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The Minnesota Opera Board of Directors Approves the Fiscal Year 2014 Audit

By: Oct. 16, 2014
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The Minnesota Opera Board of Directors approves the fiscal year 2014 financial audit which posts a $173,000 deficit over a $9.8 million budget. We face this current deficit with a renewed commitment to producing award-winning operatic works in ways that lead to excellent financial standing.

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Minnesota Opera moves forward with organizational plans to eliminate future deficits and return to its history of balanced budgets. President and General Director Kevin Ramach comments, "When it became apparent that Minnesota Opera would post a deficit in 2014, we began implementing positive changes including restructuring the company operations to streamline our fundraising, marketing, and communications efforts. We have engaged an external consultant to review our policies and procedures in the finance department in order to improve our productivity and efficiency. We are extremely grateful to our opera donors for their continued support as we review our administrative processes to correct this deficit."

"The artistic product of Minnesota Opera is superb," says Jim Johnson, Chair of the Board of Directors. He continues, "the last two seasons have been just spectacular. We are confident that we can build the financial support we need in this community by making more people aware that Minnesota Opera is regarded nationally as one of the most innovative opera companies in the United States."

Highlights from the 2013-2014 season included achieving a 14-year high in subscription sales, The Magic Flute selling more seats than any production in our history, and annual contributions growing by more than $250,000 over the previous year. Minnesota Opera reached more than 10,000 students through its K-12 education programs, and 2,000 students attended fully-staged dress rehearsals at Ordway. Generous support from our donors made it possible for Minnesota Opera to reach over 675,000 people with a national broadcast on PBS of the world premiere and Pulitzer Prize-winning Silent Night.Minnesota Opera celebrated the completion of the $7 million New Works Initiative (NWI) campaign. With the resounding success of the NWI, Minnesota Opera continues its commitment to championing new works with the previously announced commissions ofThe Shining, Dinner at Eight, and Cold Mountain.

Minnesota Opera's 2014-2015 season began with a free outdoor simulcast of the opening night performance of Puccini's La fanciulla del West in downtown St. Paul's Rice Park. We received 2,000 registrations for the event, but due to the inclement weather, 750 hearty Minnesotans attended the simulcast. Throughout the season, a new partnership with Hennepin County Public Libraries offers free classes and recitals to the community. Minnesota Opera's renowned Artistic Director Dale Johnson, celebrates 30 years with the company, and has crafted a sensational season to commemorate this milestone. Up next is Humperdinck's deceptively sweet fairy tale, Hansel and Gretel; Donizetti's effervescent comedy, The Elixir of Love; Pulitzer Prize winner Kevin Puts' world premiere of The Manchurian Candidate; and Bizet's sizzling tour de force, Carmen.

For more information, including the fiscal year 2014 audit, visit mnopera.org.



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