The BSO will get $7.25 million extra funds from donors. Is it enough to escape financial problems?
The Baltimore Symphony Orchestra announced Tuesday that it has been promised pivotal gifts totaling $7.25 million that officials say will allow the beleaguered organization to pay its outstanding bills, balance its budget this season for the first time in a decade — and start implementing a plan to stabilize its finances.
Since early December, a group of more than a dozen local philanthropists have pledged $6 million for the symphony’s $28 million operating budget, plus an additional $1.25 million to bolster the $60 million endowment.
“This extra money helps us get to sustainability,” said Michael Kaiser, a consultant hired by the orchestra to fix its finances. “We will balance our budget this year, and I plan on balancing our budget every year from now on.
Source: Baltimore Sun
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