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The Minnesota Orchestra announced a $655,575 operating loss for fiscal year 2022 on Wednesday. That’s down from a $6.3 million loss in 2021 as audiences have continued to return to live performances.
“The 2021-22 season marked a turning point, bringing a gradual easing of pandemic precautions and a return to performances for in-person audiences,” said Joseph T. Green, who completed his two-year term as chair of the board last week. “With audiences returning to the concert hall and donors showing remarkable generosity, the orchestra has continued to make steady progress in emerging from the pandemic with our financial position solid and our connection to this community stronger than ever.”
The orchestra has had an eventful year. Music director Osmo Vanska stepped down after 10 months of special concerts, while Danish conductor Thomas Sondergard assumed the role. The orchestra also returned to full-time live performances, resumed its Mahler Symphonies recording project and kicked off the new Summer at Orchestra Hall festival.
The board elected Nancy E. Lindahl as its new leader. Lindahl was chair of the 1994 Symphony Ball, joined the board in 1998, served as honorary co-chair of the 2010 Symphony Ball, was named a life director in 2016 and co-chaired the president search committee in 2018.
The orchestra performed 110 concerts for in-person audiences last season and 11 were also broadcast on TV, radio and online. Total audience capacity reached 79 percent. The return to a full season brought operating revenue back to more typical levels, although facility rentals and food and beverage sales lagged behind due to COVID precautions. Total operating revenue for 2022 reached $8.2 million, compared to the previous year when the orchestra performed just 13 ticketed concerts and brought in a total operating revenue of $661,735.
Total net assets grew $3 million to reach $183 million. Total contributions — including annual fund donations, major gifts, Symphony Ball revenue, trust distributions and Save Our Stage Act grant money — reached $28.8 million, compared to $18.3 million the year prior. Total expenses were $39 million, up from $27 million.
RELATED: St. Paul Chamber Orchestra wraps 2021-22 season with $163,393 surplus
“Thanks to loyal audiences and extraordinary donor generosity, we have been able to maintain consistent year-over-year fiscal improvements,” said president and CEO Michelle Miller Burns. “We will continue to move forward in the season ahead to increase both earned and contributed revenues as part of our financial plan and to build connections with music lovers across our communities as part of our artistic aspirations.”
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