Charleston Symphony On Verge Of Collapse

South Carolina’s Charleston Symphony Orchestra is on the brink of bankruptcy due to years of red ink and an inability to generate new donations, even after the orchestra’s musicians took an 18% pay cut in 2003. “The orchestra finished the [2006] fiscal year, which ended June 30, to the tune of $179,000 in the red. At the same time, the orchestra’s cash reserves have plunged 85 percent, from $606,223 to $93,010.” CSO officials have set a February drop-dead date after which the orchestra will be unable to continue operations without a major influx of cash.