During the Annual General Meeting on October 26, Tafelmusik Baroque Orchestra and Choir has announced that it has earned an operating surplus of nearly $120,000. With a budget of $5.4M, this places Tafelmusik on an ideal footing for newly appointed Managing Director William Norris to explore new initiatives for Canada’s best known period music export.
“This strong financial position allows us to weather vagaries in a turbulent economic climate and also allows us to invest in artistic activity,” Managing Director William Norris stated in the press release.
While staying true to their artistic mandate, Tafelmusik has demonstrated financial responsibility with deficit free expansion and revenue growth representing a 100% increase from the 1999/2000 season.
Support has come from a mixture of private and public sector support with $800,000, and a growing $5M endowment, which earned over $200,000 in investment income.
In May 2015, Tafelmusik was able to raise more than $100,000 in support of concert and education programs at their annual Gala.
In addition to strong fundraising efforts and investment income, the organization has managed to cut costs in many areas (including production) while maintaining or increasing revenues in almost all areas. Where revenues decreased, costs were reduced by more than a proportional amount, demonstrating carry-over benefit from past years’ investments.
Board of Directors Chair Helen Polatajko explained that goals over the season have been to expand artistic and audience vision, as well as grow short and long-term revenue capacity to offset financial challenges and to facilitate the undertaking of creative programming and education initiatives.
“We have always stayed true to our artistic mandate at Tafelmusik,” added Chief Artistic Advisor Jeanne Lamon. “And as we take the next big steps we will do so with vision and thoughtfulness, and with our eyes on excellence as we always have done.”
#LUDWIGVAN
Want more updates on Toronto-centric classical music news and review before anyone else finds out? Get our exclusive newsletter here and follow us on Facebook or Twitter for all the latest.
- THE SCOOP | Royal Conservatory’s Dr. Peter Simon Awarded The Order Of Ontario - January 2, 2024
- THE SCOOP | Order of Canada Appointees Announced, Including Big Names From The Arts - December 29, 2023
- Ludwig Van Is Being Acquired By ZoomerMedia - June 12, 2023
