{"id":108158,"date":"2024-10-03T12:41:13","date_gmt":"2024-10-03T16:41:13","guid":{"rendered":"https:\/\/www.ludwig-van.com\/toronto\/?p=108158"},"modified":"2024-10-03T14:21:21","modified_gmt":"2024-10-03T18:21:21","slug":"scoop-toronto-symphony-orchestra-reports-favourable-financial-standing-new-board-chair","status":"publish","type":"post","link":"https:\/\/www.ludwig-van.com\/toronto\/2024\/10\/03\/scoop-toronto-symphony-orchestra-reports-favourable-financial-standing-new-board-chair\/","title":{"rendered":"THE SCOOP | Toronto Symphony Orchestra Reports Favourable Financial Standing & New Board Chair"},"content":{"rendered":"
\"The
The Toronto Symphony Orchestra (Photo: Allan Cabral, courtesy of the TSO)<\/figcaption><\/figure>\n

The Toronto Symphony Orchestra recently held its Annual General Meeting, where the TSO reported its financial status to stakeholders. The orchestra also named a new board chair, Tom Smee, who won the position by unanimous vote.<\/p>\n

Smee succeeds Catherine Beck, who was Chair for an eight year term. The Board welcomed a new member, Colleen Sexsmith, President and Founder of CAS Accounting for Insurance Inc.<\/p>\n

\u201cFollowing our glorious Centennial in 2022\/23, the Toronto Symphony Orchestra started on an unprecedented artistic trajectory in 2023\/24 that, more than ever, runs in parallel with the pulse of this city and its many vibrant communities,\u201d said Music Director Gustavo Gimeno in a statement. \u201cIf our 100th year was a graduation, then Year 101 was an inauguration, heralding an audacious new era for the TSO.\u201d<\/p>\n

TSO Year 101 Takeaways<\/h3>\n

The TSO ended its 2024 fiscal year with a surplus of approximately $54K<\/strong>, with an accumulated surplus of more than $865K<\/strong>.<\/p>\n

Favourable numbers come from a variety of sources including control of expenses as well as charitable gifts from donors that include corporations and various government partners, along with foundations \u2014 such as the recent $15 million pledge<\/a> from the Barrett Family Foundation.<\/p>\n

A closer look at the financial statements<\/a> indicate a drastic drop in total assets from more than $17 million in 2023 to just over $8.7 million in 2024. Cash used in operating activities accounts for much of the drop.<\/p>\n