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ISO reports smaller deficit after more support from foundation

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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.

 

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  • What's the difference?
    Does anyone really trust anything coming out of the mess that is the ISO board and management? Numbers or otherwise? Poor management. Still no CEO. Still no full time marketing or development director. Marketing and advertising that's somehow gotten WORSE since the musician's return to work. Word that there has been some serious mismanagement of what endowment dollars ARE there. And still it's the musicians taking it on the chin for what amounts to the Bush administration of symphony managements. Makes no sense. And that they took such an embarrassing and disrespectful deal while giving up the leverage they had by holding out for Yuletide will never make sense to me. It's no surprise that the best and brightest of our musicians are actively seeking opportunities elsewhere as predicted. In the end, Indy will get exactly what it deserves...the Indianapolis Community Orchestra...to go with its "revitalized" Indian-noplace image.
  • 2010/2011?
    Are you sure you don't mean 2011/2012? I wouldn't think the Society is just now reporting on numbers that are over a year old.

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  1. to mention the rest of Molly's experience- she served as Communications Director for the Indianapolis Department of Public Works and also did communications for the state. She's incredibly qualified for this role and has a real love for Indianapolis and Indiana. Best of luck to her!

  2. Shall we not demand the same scrutiny for law schools, med schools, heaven forbid, business schools, etc.? How many law school grads are servers? How many business start ups fail and how many business grads get low paying jobs because there are so few high paying positions available? Why does our legislature continue to demean public schools and give taxpayer dollars to charters and private schools, ($171 million last year), rather than investing in our community schools? We are on a course of disaster regarding our public school attitudes unless we change our thinking in a short time.

  3. I agree with the other reader's comment about the chunky tomato soup. I found myself wanting a breadstick to dip into it. It tasted more like a marinara sauce; I couldn't eat it as a soup. In general, I liked the place... but doubt that I'll frequent it once the novelty wears off.

  4. The Indiana toll road used to have some of the cleanest bathrooms you could find on the road. After the lease they went downhill quickly. While not the grossest you'll see, they hover a bit below average. Am not sure if this is indicative of the entire deal or merely a portion of it. But the goals of anyone taking over the lease will always be at odds. The fewer repairs they make, the more money they earn since they have a virtual monopoly on travel from Cleveland to Chicago. So they only comply to satisfy the rules. It's hard to hand public works over to private enterprise. The incentives are misaligned. In true competition, you'd have multiple roads, each build by different companies motivated to make theirs more attractive. Working to attract customers is very different than working to maximize profit on people who have no choice but to choose your road. Of course, we all know two roads would be even more ridiculous.

  5. The State is in a perfect position. The consortium overpaid for leasing the toll road. Good for the State. The money they paid is being used across the State to upgrade roads and bridges and employ people at at time most of the country is scrambling to fund basic repairs. Good for the State. Indiana taxpayers are no longer subsidizing the toll roads to the tune of millions a year as we had for the last 20 years because the legislature did not have the guts to raise tolls. Good for the State. If the consortium fails, they either find another operator, acceptable to the State, to buy them out or the road gets turned back over to the State and we keep the Billions. Good for the State. Pat Bauer is no longer the Majority or Minority Leader of the House. Good for the State. Anyway you look at this, the State received billions of dollars for an assett the taxpayers were subsidizing, the State does not have to pay to maintain the road for 70 years. I am having trouble seeing the downside.

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