Pittsburgh Symph gets $6.5 million bailout
mainThree groups have clubbed together to give the struggling orchestra some breathing space.
The Heinz family, long the orchestra’s biggest backer, has pledged a further $5 million.
The Benter Foundation will give $1 million and the Eden Hall Foundation half a million.
And next year or next? Unsustainable.
The article is incomplete. The bulk of the money is for other than operational expenses: “The funding will be used over a five-year period to support the orchestra’s efforts to restructure its business plan, increase earned and contributed revenue, and attain financial stability.” (http://blogs.pittsburghsymphony.org/2017/03/generous-local-foundation-support-helps-pittsburgh-symphony-orchestra-chart-a-new-course-forward/)
In other words, it will pay for a succession of consulting firms to draw up nonsensical strategies.
Exactly what I was thinking!