Phoenix Symphony suspends season as musicians call for financial transparency
Phoenix Symphony Board says funds aren't available to keep open due to increased costs
The Phoenix Symphony has suspended its season as rising operating costs drain reserves. FOX 10's Andrew Christiansen has more on the musicians calling for financial transparency as the board works to raise needed funds.
PHOENIX - The curtain is closing on the Phoenix Symphony, with their final performance set for next Sunday. Musicians who perform with the symphony say the venue is not just their livelihood, but a place that holds many memories.
Financial Issues:
According to the Phoenix Symphony Board, federal relief funds helped keep the organization afloat during the pandemic, but much of its current endowment is restricted by donors. Those restricted funds cannot be used to pay daily operating bills.
By the numbers:
Internal records from the Phoenix Symphony indicate the organization had more than $8 million in net assets at the end of 2022. Since that time, operating costs have continued to outpace revenues and the amounts raised through donations, draining cash reserves. The board stated that leaders managed to cut the deficit by 70% through increased fundraising, slashing administrative costs, and boosting ticket sales. However, donations this year did not meet expectations.
What they're saying:
Isabel Tannenbaum, assistant principal viola for the Phoenix Symphony, expressed a willingness to make sacrifices, so performances could go on.
"We the musicians deserve transparency in terms of how the finances have been handled in the past, how they need to be handled moving forward, and what we can do to help. My colleagues, and I, were more than willing to take our fair share of cuts this season and do what we needed to keep moving forward," Tannenbaum said.
Dig deeper:
Board members said they did not sound the alarm earlier because they did not want to interrupt performances or reduce the size of the orchestra. Some contributed personal funds or provided loans while launching a fundraising campaign, but they noted those efforts were not enough.
What's next:
The Phoenix Symphony said leaders have suspended the season rather than canceled it. The organization aims to reopen the season, though leadership remains uncertain about the timeline.
Officials with the City of Phoenix said that if the season continues, the city will do everything possible to accommodate the symphony or any new businesses brought into Symphony Hall.
The Source: Information in this report was gathered from the Phoenix Symphony Board; internal Phoenix Symphony financial records; Isabel Tannenbaum, assistant principal viola with the Phoenix Symphony; the City of Phoenix; and Andrew Christiansen, reporter with FOX 10 News.