Word: deficit
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Dates: during 1960-1969
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...prepared for the nation's top five orchestras-New York, Boston, Philadelphia, Cleveland and Chicago-by the management-consultant firm of McKinsey & Co. Because rocketing costs -most notably, sharply increased salary scales-have not been met by a similar gain in income, the orchestras' combined annual operating deficit rose from $2.9 million in 1964 to $5.7 million in 1968. The loss will soar to $8,000,000 by the 1971-72 season unless drastic steps are taken...
Into Bankruptcy. So large are the deficits that orchestras have been forced to dip into endowments to survive. In the past five years, the Chicago Symphony has had to dip into its endowment so regularly that it has shrunk from $6,200,000 to $1,000,000. In Cleveland, the orchestra is about to tap its endowment fund for $600,000 to help meet a 1968-69 deficit of $1,100,000. If the same thing happens next year, says Orchestra President Alfred M. Rankin, the endowment fund will be wiped out, and the orchestra built by George Szell over...
...earned annual income of $550,000, which left it only $400,000 to raise to meet a $950,000 budget. This past season, the orchestra's earned income rose to $900,000 -but its budget soared to $2,200,000. The Los Angeles Philharmonic's deficit of $500,000 in 1966 has increased...
...strong, and few orchestras really want to quit. Because of union-backed demands, the big five already are operating 52 weeks out of the year. At first glance, it might seem that a longer season would automatically mean more income. But since every concert by every orchestra is a deficit affair, more concerts mean a larger deficit. Los Angeles has expanded its annual schedule from 37 weeks to 46 in the past three years, and the musicians are pushing hard for 52. "Sure, the schedule is murderous," says A.P.M. President Herman Kenin. "But the goal is not 52 weeks...
December 6: Another look at the Radcliffe budget showed disturbing signs. For the first time in more than a decade, Radcliffe had run an operating deficit in 1967-68, and even the planned 15 per cent increase in student fees did not appear likely to head off a bigger deficit...