Detroit Symphony Orchestra
The Detroit Symphony Orchestra (DSO) announced that Fiscal Year 2014 achieved a second consecutive modest surplus of $60.000. This achievement owes in large part to annual contributions of $17.4 million, exceeding budgeted goals. Fiscal Year 2014 concluded on August 31, 2014 and represents the 2013-14 concert season.
The orchestra earned $6.45 million in ticket sales. Inclusive of subscriptions and single tickets, classical ticket revenue increased by 15 percent ($360,000). This result was achieved with the addition of 12 classical performances since the 2012-13 season but without raising ticket prices.
The DSO also added an additional subscription series to the Pops program last season. With the new Friday evening series, total revenue grew 16 percent and total paid attendance grew 28 percent. Single ticket revenue grew an impressive 59 percent.
The endowment situation is healthy. DSO benefits from endowment funds held by the organization as well as by third parties. The DSO’s beginning endowment fund balance on Sept. 1, 2013 was $29.9 million. After earnings, contributions, and customary draws in support of the DSO mission, the ending balance across held and third party funds on Aug. 31, 2014 totaled $38.8 million. Of this amount, $15.7 million represents the DSO-held endowment.
