Toronto Symphony sells rare viola to cut deficit
mainThe deeply troubled Toronto Symphony is selling a pedigree instrument to its own foundation in order to deal with a larger-than-expected deficit, blamed on its last boss.
A board member told the Globe and Mail: ‘There were commitments made by (Jeff) Melanson that were more expensive than anticipated.’
Report here.
No “pedigree instrument” is being sold, it’s just a case of creative accounting.
So after giving the TSO $4M, the Foundation has $4M less to invest to make money for the TSO, right?
You can’t really invest a viola
And this is after receiving the 7.5 million extra funds from the gov’t?
https://slippedisc.com/2016/03/toronto-symph-gets-extra-7-5m-from-trudeau-government/
Unbelievable.
The TSO’s financial management aside, the $7.5m are included in a $17.5m support funding package the Canadian government has pledged “for community events and a ‘national musical celebration’ to honour Canada’s 150th birthday in 2017.”
As such, I doubt that the $7.5m can be used for regular day-to-day expenses or to address any operational deficits.
http://www.musicaltoronto.org/2016/03/14/the-scoop-canadian-govt-announces-7-5-m-for-the-tso-as-part-of-canada-150/