ISO Faces Financial Shortfall
(photo courtesy Indianapolis Symphony Orchestra)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Indianapolis Symphony Society is closing out the 2018-19 fiscal year by highlighting the artistic achievements, but at the same time, the organization is reporting an operating loss of $751,000. During the same period a year ago, the Symphony reported a loss of just over $1 million.
The Symphony released its audited financial results during its annual meeting this week. During the meeting, Chief Executive Officer James Johnson said the organization is addressing the shortfall.
“Last summer, we began an unprecedented program to evaluate and, as needed, change every aspect of the way we do business,” said Johnson.
He says the staff and board are engaged in better planning, collaboration among departments, greater accountability and fiscal transparency to support the Indianapolis Symphony Orchestra.
“We are confident these changes will allow us to better anticipate challenges and take advantage of opportunities in the current fiscal year and for the long-term strength and stability of our organization,” Johnson said.
The Fiscal Year 2019 financial summary for the Symphony also reported:
- Ticket sales revenue passed $11 million for the second year in a row.
- Annual fund contributions totaled $8.4 million.
- Total operating income for FY19 was $27.4 million, with audited results reporting a general operating loss of $751,000.
- Overall attendance totaled 297,899 patrons.
- More than 13,000 new households attended ISO concerts during FY19.
Beyond the financial outlook, Johnson says a new concertmaster could be named as soon as early 2020. He also said the search is beginning to identify the successor to ISO Music Director Krzysztof Urbanski, whose tenure will conclude following the 2020-2021 season.
Click here to view the financial report.