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Financial Summary

Forecast results for FY2020 demonstrate the extraordinary philanthropic support raised in response to our turnaround efforts and multi-year plans , even as the BSO ’ s earned revenue stream ( traditionally 35 % of our annual revenue ) was significantly impacted by COVID-19 informed concert cancellations .

Key Trends and Takeaways

Significant production expense savings mitigated some of the earned revenue losses associated with concert cancellations ( 65 + events , March-August 2020 .)

Thanks to extraordinary fundraising , inclusive of upwards of $ 6M towards a $ 10M multi-year Transformation Fund , in FY2020 , the BSO was able to keep its family together during the pandemic .

We anticipate a $ 3M Paycheck Protection Program ( PPP ) loan to be entirely forgiven , restoring Transformation Fund dollars drawn down during the height of the pandemic in spring / summer 2020 .

The BSO forecasts FY2020 results in the black ; with accounts payable at their lowest in many years ; cash balances available ; and , a surplus reflective of Transformation Fund intentions to support implementation of strategic initiatives for years 2 + of our plan .

The BSO ’ s Annual Financial Report including audited financials for FY2020 ( year ended August 31 , 2020 ) will be made available by January 2021 .

For all archived financials , please refer to BSOmusic . org / Reports

The BSO : An Economic , Cultural & Quality Life Engine The following are indicators of the BSO ’ s financial health and , in turn , our impact on the region ’ s economy , culture , and quality of life :

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