Buffalo Philharmonic Orchestra Announces Audited Results for the 2012-13 Fiscal Year
The Buffalo Philharmonic Orchestra Society, Inc. today announced audited results for the 2012-13 fiscal year (September 1, 2012 - August 31, 2013).
Louis P. Ciminelli, Chair of the BPO Board of Trustees commented, "We are pleased to officially report to the community that our budget was balanced once again with healthy increases in concert revenue and contributions, in what was probably one of the most exciting seasons on record for the BPO."
Highlights of the financial audit conducted by the accounting firm Lumsden and McCormick include:
- Operating revenues of $11,070,000 versus expenses of $11,046,000, resulting in a $24,000 surplus.
- Concert revenue grew to the highest in the history of the BPO, up 5.5 percent to $3,869,000 from $3,666,000 last year.
- Contributed revenue surged 11.9 percent to $4,726,000 from $4,222,000 last year, buoyed by the phenomenal fundraising effort for the BPO's appearance at Carnegie Hall as part of the Spring for Music festival.
- Government support dropped to $996,000 from $1,018,000 last year, to its lowest level in a decade and down significantly from a high point of $1.4 million just four years ago.
- Endowment income grew 8.6 percent to $1,206,000 from $1,110,000 last year, as the total of all endowment funds exceeded the $30 million mark for the first time.
- Endowment assets under the management of the BPO Foundation grew to $16,605,000, up 7.7 percent from $15,410,000 last year, and for a 300 percent increase since 2004. Other funds benefiting the BPO are held at the Community Foundation for Greater Buffalo, the Margaret L. Wendt Foundation, the John R. Oishei Foundation and the Foundation for Jewish Philanthropies.
Attendance for the 100-plus concerts of the BPO season exceeded 180,000, not including those that heard the BPO on regional or national radio broadcasts. Season ticket sales achieved another all-time high while single ticket revenues grew dramatically with expanded programming.
BPO Executive Director Daniel Hart said, "The musicians of the orchestra gave us a year to remember. Our audiences are responding positively to the high level of artistry and diversity of programming. JoAnn Falletta and Matt Kraemer did a fabulous job leading the orchestra week in and week out, and much thanks goes to our great group of dedicated trustees and staff. Our goal is to continue using this momentum to achieve more of the same success in 2013-14 and beyond."
The Buffalo Philharmonic Orchestra has also issued a Report To The Community, which outlines the state of the organization and its role in the community in further detail. Click here for the report.