The Chicago Symphony Orchestra Association Announces $4.4 Million Deficit For 2020 Fiscal Year
CSOA made this announcement at its annual meeting which was held online on November 10.
By: Stephi Wild Nov. 11, 2020
The Chicago Symphony Orchestra Association has announced a $4.4 million operating deficit for the fiscal year 2020, The Chicago Tribune reports.
CSOA made this announcement at its annual meeting which was held online on November 10.
The fiscal year ran from July 1, 2019 through June 30, 2020, which includes over three months of cancelled performances due to the pandemic.
Total revenue from ticket sales, operations and contributions was $62.9 million, and its operating expenses totaled $67.4 million.
"No deficit would have been better," said CSOA President Jeff Alexander. "But it was $4.4 million after being thrown such a gigantic curve: the last 3-1/2 months of our season having to be canceled."
The CSOA was not eligible for Payroll Protection Program relief "due to the size of the organization," according to the CSOA statement.
The organization currently has canceled all concerts through March 30, 2021.
Read more on The Chicago Tribune.
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