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By Vivien Schweitzer
15 Aug 2006
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| The Music Hall in Cincinnati, home of the Cincinnati Symphony Orchestra. |
The Cincinnati Symphony Orchestra plans to start raising money later this fall to boost its endowment fund and remodel its performance venue, the Music Hall, reports the Cincinnati Enquirer.
Details have not yet been released regarding either the Music Hall renovations or target goals and campaign leaders for the fundraising efforts, according to the paper, which quotes CSO president Steven Monder as saying "We're getting closer to announcing something."
According to the Enquirer, the Cincinnati Symphony's endowment is about $68.5 million, down from more than $90 million several years ago. (The decrease is presumably due to the fall in the stock market since the tech stock-fueled Wall Street boom of the late 1990s.) In fiscal year 2005, the endowment posted a 12.4 percent return and the CSO posted a $1,598 operating surplus.
Regarding the Music Hall, the paper says that symphony officials have long said the 3,417-seat auditorium is too big. Monder is in preliminary discussions with representatives of the Cincinnati Arts Association, which manages the building for the city of Cincinnati, as well as other tenants including the Cincinnati Opera and the Cincinnati Ballet.
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