Mar 18, 2014
By Scott Walker
Another American orchestra has averted financial disaster — for now.
The Memphis Symphony has received two donations of a hundred thousand dollars. Combined with a series of fundraisers, the orchestra was able to narrow a financial shortfall of $400,000.
It means the company will finish this season, but its future remains in jeopardy.
The orchestra had an endowment of $4.5-million in 2005. The board kept dipping into it to keep the books balanced, and the endowment was gone by 2011.
It is not alone. Orchestras in Detroit, Philadelphia, Nashville, Syracuse, New Mexico, Minnesota, Utah, and Louisville have faced precarious financial situations.