At its annual meeting of members, the SPCO announced a balanced budget with an operating surplus of $74,135 for FY20. This was its 25th balanced budget in the past 27 years. Expenses and revenue both decreased by approximately 11% compared to FY19 due to concert cancellations and economic conditions.
Of the SPCO’s nearly $10 million in revenue, 15 percent was earned, 19 percent came from its endowment and 66 percent was support from individuals, foundations, corporations and institutions. The total amount contributed to its Annual Fund fell by 7 percent from FY19. Corporate giving declined; individual giving stayed relatively stable. Many patrons continued their monthly memberships during the pandemic and turned their ticket purchases into contributions.
The surplus was added to the SPCO’s prophetic Rainy Day Fund, created by the orchestra’s board in 2017 to guard against future economic downturns. The original goal for the fund was $1 million, then 10% of the SPCO’s operating budget. The fund now stands at $762,000. Nine months into the pandemic, the SPCO has maintained salary and benefit levels for all musicians and staff. There have been no staffing or salary reductions.
Because concerts were canceled from mid-March through the end of the 2019-20 season, fewer audience members attended concerts in person. But factoring in visits to the SPCO’s robust online Concert Library, the SPCO reached its largest audience ever. The overall audience was just under 287,000, nearly 100,000 more than in 2018-19.
The Concert Library offers free video and audio streaming of SPCO concerts and has been home to the orchestra’s COVID-era livestreams and encore broadcasts. The Concert Library has also served as a learning and enrichment tool during the pandemic with newly created engagement resources for children, families and educators.
Its launch in June 2017 also turned out to be prophetic. “We could not have imagined that one day, the Concert Library would become our only means for delivering on our mission to share music with our community,” SPCO Artistic Director and Principal Violin Kyu-Young Kim said in a statement.
Pre-pandemic, three newly appointed SPCO musicians began their tenures with the orchestra: Cassie Pilgrim, principal oboe; Richard Belcher, cello; and Eunae Koh, violin. A new artistic partner, Rob Kapilow, made his debut in April. (In May, all five artistic partners were furloughed to reduce expenses.) The SPCO and Capri Theater presented the second Northside Celebration, and the orchestra premiered four new works.
When COVID hit, the SPCO’s senior leadership and board set three main objectives for navigating the crisis: maintaining the organization’s financial health and sustainability, maintaining employment and compensation for staff and musicians, and adding as much value as possible to the community by sharing music in a safe and responsible manner. Said Managing Director and President Jon Limbacher, “We are so pleased that we’ve been able to achieve these core objectives to date.”
The picks
V is for virtual, L is for live and in person.
V Saturday, Dec. 19, 7 p.m.: Penumbra Theatre: Celebration of the Soul. A virtual concert of favorites from Penumbra’s beloved “Black Nativity,” always one of the most genuinely uplifting and inspiring events of the holiday season. We will sorely miss the live experience but are grateful that Penumbra will host what they’re calling “a warm, casual gathering.” With Greta Oglesby, Dennis Spears and Jamecia Bennett, hosted by T. Mychael Rambo and Regina Marie Williams, musical direction from Sanford Moore, directed by Lou Bellamy. Free, with registration required and donations appreciated.
V Saturday, Dec. 19, 7 p.m.: Hennepin Theatre Trust: “A (Virtual) Christmas Vacation with the Griswolds: An Evening with Chevy Chase and Beverly D’Angelo.” Families have their favorite Christmas films. For some, “It’s a Wonderful Life.” For others, “National Lampoon’s Christmas Vacation.” The Griswold magic lives on in a salute to the holiday classic. Chevy Chase (Clark) and Beverly D’Angelo (Ellen) will share clips, quips, behind-the-scenes moments and memories. They will also take questions in a live audience Q&A. FMI and tickets ($25/$50/$150).