October 28, 2010
FOR IMMEDIATE RELEASE
OREGON SYMPHONY REPORTS A BALANCED BUDGET,
ELIMINATION OF ITS LONG-TERM DEBT
Six New Board Members Elected at Association’s Annual Meeting
(PORTLAND, Ore.) – The Oregon Symphony Association, Portland’s largest performing-arts organization, today released its audited financial statements for the fiscal year that ended June 30. It was a year marked by significant financial progress, including the association’s first balanced budget in several seasons and the payoff of its $7 million long-term bank debt.
At a meeting Tuesday afternoon of the Oregon Symphony Association Board of Directors, the organization reported that …
“We knew the recession would hit us hard this year,” said President Elaine Calder. “The fact that we were able to balance the books, pay off the bank debt and defer almost half a million dollars to support this current year’s activities seems nothing short of remarkable.
“These achievements attest to the commitment of everyone associated with the Oregon Symphony. Musicians, conductors and staff members accepted wage concessions that reduced their incomes by 13 percent, board members approved significant changes to our financial structure, and our suppliers and donors added their support in any number of ways throughout a very difficult season. Finally, the unexpected number of large bequests is a testament to earlier boards, musicians and managers and the strong relationships they developed with donors who sadly are no longer with us.”
Earlier in the month, at the Oregon Symphony Association’s annual meeting held Oct. 9 at the Arlene Schnitzer Concert Hall, Board Chairman Walter E. Weyler first reported to members that the annual audit would show an improving bottom line. “The financial situation is much improved,” Weyler said at the meeting. “I’m not saying it’s fixed – it’s still fragile – but it’s much improved.”
Cellist Trevor Fitzpatrick, chairman of the musicians’ Orchestra Committee, also spoke at the meeting.
“We have great management and staff who have turned this orchestra around almost a full 180 degrees. We have an orchestra that has never sounded better,” Fitzpatrick told attendees. “We just need to make sure we keep moving forward.”
The association also elected six new members to three-year terms on its Board of Directors. They are:
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