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Symphony reports $293,000 shortfall

November 17, 2008
In a sign of financial challenges ahead, the Indianapolis Symphony Orchestra yesterday reported a 1-percent budget shortfall for the fiscal year ended Aug. 31. Expenses exceeded revenue by $293,000, or 1 percent of the $26.8 million budget.

CEO Simon Crookall said income from ticket sales and contributions did not keep pace with rising expenses for production, operations and educational programs.

About 30 percent of the ISO's revenue was from earned income, such as ticket sales. About 23 percent was from contributions, and 32 percent came from the ISO Foundation. The symphony notes that draws from its endowment have remained flat since 2003.

A year ago, the ISO said it resorted to "extraordinary means," including one-time bridge donations, to balance its $26.7 million budget. At that time, the ISO noted that expenses had increased from the previous year by 1 percent, but that it's "continually challenged" to curtail expenses and locate bridge funding.
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