The Indianapolis Symphony Society on Monday said its expenses exceeded revenue by $900,000 in the 2011-2012 fiscal year despite $11.4 million in funding from its endowment.
The society, the parent organization of the Indianapolis Symphony Orchestra, said the operating deficit was an improvement from a $1.7 million deficit the previous fiscal year. Operating expenses were $27 million for the latest year, compared to $25.7 million the prior year.
The society increased its draw from the Indianapolis Symphony Orchestra Foundation to $11.4 million from $7.3 million in the previous year.
The ISO also announced it had received $2.2 million in new pledges in the past seven weeks as part of an agreement that requires the symphony to raise $5 million by February.
If the group does not hit its $5 million mark, a collective bargaining agreement between the society and the musicians union will dissolve and negotiators will have to return to the bargaining table.
The 2012-2013 season started late this year after ISO management locked out musicians in September, saying the organization could no longer afford the previous contracts.
Negotiators settled on concessionary contracts that cut starting pay from $78,000 to $53,000 in the first year. Salaries will regain some ground each year, landing at $70,000 by the end of the five-year agreements.
The $5 million fundraiser kicks off more aggressive efforts to pull in money outside of the ISO’s endowment.
By 2014, the ISO wants to raise $12.6 million.
The ISO on Monday also announced the impending retirement of vice president and general manager Tom Ramsey, a 28-year veteran of the organization.