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November 05, 2008
Calif. Orchestras Lay Off Executives
The Orchestras of Pasadena, facing a budget shortfall because of losses in endowment revenue and a lack of donations, has laid off two executives, canceled concerts, and started an emergency fund-raising campaign, reports the Los Angeles Times.
The organization, which comprises the Pasadena Symphony and Pasadena Pops, needs to raise $3.5-million to $4-million to save 14 concerts on its schedule, the paper reports. Its budget was projected at $5.3-million for the current season, but its endowment dropped from $8.5-million to less than $5-million due to stock-market losses.
Interim executive director Jean Horton, a board member and financial consultant, tells the paper he expects the campaign to be tough.
“Large and small [orchestras] are sweating right now,” Mr. Horton says. “I can’t imagine anybody not being worried about their contribution base.”
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This organization clearly displayed poor financial stewardship. I read no mention of any finacial plans/policies to prevent a recurrence.
Obviously they are better at playing music than playing the stock market.
— Geoff Nov 5, 02:05 PM #