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The Florida Orchestra Names Officers, Has Increase In Net Assets And Deficit

James R. Gillespie was elected chairman of the board of directors of The Florida Orchestra at the orchestra’s annual meeting. Other officers elected were Mort Richter as the vice chairman and chairman elect; Dr. Susan Betzer as secretary; and David Ness as treasurer.

The orchestra’s audited fiscal 2006 financial statements indicate that the orchestra’s total net assets increased by $804,232. Included in the increase was a gift of $1 million received by the orchestra in fiscal 2006 that was restricted by the donor to fund capital improvements, making it unavailable for general operating purposes.  The combination of this gift with contributions to the orchestra’s endowment and pledged contributions for this season and beyond increased total net assets by $1,480,847, bridging the gap between the operating deficit and over-all increase in net assets.

In reporting on the orchestra’s 2006 fiscal year, it was announced that there was a $676,615 operating deficit with audited expenses of $10,164,224 and audited revenue of $9,487,609. There were three principal reasons for this shortfall.  First, with the renovation of the Mahaffey Theater last season, the orchestra was required to perform the majority of its St. Petersburg concerts in the Pasadena Community Church, which did not draw large enough audiences to generate even the reduced revenue figures that had been forecast for this alternative performance facility.  Second, due to hurricanes Katrina and Rita and the resulting shortage of labor and certain building materials in the bay area, the reopening of the Mahaffey Theater was delayed. This necessitated rescheduling the gala concert with pianist Van Cliburn from last season to the current season, also contributing to the revenue shortfall.  Finally, along with so many other good causes, the Federal Department of Education did not continue for last fiscal year a grant of $248,000 received in the prior fiscal year.