What Is the State of Your Orchestra's Finances?

This article discusses the importance of tracking an orchestra's finances and provides suggestions for getting started. It explains key terms such as IRS Form 990, audited financial statements, endowment funds, budgets, revenue, expenses, and deficits. It also mentions ways to access financial information, such as requesting it from previous committees or local organizations, and using websites that track nonprofit organizations' financials. Additionally, the article emphasizes the need for internal organizing within orchestras and highlights signs that indicate a lack of organization. It encourages musicians to exercise their organizing "muscles" and build collective power to effect change. The article concludes with a case study about the Kitchener-Waterloo Symphony's bankruptcy and how musician solidarity saved the orchestra. The Kitchener-Waterloo Symphony (KWS) faced bankruptcy in September 2023, but the musicians refused to give up and worked tirelessly to revive the orchestra. They received generous support through a GoFundMe campaign, including from other orchestra player associations and individual members across the US and Canada. With the help of lawyers specializing in bankruptcy and restructuring, the musicians were able to apply for and receive financial assistance through the Wage Earner Protection Program. They also formed a new board of directors committed to making a proposal to creditors, allowing KWS to remain a vital artistic presence in southwestern Ontario. The musicians' solidarity and their union's support were crucial in saving the orchestra. [Extracted from the article]