wednesday’s (1/25) Minneapolis Star-Tribune (login required). “The nonprofit reported Wednesday an operating loss of $656,000 in fiscal year 2022, which ended in August, after a full season of in-person performances. That deficit … is an improvement compared with the previous year, when the orchestra posted a $6.3 million loss after the orchestra played only 13 ticketed concerts to limited in-person audiences. It’s the result of ‘incredible generosity from donors and people coming back for concerts,’ president and CEO Michelle Miller Burns said … The year included a season of celebrations for outgoing music director Osmo Vänskä … and a grand finale featuring Mahler’s ‘Symphony of a Thousand.’ With its full calendar, the orchestra brought in $8.1 million in operating revenue, up from just $662,000 the year before…. Concert capacity in fiscal year 2022 reached 79%, ‘not yet attaining pre-pandemic levels but indicating a steady return …’ according to the orchestra’s annual report. COVID-19 restrictions limited food and beverage sales and hall rentals. Burns expects such revenue sources to pick up.”