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 $ 2M Paycheck Protection Program ( PPP ) loan *, $ 1.1M in COVID relief funds from various local and state agencies helped to mitigate revenue losses and support pandemicinformed 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