The Indiana Symphony Society on Monday afternoon at its annual meeting said its financial condition is improving even though it suffered another fiscal-year deficit.
The society, the parent organization of the Indianapolis Symphony Orchestra, said its expenses exceeded revenue by $1.7 million on a budget of $25.6 million for the 2010-2011 fiscal year ended Aug. 31. The deficit was $1 million smaller than the previous year and $1.1 million smaller than two years ago.
The society said earned revenue increased by 3 percent, to $8.1 million, and contributed income increased by 4 percent, to $6.25 million, compared with the previous season.
The ISO reduced its draw from the Indiana Symphony Orchestra Foundation to $7.3 million, a reduction of $848,000 from a year ago. The foundation’s balance as of Aug. 31 stood at $89 million, up from $83.5 million a year ago, but down from a high of $128 million in 2007.
Simon Crookall, president and CEO of the ISO, said the orchestra’s endowment campaign, which started in spring 2010, has raised $30.8 million in gifts and pledges toward its goal of $100 million.
Crookall said his goal is to have a balanced budget by the end of the 2014 fiscal year.
The ISO plans to continue reducing its reliance on the endowment so that the annual draw rate will represent 5 percent of a 36-month average, but it isn’t there yet. This last fiscal year the ISO drew 7.2 percent, which Crookall said that was the lowest amount since 2001.
Crookall said he wouldn’t have been able to reduce the draw without $2 million in “transitional funding” raised in the ongoing campaign.
The next goal for the campaign is to raise $20 million in 2012. Indianapolis Colts owner Jim Irsay and Indiana Pacers owner Herb Simon, honorary campaign co-chairs, did not attend the meeting, but Crookall said both billionaires have already made pledges that'll be announced at a public event in the future.