$5 Million of Breathing Room In Toronto

The Toronto Symphony, which has struggled to stay solvent in recent years, was significantly buoyed this week by news that it would be receiving a $5 million gift from a single donor – the largest such donation in the TSO’s history. “With a Toronto building spree that includes an opera house, two museum makeovers and two great arts-education institutions, the TSO has been having a rough time wooing donors. After all, it has no building project — just a scarily mounting deficit, currently at $9.5 million.” $4 million of the gift must go to the orchestra’s long-term endowment, but the remaining million can be used to pay down debt.