Toronto Symphony gets out of jail

The orchestra sneaked out a good-news annual report just before the weekend.

A projected deficit of C$4 to C$6 million has been turned into an operating surplus of C$831,540.

Apparently, all they had to do was scrap former CEO Jeff Melanson’s extravagant schemes.

Details here.

toronto symphony

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  • from the “details”:

    “The rest of the $5M reduction in accumulated debt comes from the historical musical instrument collection, which the orchestra valued at $4.2M and is unlikely to depreciate, due to its historical classification.”

    Can any accountants here explain to me how this collection, which the article doesn’t say has been sold for money, creates money to reduce debt?

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