Nashville Symphony Revenues, Expenses Drop

By Walter F. Roche Jr.

Recently filed tax returns for the Nashville Symphony Orchestra show that both its revenues and expenses dropped in the fiscal year ending on June 30, 2014.
The return, known as a 990, also shows that while the orchestra continued to rebound from near bankruptcy, it still ended the year with a $5.1 million loss. Nonetheless that was down substantially from the $13.2 million loss recorded in the prior year.
The return also lists contributions from local supporters including Martha Ingram, who donated $1 million.
It was Ingram, a former board chairman, who rescued the orchestra from having its famed Schermerhorn Symphony Center auctioned off in a foreclosure proceeding just two years ago.
The filing shows Ingram is still owed $22.5 million on a mortgage she gave to the orchestra as part of the 2013 bailout.
Other donors listed on the return include Richard Miller of Nashville who gave $250,000 and Joseph Seabury 3rd who donated $500,000
Corporate donors included First Bank of Nashville with $375,00 and Nissan North America with $200,000. The Care Foundation of America in Brentwood donated $750,000.
Revenues for the fiscal year were listed at $19.2 million compared to $21.1 million the prior year.  Expenses totaled $24.4 million, down by just shy of $10 million from the prior year.
Assets at the end of the year were listed at $120.7 million, down from $128.2 million the year before.
Orchestra leader Giancarlo Guererro was the top money earner with salary and benefits totaling $427,587. President Alan D. Valentine had $349,480 in salary and benefits. Concert master Jun Iwasaki earned a little over $188,000 in salary and benefits.
Guererro  and Valentine had taken 15 percent pay cuts during the financial crisis. The union representing musicians agreed to the same percentage cut in subsequent negotiations.
Payments to outside contractors included $561,911 to Frost, Brown and Todd of Louisville and $323,198 to FTI Consulting of Massachusetts. Third highest was Chicago Touring which was paid $224,000.
The orchestra paid $142,641 to Kraft CPA. Symphony Treasurer Kevin Crumbo is a partner in Kraft as is Myles McDonald, who served as interim chief operations officer.
wfrochejr999@gmail.com