Phoenix Symphony suspends season as musicians call for financial transparency
Phoenix Symphony Board says funds aren't available to keep open due to increased costs
The Phoenix Symphony has suspended its season as rising operating costs drain reserves. FOX 10's Andrew Christiansen has more on the musicians calling for financial transparency as the board works to raise needed funds.
PHOENIX - The curtain is closing on the Phoenix Symphony, with their final performance set for next Sunday. Musicians who perform with the symphony say the venue is not just their livelihood, but a place that holds many memories.
Financial Issues:
According to the Phoenix Symphony Board, federal relief funds helped keep the organization afloat during the pandemic, but much of its current endowment is restricted by donors. Those restricted funds cannot be used to pay daily operating bills.
"It's a major hole for Phoenix to not have this," Isabel Tannenbaum, assistant principal viola for the Phoenix Symphony said.
In a few days, Tannenbaum will lose her job, with all the others.
"We moved here for this job. This is how we get our salary and our insurance and everything, and so to learn that that was just ripped from us, and now we're going to have to go to other sources to support ourselves for this next year is a complete surprise," Tannebaum said.
By the numbers:
Internal records from the Phoenix Symphony indicate the organization had more than $8 million in net assets at the end of 2022. Since that time, operating costs have continued to outpace revenues and the amounts raised through donations, draining cash reserves.
"We knew that there were some troubles in negotiations, and it might be a little bit of a tougher year, but never did we think that this was in the cards," Tannenbaum said.
The board stated that leaders managed to cut the deficit by 70% through increased fundraising, slashing administrative costs, and boosting ticket sales. However, donations this year did not meet expectations.
"We the musicians deserve transparency in terms of how the finances have been handled in the past, how they need to be handled moving forward, and what we can do to help," she said.
Dig deeper:
Board members said they did not sound the alarm earlier because they did not want to interrupt performances or reduce the size of the orchestra. Some contributed personal funds or provided loans while launching a fundraising campaign, but they noted those efforts were not enough.
"My colleagues, and I, were more than willing to take our fair share of cuts this season and do what we needed to keep moving forward," Tannenbaum said.
Spectators React:
Symphony spectators said they'll miss the music when it's gone.
"Where do you get your culture from? Where do you get your understanding about other people? You get that through music," Sandra Suwanski said.
"We love the symphony. I think there's something magic about having live music," said Claire Francis.
"It just brings a whole different vibe when something's live, because you know there's actual people behind the music. You can feel so much more emotion and passion behind it," Baylie Kung added.
Show of Support:
Musicians are wearing a yellow heart as a show of solidarity.
"All of us are standing together. I'm inspired every single day by my colleagues and how much we've pulled together to stick this out," said Tannenbaum.
What's next:
The Phoenix Symphony said leaders have suspended the season rather than canceled it. The organization aims to reopen the season, though leadership remains uncertain about the timeline.
Officials with the City of Phoenix said that if the season continues, the city will do everything possible to accommodate the symphony or any new businesses brought into Symphony Hall.
The Source: Information in this report was gathered from the Phoenix Symphony Board; internal Phoenix Symphony financial records; Isabel Tannenbaum, assistant principal viola with the Phoenix Symphony; the City of Phoenix; spectators Claire Francis, Sandra Suwanski, and Baylie Kung; and Andrew Christiansen, reporter with FOX 10 News.