The remaining $62 million in the endowment will be placed under the oversight of an independent board.
It is unusual for a non-profit group to withdraw such a large portion of its endowment. But BSO officials, musicians, donors, and outside observers agreed that the orchestra could not continue to operate in debt.
"It is very hard with [such a large] accumulated deficit...to manage and plan the future," Henry Fogel, the president of the American Symphony Orchestra League, told the Sun.
Jane Marvine, a representative of the musicians, said, "We are hoping it will instill donor confidence in the organization."