The Philadelphia Orchestra’s Little Deficit Problem

The Philadelphia Orchestra had a deficit of $1 million on a $35 million budget last season. Not too bad, considering. “But look a little deeper, and the real problem becomes obvious. Since 1999, the orchestra has racked up a total of roughly $14 million in deficits, and only about $8 million of that has been paid off – through bequests from, among others, Gretel Ormandy, the widow of Eugene Ormandy, the orchestra’s fourth music director. The orchestra has covered the rest, about $5 million, by borrowing from its endowment.”