FINANCIAL REPORT
Facing the loss of our traditional earned revenue from subscriptions, ticket sales, rentals, and concessions, the BSO entered FY2021 facing several unknowns and a projected budget deficit. Thanks to shared sacrifices taken by musicians and staff and the generous support of our community, the BSO remains poised to emerge from the pandemic in as strong a financial position as possible.
Financial highlights include:
• Federal and emergency relief funds. In addition to a second round, $ 2M Paycheck Protection Program( PPP) loan *, an additional $ 1.1M in COVID relief funds from various local and state agencies helped to mitigate revenue losses and support pandemic-informed investments in technology and supplies for our digital programming and summer season.
• Ticket donations and outright donations. The majority of all 2020-21 subscriber households donated the value of their cancelled tickets outright. Despite a largely all-virtual year, we also saw a 62 % donor renewal rate and welcomed 1,140 new donors – including a 7 % growth in Membership( gifts of $ 75 to $ 1,200).
Forecast results for FY2021 reflect a significantly mitigated operating deficit and Transformation Funds restored thanks to the‘ forgiveness’ reconciliation of our first $ 3.2M PPP loan( received in FY2020).
While not reflected in forecast FY2021 results, we also received stabilizing investments integral to our strategic plan including the first year in a five-year, decreasing financial bridge from the State of Maryland( restricted for FY2022). A Shuttered Venue Operators Grant was also received and restricted for FY2022 to mitigate earned revenue risk as we continued to emerge from the pandemic.
* Received in FY2021, we anticipate the second $ 2M PPP loan will be forgiven and reflected in FY2022
186
Full Time / Part Time Staff, Musicians, and Artists
$ 2.9M
Payouts to Maryland-based businesses
4,944
Donors across all campaigns and events
48 %
of subscribers donating all or part of their 2020-21 tickets, resulting in $ 657,000 in outright donations.
16 BALTIMORE SYMPHONY ORCHESTRA