Baltimore Symphony Cashes in Endowment to Pay Debt

Classic Arts News   Baltimore Symphony Cashes in Endowment to Pay Debt
 
The Baltimore Symphony will withdraw $27.5 million from its endowment to repay its $16 million accumulated debt and create a cash reserve, the Baltimore Symphony reports.

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."


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