The Columbus Symphony Orchestra (CSO) has finished the 2009-10 fiscal year with a balanced budget after once projecting as much as a $1.5 million deficit. During the first five months of the new management agreement with the Columbus Association for the Performing Arts (CAPA), the CSO was able to reduce the 2009-10 expense budget from $8.9 million to $8.2 million. Preliminary results indicate this year's operating gain will eliminate the CSO's operating fund balance deficit so that the Symphony will end the year with positive operating net assets. This will be the first time since 1996 that the CSO has finished a fiscal year with positive operating net assets.
"This is a remarkable turnaround in a short amount of time," stat
Ed Martin Inglis, CSO Board Chair. "We are thrilled with the support we have received from the community along with the results of our new partnership with CAPA and the musicians. We are optimistic that our continued, combined efforts will result in a stable future for live, classical music in Columbus."
The Symphony received a challenge grant from Franklin County and the City of Columbus for $250,000 each. Those funds were then matched with $500,000 of private and corporate donations through the extensive joint fundraising efforts of the CSO and CAPA.
"We are proud to play a part in the stabilization of the Columbus Symphony, saving 65 full-time jobs and upholding the quality of life in Columbus," stated John O'Grady, President of the Franklin County Commissioners.
"We applaud this innovative public/private partnership which has saved the Columbus Symphony," stated Michael Mentel, President of Columbus City Council. "This Council, with the help of Finance Committee Chair Andrew Ginther, will continue to look for ways to support important artistic staples in the community."
Corporate contributors to the match include the AEP Foundation, Battelle Memorial Institute, Cardinal Health Foundation, Fifth Third Bank, Honda of America Mfg., Inc., Limited Brands Foundation, PNC Bank, and Safelite Auto Glass Foundation. In addition, significant leadership gifts were received from Huntington National Bank, Nationwide Insurance, and a number of individual patrons along with operating support from The Columbus Foundation, Greater Columbus
Arts Council and Ohio
Arts Council.
"A great city needs a great orchestra," said Columbus Mayor Michael B. Coleman. "The CSO and CAPA have made outstanding efforts to ensure a future for the Symphony, and Columbus will be a better city for it."
The CSO's budget for the 2010-11 season is $7.0 million as a result of the revised contract with the musicians and the new management agreement with CAPA.
"We are heartened by the significant progress accomplished to date, and look forward to participating in a viable and vital future for the Symphony," said Betsy Sturdevant, Columbus Symphony Orchestra Committee Chair.
In April 2010, the CSO entered into a 5-year agreement with CAPA to manage its finance, accounting, marketing, advertising, publicity, graphics, IT, ticketing, human resources, and operations functions. In addition, Bill Conner, President and CEO of CAPA, is serving as volunteer Managing Director and CEO for the Symphony.
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